How to create a Compliance Program ?

A Compliance Program (CP) is a manual that contains the internal policies and procedures of a listed business. The Know Your Customer (KYC) forms are attached as appendices to the compliance program.

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What are the key elements of a Compliance Program?

The staring point is that there must be a risk based approach in the Anti-Money Laundering (AML) Compliance Program.

The four (4) pillars of an effective Anti-Money Laundering (AML) Compliance Program are:

  1. The development of internal policies, procedures, and related controls;
  2. The designation of a competent and qualified Compliance Officer;
  3. Ongoing AML training for all staff, directors of the listed business;
  4. Independent review of the Compliance Framework by a competent and qualified AML auditor.

Yes we create Compliance Programs!!

The author is the first Online Lawyer based in Trinidad and Tobago. She specialises in Anti-Money Laundering Compliance.

Website: www.asydneygroup.com

Call/Whatsapp for a quotation 868 373-1166

Services include:

Anti-Money Laundering (AML) Training for staff, directors;

Anti-Money Laundering Audits;

Compliance Program drafting;

Consulting services and much more.

Ebooks available for only $100TTD !

Payment through  Paywise or Paypal

Ebooks on Sale:

How to Register a Sole Trader;

How to De-Register a Sole Trader;

How to Register a Partnership;

How to Change from a Sole Trader to a Limited Liability Company Trinidad;

How to Dissolve a Limited Liability Company.

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What is Wire Stripping? Free AML Training

Money launderers use wire transfers daily to move dirty cash between countries and bank accounts[1]. They also use wire transfers to distance illegal funds from their original source.  The objective is to move the dirty money from one bank account to another and from one jurisdiction to another. This makes it difficult for Law Enforcement Agencies (LEA) to trace the origin of the money.

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In executing their correspondent banking services and daily payment operation banks are now exposed to wire stripping which impacts on cross-border banking activity. The failure on the part of Financial Institutions (FI) to monitor or prevent wire stripping will render FIs unable to screen and stop payments to designated entities and individuals[2].

Wire Stripping defined

It is the deliberate act of changing or removing material information from wire payments or instructions, thus making it difficult if not impossible to identify and restrict payments to and from sanctioned individuals, entities or countries.

How is it done

FIs may conceal or simply removing true originators from transactions processed through US banks in order to avoid the sanctions-monitoring programs put in place by those institutions. The FI may weed out, tamper, or even alter the payment details of the transfer with respect to[3]:

-the ordering client;

-The beneficiary client details such as (country, address, name);

-the origin of goods and

-sea ports involved.

Some FIs even advised originating banks on how to format their transfers in a manner that would allow the transactions to avoid detection completely[4].

Result

These FIs were subjected to regulatory fines and suffered irreparable reputational damage.

The author is the first Online Lawyer based in Trinidad and Tobago. She specialises in Anti-Money Laundering Compliance.

Website: www.asydneygroup.com

Call/Whatsapp for a quotation 868 373-1166

Services include:

Anti-Money Laundering (AML) Training for staff, directors;

Anti-Money Laundering Audits;

Compliance Program drafting;

Consulting services and much more.

Ebooks available for only $100TTD !

Payment through Paywise and Paypal!

Ebooks on Sale:

How to Register a Sole Trader;

How to De-Register a Sole Trader;

How to Register a Partnership;

How to Change from a Sole Trader to a Limited Liability Company Trinidad;

How to Dissolve a Limited Liability Company;

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Sources


[1] https://www.riskscreen.com/kyc360/article/implementing-sanctions-screening-and-due-diligence-methods-for-products-and-payments/

[2] https://www.ey.com/Publication/vwLUAssets/Understanding_sanctions:_wire_stripping_-_managing_compliance_risk/%24File/1308-1124709_Wire%20Stripping%20.pdf

[3] https://www.riskscreen.com/kyc360/article/implementing-sanctions-screening-and-due-diligence-methods-for-products-and-payments/

[4] https://www.ey.com/Publication/vwLUAssets/Understanding_sanctions:_wire_stripping_-_managing_compliance_risk/%24File/1308-1124709_Wire%20Stripping%20.pdf

What are Shell Companies ?

A shell company is considered to be an incorporated company with no independent operations, significant assets, ongoing business activities, or employees. Shell companies tend to be…holding companies.[1]

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To launder money, the shell company purports to perform some service that would reasonably require its customers to often pay with cash.

