Assisting You With AML Compliance Requirements
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Customer Due Diligence (CDD)
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Enhance Due Diligence (EDD)
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Mandatory AML & FATCA/CRS Training
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Policy Review
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AML Compliance Audits
Anti-Money Laundering (AML) Consulting Services
Failing to have an effective and adequate AML program in place can have detrimental to your organization. When it comes to regulations, ignorance is not a defense. As such, organizations without the necessary policies, procedures, and evaluation system in place in place is at risk for regulatory fines and penalties, loss of business, as well reputational damages.
The compliance consulting services provided by Henrys Global Compliance Services (HGCS) can help institutions develop and maintain their AML/CTF and FATCA/CRS compliance programs.
Our services range from one-time assistance to ongoing. Among the much needed AML and CFT compliance services that we offer at Henrys Global Compliance Services, our industry experience, knowledge and expertise, brings the much needed talent and value that every client requires.
Our team of qualified compliance specialists are dedicated to make all clients’ compliance journey successful and seamless. At HGCS, AML compliance is our job so that our clients can focus on increasing their business growth opportunities.
Key Component of Any Effective AML/CTF Program
- Policies, procedures, and internal controls
- Designated AML compliance officer/Money Laundering Reporting Officer (MLRO)
- Ongoing AML training
- Independent testing of policies, procedures, and internal controls
AML & FATCA CRS Training
Annual ongoing and refresher employee training is an essential component of every successful AML program. It is also a regulatory requirement.
In addition to fulfilling the required regulatory requirements, institutions benefit from knowing that your employees are equipped and knowledgeable to meet the daily compliance challenges.
Through ongoing training, employees will be able to demonstrate strong compliance with includes,
- Know and understand their legal obligations
- Detect unusual activities and behaviors
- Recognize red flags
- Identify FATCA/CRS, reportable persons
- Know when to escalate unusual or suspicious activity to their MLRO/DMLRO
FATCA/CRS Reporting
The Foreign Account Tax Compliance Act (FATCA), requires foreign financial Institutions (FFI) to report on the foreign assets held by their U.S. persons or be subject to 30% withholding tax. This is an effort to help prevent tax evasion by U.S. persons.
While he Common Reporting Standard (CRS) is the standard for automatic exchange of financial account information (AEOI) developed by the Organization for Economic Cooperation and Development (OECD). CRS extremely broad, each year additional countries are added to the reporting requirements.
With the increasingly complexities of global reporting requirements, it is essential to understand and meet the reporting obligations of the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) Financial Reporting organization.
We are able to provide a number of services to enable our clients to comply with FATCA and CRS regulations.