AML/CFT Compliance Considerations for 2021 and Beyond

 
 
Dummy
Text
 
General Supervision Issues - AML/CFT
 
 
 
Ten Things for Compliance Officers to Consider: 2021
and beyond
 
 
 
 
 
Glenford Malone
Ag. Deputy Managing Director, Regulation
BVI Financial Services Commission
 
 
Dummy
Text
 
 
Overview
 
1)
Ten Things For Compliance Officers
1)
Institutional Risk Assessments
2)
National and Sectorial Risk Assessments
3)
Beneficial Ownership
4)
Client and Transaction Monitoring
5)
SARs Filings
6)
Sanctions Screening
7)
Statistical and Prudential Returns
8)
Prudential Conduct Issues
9)
AML Manuals and Training
10)
Provision of Information to Competent Authorities and Law Enforcement Agencies
2)
Other: Legislative Changes Coming
 
 
 
 
Dummy
Text
 
 
Institutional Risk Assessments
 
Institutional risk assessment is a good way to satisfy the current requirement
under Section 11 of AML Code and 26 of Regulatory  Code
 
Amendment to AML Code to make it a specific requirement
 
Amendment to Code will provide details of what it should include: i.e. relevant
risk factors such as customers, products, services or transactions, delivery
channels and country exposure
 
Commission expects that all licensees have undertaken one and recorded it
 
Must be regularly monitored and reviewed by licensee
 
 
Dummy
Text
 
 
National and Sectorial Risk Assessments
 
Can you articulate the findings if asked? Are findings understood?
What risks, threats and vulnerabilities were identified?
 
Have findings of Sectorial ML/TF risk assessments been incorporated
into clients and institutional risk assessments?
 
Has staff been training in the findings of the assessments?
 
Have you considered ML/TF assessments of DNFBPs and NPOs whom
may be your clients?
 
 
Dummy
Text
 
 
Beneficial Ownership
 
Understanding who it covers
 
Ensure accurate and up to date information (be able to demonstrate
how information is kept accurate and up to date)
 
Direct correlation to risk assessments of clients/customers
 
 
 
Dummy
Text
 
 
Client and Transaction Monitoring
 
How does one go about monitoring clients?
 
How do TCSPs monitor legal arrangements/persons etc.?
 
Can you carry out a proper risk assessment without the ability to
monitor and receive relevant information on an ongoing basis?
 
AML Code will be amended to provide further guidance
 
 
Dummy
Text
 
 
SARs Filings
 
Are the SARs filed:
Commensurate with ML, TF and PF risk as identified in National and
Sectorial Risk assessments?
 
Commensurate with institutional risk assessments and client profiles?
 
Of high quality and contain information to assist FIA/RVIPF or are they
simply defensive in nature?
 
 
Dummy
Text
 
 
Sanctions Screening
 
Do you have sanctions procedures?
 
How quickly can you search your client database when a new
sanction is applied or disapplied?
 
Do you have procedures if there is a positive hit?
 
Are all staff, including directors, fully knowledgeable about the
Sanctions Guidelines?
 
 
Dummy
Text
 
 
Statistics and Prudential Data
 
Prudential returns, AML Returns, financial statements etc.
 
Are you submitting your data on time, and is it accurate?
 
Penalties are automatic and Commission has no ability to waive
 
Important for jurisdiction to understand its risk and take measures to
mitigate risk, threats and vulnerabilities
 
 
Dummy
Text
 
 
Prudential Conduct Issues
 
Do you have client/customer agreement that is clear?
 
Clients/Customers notified of and agrees to contents of agreement
 
Are you treating clients/customers fairly?
 
How do you handle complaints?
 
Is there a clear complaints procedure and are all clients appropriately
informed on how to engage this process?
 
 
Dummy
Text
 
 
Provision of Information to Competent Authorities
and Law Enforcement Agencies
 
A clear indication of the robustness of AML/CFT Systems
 
Is information submitted timely?
 
Is information accurate and up to date?
 
Does a substantial number of requests lead to resignations and filing of
SARs? i.e. how often do you resign or simply file a SAR solely on basis of
request? Could be an indicator of robustness of your risk assessment
system.
 
 
 
Dummy
Text
 
 
AML Manuals and Training
 
Are Proliferation Financing risks clearly identified?
 
Is specific training on PF risk included? Legislative requirements?
 
Are ML, TF and PF risks individually identified: i.e. can the reader
identify from the manual the differences and risk specific to each?
 