The launderer then deposits the money with the shell company, which deposits it into its business bank accounts. The company then creates fake invoices and receipts to account for the cash. Such transactions create the appearance of legitimacy and clean money.

The shell company can then make withdrawals and either return the money to the initial criminal or pass the money on to further shell companies before returning it to further disguise who initially deposited the money[2].


[1] https://aml-cft.net/library/shell-company/

[2] https://www.law.cornell.edu/wex/money_laundering

The author is the first Online Lawyer based in Trinidad and Tobago. She specialises in Anti-Money Laundering Compliance.

Website: www.asydneygroup.com

Call/Whatsapp for a quotation 868 373-1166

Services include:

Anti-Money Laundering (AML) Training for staff, directors;

Anti-Money Laundering Audits;

Compliance Program drafting;

Consulting services and much more.

Ebooks available for only $100TTD !

Payment through Paywise and Paypal!

Ebooks on Sale:

How to Register a Sole Trader;

How to De-Register a Sole Trader;

How to Register a Partnership;

How to Change from a Sole Trader to a Limited Liability Company Trinidad;

How to Dissolve a Limited Liability Company;

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THE ROLE OF A COMPLIANCE OFFICER

The Compliance Officer is the primary liaison with the FIU . The identities of the Compliance and Alternate Compliance Officers must be held with the strictest confidence.

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The duties of the Compliance Officer include:

a)Creating, monitoring and updating the AML/CFT Compliance Programme to ensure continuous compliance with the legal framework. The internal controls and policies therein must be implemented by the CO.

b)Receiving and assessing SAR/STR reports made by staff members.

c) Reporting SARs/STRs to the FIU using the Suspicious Activity/Transaction Report Form within fourteen (14) days of the suspicious transaction being detection.

d)Maintaining records of internal SARs/STRs from staff.

 e)Maintaining a register of of SARs/STRs filed with the FIU.

f)Maintaining Customer Due Diligence records and transactions;

g) Monitoring the FATF list of high risk individuals and legal entities and Non-Cooperative Countries and Territories (NCCTs).

h)Monitoring the United Nations ISIL Da’esh & Al Qaida List (UN 2253 List) for persons identified as terrorists or involved in terrorist activity.

  i)Provide training to all members of staff.

The author is the first Online Lawyer based in Trinidad and Tobago. She specialises in Anti-Money Laundering Compliance.

Website: www.asydneygroup.com

Call/Whatsapp for a quotation 868 373-1166

Services include:

Anti-Money Laundering (AML) Training for staff, directors;

Anti-Money Laundering Audits;

Compliance Program drafting;

Consulting services and much more.

Ebooks available for only $100TTD !

Payment through Paywise and Paypal!

Ebooks on Sale:

How to Register a Sole Trader;

How to De-Register a Sole Trader;

How to Register a Partnership;

How to Change from a Sole Trader to a Limited Liability Company Trinidad;

How to Dissolve a Limited Liability Company;

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AMNESTY FROM PENALTIES FOR LIMITED LIABILITY COMPANIES

You have one more month to take advantage of the Amnesty from Penalties from the Registrar’s General Department for outstanding documents in Trinidad and Tobago.

The Amnesty took effect from Wednesday May 1st 2019 and will end Wednesday 31st August 2019.

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Take advantage of this chance to file:

I)Outstanding Annual Returns under Section 194 of the Companies Act (1995).

II)Notice of Secretary/Assistant Secretary (ies) or Change thereof under Section 178 of the Companies Act (1995);

III)Notice of Change of Directors or Change thereof under Section 79 of Companies Act (1995);

IV)Notice of Change of Address or Change thereof under Section 176 (2) of Companies Act (1995)

V)Notice of Execution or Termination of unanimous shareholder agreement under Section 137 (4) of Companies Act (1995)

After the amnesty, the penalty of $300.00 TTD per month WILL BE INCURRED.

Call OR Whatsapp us , Give us the name of your Company, Sign and Pay…WE DO THE REST !!

The author is the first Online Lawyer based in Trinidad and Tobago. She specialises in Anti-Money Laundering Compliance.

Website: www.asydneygroup.com

Call/Whatsapp for a quotation 868 373-1166

Services include:

Anti-Money Laundering (AML) Training for staff, directors;

Anti-Money Laundering Audits;

Compliance Program drafting;

Consulting services and much more.

Ebooks available for only $100TTD !

Payment through Paywise and Paypal!

