AML

  • AML-CFT compliance program
  • Due diligence
  • Customer identification/ verification check
  • Investigations
  • AML-CFT corrective services

Fernhill Associates (Fernhill) anti-money laundering/combating the financing of terrorism (AML-CFT) solutions focus on minimizing the risks of money laundering, terrorist financing and other illicit activities and on facilitating compliance with applicable law, directives, rules and regulations by developing robust and appropriate AML- CFT programs and assisting the effective implementation of such programs.

AML-CFT Compliance Program

Having in place an effective AML-CFT prevention program is an important component of a set of measures that financial institutions are required to implement to ensure their safety and soundness, and to protect and promote their reputation with the public, their foreign correspondent relationships, their customers/clients, their management and staff, owners, partners and affiliates. Fernhill works with clients to prepare, implement, refine and update their AML-CFT program and enhance their compliance culture by way of functional and firm-wide training reflecting the latest regulatory and enforcement trends and industry best practices and addressing compliance related exceptions identified by regulatory agencies and auditors.

Due Diligence

The AML-CFT due diligence and suspicious transaction reporting regulations normally require financial institutions to use a risk-based approach when determining the risks from doing business with customers and third parties. Fernhill assists in conducting customer and third party due diligence, monitoring customer account activities to detect any suspicious transactions and further assisting in the application of due diligence solutions as required and appropriate. Fernhill offers customized solutions for customer, including risk-scoring, money launder reporting, opening new accounts (or client onboarding), sanctions and negative information screening; It also offers sources for accessing public records related on higher risk customers

Customer Identification/Verification Check

There are many advantages to outsourcing portions of your AML-CFT compliance program to Fernhill. Increasingly, in-house compliance professionals are faced with internal financial pressures and resource constraints while looking to build an effective and robust AML program. Fernhill can help supplement your existing efforts and provide CIP and due diligence solutions capabilities around the world.

Investigations

Fernhill investigates, as required, any alleged violations of the AML-CFT law and related rules, directives or applicable regulations. The scope of such an investigation includes but is not limited to allegations of financial mismanagement, internal control deficiencies or exceptions and other financial improprieties. Fernhill investigative reports are independent and focused on addressing the concerns identified by the regulatory and law enforcement agencies, as well as by management, owners, partners and other concerned parties.

AML-CFT Corrective services

By offering due diligence and other professional services, Fernhill helps clients to correct deficiencies or exceptions in their AML-CFT compliance programs.  Fernhill also assist its clients to adjust efficiently and competently to changes in the law and/or internal control and other supervision policies and procedures. Additionally, Fernhill offers other AML-CFT remediation services, including a “look back” review of past activities in high risk and other accounts to detect any unreported transactions.