 
Dummy
Text
 
 
Other: Legislative Changes to Come
 
Virtual Asset Service Provider Legislation
 
AML Code and Regulations
 
BVI Business Companies Act
Bearer shares to be eliminated
Adjustment to Struck off regime
Accounting and transaction records
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Compliance officers need to focus on institutional risk assessments, beneficial ownership, client and transaction monitoring, and more to ensure adherence to AML/CFT regulations. Legislative changes are also forthcoming, requiring proactive adjustments to compliance practices.

  • AML compliance
  • Risk assessment
  • Beneficial ownership
  • Regulatory changes
  • Compliance officers

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  1. General Supervision Issues - AML/CFT Dummy Text Ten Things for Compliance Officers to Consider: 2021 and beyond Glenford Malone Ag. Deputy Managing Director, Regulation BVI Financial Services Commission

  2. Overview 1) Ten Things For Compliance Officers 1) Institutional Risk Assessments 2) National and Sectorial Risk Assessments 3) Beneficial Ownership 4) Client and Transaction Monitoring 5) SARs Filings 6) Sanctions Screening 7) Statistical and Prudential Returns 8) Prudential Conduct Issues 9) AML Manuals and Training 10) Provision of Information to Competent Authorities and Law Enforcement Agencies 2) Other: Legislative Changes Coming Dummy Text

  3. Institutional Risk Assessments Institutional risk assessment is a good way to satisfy the current requirement under Section 11 of AML Code and 26 of Regulatory Code Amendment to AML Code to make it a specific requirement Amendment to Code will provide details of what it should include: i.e. relevant risk factors such as customers, products, services or transactions, delivery channels and country exposure Dummy Text Commission expects that all licensees have undertaken one and recorded it Must be regularly monitored and reviewed by licensee

  4. National and Sectorial Risk Assessments Can you articulate the findings if asked? Are findings understood? What risks, threats and vulnerabilities were identified? Have findings of Sectorial ML/TF risk assessments been incorporated into clients and institutional risk assessments? Dummy Has staff been training in the findings of the assessments? Text Have you considered ML/TF assessments of DNFBPs and NPOs whom may be your clients?

  5. Beneficial Ownership Understanding who it covers Ensure accurate and up to date information (be able to demonstrate how information is kept accurate and up to date) Dummy Text Direct correlation to risk assessments of clients/customers

  6. Client and Transaction Monitoring How does one go about monitoring clients? How do TCSPs monitor legal arrangements/persons etc.? Dummy Can you carry out a proper risk assessment without the ability to monitor and receive relevant information on an ongoing basis? Text AML Code will be amended to provide further guidance

  7. SARs Filings Are the SARs filed: Commensurate with ML, TF and PF risk as identified in National and Sectorial Risk assessments? Dummy Commensurate with institutional risk assessments and client profiles? Text Of high quality and contain information to assist FIA/RVIPF or are they simply defensive in nature?

  8. Sanctions Screening Do you have sanctions procedures? How quickly can you search your client database when a new sanction is applied or disapplied? Dummy Do you have procedures if there is a positive hit? Text Are all staff, including directors, fully knowledgeable about the Sanctions Guidelines?

  9. Statistics and Prudential Data Prudential returns, AML Returns, financial statements etc. Are you submitting your data on time, and is it accurate? Dummy Penalties are automatic and Commission has no ability to waive Text Important for jurisdiction to understand its risk and take measures to mitigate risk, threats and vulnerabilities

  10. Prudential Conduct Issues Do you have client/customer agreement that is clear? Clients/Customers notified of and agrees to contents of agreement Are you treating clients/customers fairly? Dummy How do you handle complaints? Text Is there a clear complaints procedure and are all clients appropriately informed on how to engage this process?

  11. Provision of Information to Competent Authorities and Law Enforcement Agencies A clear indication of the robustness of AML/CFT Systems Is information submitted timely? Is information accurate and up to date? Dummy Text Does a substantial number of requests lead to resignations and filing of SARs? i.e. how often do you resign or simply file a SAR solely on basis of request? Could be an indicator of robustness of your risk assessment system.

  12. AML Manuals and Training Are Proliferation Financing risks clearly identified? Is specific training on PF risk included? Legislative requirements? Dummy Are ML, TF and PF risks individually identified: i.e. can the reader identify from the manual the differences and risk specific to each? Text

  13. Other: Legislative Changes to Come Virtual Asset Service Provider Legislation AML Code and Regulations Dummy BVI Business Companies Act Bearer shares to be eliminated Adjustment to Struck off regime Accounting and transaction records Text

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