Ebooks on Sale:

How to Register a Sole Trader;

How to De-Register a Sole Trader;

How to Register a Partnership;

How to Change from a Sole Trader to a Limited Liability Company Trinidad;

How to Dissolve a Limited Liability Company;

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What does IR mean? : AML Compliance Consultants

IR is an acronym for Intelligence Report.

An Intelligence Report is a report forwarded by the FIU to the various branches of the TTPS. This report is based on intelligence obtained from Suspicious Activity Reports (SARS) .

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The author is the first Online Lawyer based in Trinidad and Tobago. She specialises in Anti-Money Laundering Compliance.

Website: www.asydneygroup.com

Call/Whatsapp for a quotation 868 373-1166

Services include:

Anti-Money Laundering (AML) Training for staff, directors;

Anti-Money Laundering Audits;

Compliance Program drafting;

Consulting services and much more.

Ebooks available for only $100TTD !

Payment through Paywise and Paypal!

Ebooks on Sale:

How to Register a Sole Trader;

How to De-Register a Sole Trader;

How to Register a Partnership;

How to Change from a Sole Trader to a Limited Liability Company Trinidad;

How to Dissolve a Limited Liability Company.

#amlcomplianceconsultant #trinidadonlinelawyer #asydneygroup.com #businessregistration #antoinettesydney #sydneygroup #asydneygroup #trinidad #company #companies #lawyer #caribbean #aml #fiu #cft #frm #fraudrisk #graphicdesign #tax #taxation #taxes #nis #vat #bir #fiu #compliance #complianceofficer #realestate #casinos #cardealer

What is CFATF?: AML Compliance Consultants

CFATF-this is an acronym for Caribbean Financial Action Task Force.

Check my Youtube Channel for more:

The author is the first Online Lawyer based in Trinidad and Tobago. She specialises in Anti-Money Laundering Compliance.

Website: www.asydneygroup.com

Call/Whatsapp for a quotation 868 373-1166

Services include:

Anti-Money Laundering (AML) Training for staff, directors;

Anti-Money Laundering Audits;

Compliance Program drafting;

Consulting services and much more.

Ebooks available for only $100TTD !

Payment through Paywise and Paypal!

Ebooks on Sale:

How to Register a Sole Trader;

How to De-Register a Sole Trader;

How to Register a Partnership;

How to Change from a Sole Trader to a Limited Liability Company Trinidad;

How to Dissolve a Limited Liability Company.

#amlcomplianceconsultant #trinidadonlinelawyer #asydneygroup.com #businessregistration #antoinettesydney #sydneygroup #asydneygroup #trinidad #company #companies #lawyer #caribbean #aml #fiu #cft #frm #fraudrisk #graphicdesign #tax #taxation #taxes #nis #vat #bir #fiu #compliance #complianceofficer #realestate #casinos #cardealer

What is SOW?: AML Compliance Consultants

SOW is an acronym for Source of Wealth. Source of Wealth refers to the origin and the activity that generated your entire body of wealth. As distinct from Source of Funds that is concerned with the funds used for the particular transaction.

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The author is the first Online Lawyer based in Trinidad and Tobago. She specialises in Anti-Money Laundering Compliance.

Website: www.asydneygroup.com

Call/Whatsapp for a quotation 868 373-1166

Services include:

Anti-Money Laundering (AML) Training for staff, directors;

Anti-Money Laundering Audits;

Compliance Program drafting;

Consulting services and much more.

Ebooks available for only $100TTD !

Payment through Paywise and Paypal!

Ebooks on Sale:

How to Register a Sole Trader;

How to De-Register a Sole Trader;

How to Register a Partnership;

How to Change from a Sole Trader to a Limited Liability Company Trinidad;

How to Dissolve a Limited Liability Company.

#amlcomplianceconsultant #trinidadonlinelawyer #asydneygroup.com #businessregistration #antoinettesydney #sydneygroup #asydneygroup #trinidad #company #companies #lawyer #caribbean #aml #fiu #cft #frm #fraudrisk #graphicdesign #tax #taxation #taxes #nis #vat #bir #fiu #compliance #complianceofficer #realestate #casinos #cardealer

What does ATA mean? AML Compliance Consultants

The acronym “ATA” stands for the “Anti-Terrorism Act”. This Act criminalizes terrorism and allows for the detection, prevention, prosecution, conviction and punishment of terrorist acts, the financing of terrorism, forfeiture and seizure of terrorists’ assets.

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The author is the first Online Lawyer based in Trinidad and Tobago. She specialises in Anti-Money Laundering Compliance.

Website: www.asydneygroup.com

Call/Whatsapp for a quotation 868 373-1166

Services include:

Anti-Money Laundering (AML) Training for staff, directors;

Anti-Money Laundering Audits;

Compliance Program drafting;

Consulting services and much more.

Ebooks available for only $100TTD !

Payment through Paywise and Paypal!

Ebooks on Sale:

How to Register a Sole Trader;

How to De-Register a Sole Trader;

How to Register a Partnership;

How to Change from a Sole Trader to a Limited Liability Company Trinidad;

How to Dissolve a Limited Liability Company.

#amlcomplianceconsultant #trinidadonlinelawyer #asydneygroup.com #businessregistration #antoinettesydney #sydneygroup #asydneygroup #trinidad #company #companies #lawyer #caribbean #aml #fiu #cft #frm #fraudrisk #graphicdesign #tax #taxation #taxes #nis #vat #bir #fiu #compliance #complianceofficer #realestate #casinos #cardealer

What does FATCA mean?: AML Compliance Consultants

What is FATCA?

FATCA is an acronym for Foreign Account Tax Compliance Act and it was introduced by the United States Government in 2009 to ensure that U.S. persons with financial assets outside of the United States are paying U.S taxes .

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What is the rationale behind introducing FATCA legislation?

The main objective is to obtain information on U.S. persons who may have financial assets outside of the U.S, or those U.S. persons who may be investing and earning income through financial institutions outside the United States.

Who is affected by FATCA?

U.S. citizens or U.S. registered businesses such as limited liability companies, trusts, partnerships, estates;

US individual residents, including US Green Cardholders;

US individuals who own certain foreign financial accounts or other offshore assets;

Local businesses/companies that have U.S. ownership;

FFIs- any non U.S. financial institution (an institution that accepts deposits, invests, trades securities).

What are financial Institutions required to do with respect to FATCA?

Undertake certain identification and due diligence procedures involving new customers desirous of opening new accounts;

Report annually to the Internal Revenue Service (IRS) information on customers who are U.S persons or foreign entities with substantial U.S. ownership;

Close accounts of certain customers who do not wish to cooperate with the new FATCA requirements including;

(a) Non-participating financial institutions or ;

(b) Customers who fail to provide sufficient information to determine whether or not they are a U.S. person.

Who is a U.S. person for the purposes of FATCA?

A citizen or resident of the United States, including a green card holder;

A partnership, corporation, estate, trust incorporated or created under US law (US incorporated entity);

A non U.S. incorporated entity having substantial ownership held by –an individual who was born in the US or is a US citizen/resident (including a green card holder) or has a US address or a US mailing address;

A U.S. incorporated entity.

How would I know if I am a U.S. Person under FATCA?

The following are captured in this definition:

U.S. resident or citizen including US Green Card holders;

U.S. Place of Birth;

U.S. home or mailing address;

Only address is a U.S. PO Box, C/O mail address

Power of attorney or signing authority having U.S. address

A U.S. telephone number;

Standing order to transfer funds to an account in the U.S.

What are the FATCA forms?

There are various FATCA forms that are to be completed by the Applicant:

U.S. Person Status Form (Individuals only);

Non US Person Declaration;

Non US Person /Letter of Explanation of US Address;

Waiver of Confidentiality/Data Protection for US Person.

Ebooks available for only $100TTD !

Payment through Paywise and Paypal!

Ebooks on Sale:

How to Register a Sole Trader;

How to De-Register a Sole Trader;

How to Register a Partnership;

How to Change from a Sole Trader to a Limited Liability Company Trinidad;

How to Dissolve a Limited Liability Company.

The author is the first Online Lawyer based in Trinidad and Tobago. She specialises in Anti-Money Laundering Compliance.

Website: www.asydneygroup.com

Call/Whatsapp for a quotation 868 373-1166

Services include:

Anti-Money Laundering (AML) Training for staff, directors;

Anti-Money Laundering Audits;

Compliance Program drafting;

Consulting services and much more.

#amlcomplianceconsultant #trinidadonlinelawyer #asydneygroup.com #businessregistration #antoinettesydney #sydneygroup #asydneygroup #trinidad #company #companies #lawyer #caribbean #aml #fiu #cft #frm #fraudrisk #graphicdesign #tax #taxation #taxes #nis #vat #bir #fiu #compliance #complianceofficer #realestate #casinos #cardealer