How To Ensure if Your Company is AML/CFT Compliant -AM Audit | Audit Accounting Firm in Dubai
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How To Ensure if Your Company is AML/CFT Compliant

Integrating the financing of terrorism (CFT) mechanisms and anti-money laundering (AML) strategies with your business operations can be a bit challenging. It becomes even more complicated when you have the most complex business structure, especially in size.

The downsides of non-conformity to CFT/AML benchmarks are huge. They include muscular fines, financial sanctioning, and many others. All these consequences have a significant impact on your business’s credibility and performance.

Incorporating the CFT/AML conformity program into your organization is no longer enough. Making it effective is now more critical than ever.

Hence, proactive AML/CFT programs have two purposes. First, it helps you determine why your organization needs this program and how it would influence your business processes. Finally, it reminds your employees and stakeholders that your business remains betrothed to ethical responsibility.

To ensure that your organization proactively complies with CFT/AML standards, here are the 4 core elements you can’t do without.


1.    Blaze the Trail

Blazing the trail means that you should be the point man. You should set an example for the rest of your team. Make it a point to popularise the rich culture of CFT/AML compliance. Preach it by setting transparent and fair policies in motion. Remember, a good leader is as good as their team.

Organizations may also establish a reward system to encourage employees to report unethical behavior or nefarious activities.

2.    Employ Certified Professionals

Another way of ensuring that your organization complies with CFT/AML standards is to set up a corporate governance system with compliance experts versed in CFT/AML policies. Fluency in other regulatory standards should also be an added advantage.

By employing CFT and AML experts, organizations can manage reported issues effectively within the shortest time. This way, they can also guard against risks.

As the case may be, the experts should sensitize employees across relevant teams within your organization about CFT/AML policies. This way, they can point out potential hazards in good time.

3.  Take Risk Assessment Seriously

An excellent risk assessment system requires a reliable risk identification mechanism and an effective mitigation plan on the part of the organization. This way, your organization can work around risks associated with CFT/AML effectively.

Generally, a risk assessment also helps estimate risks at the earliest time so that you can manage them properly without disrupting your organization’s efficiency.

4.  Don’t Toy with Reporting

What makes the sequence mentioned above effective is a good reporting structure. When this structure is in place, your organization can respond promptly with the right actions to such reports.


Why You Need Us

CFT/AML compliance requires a great deal of expertise and practical knowledge. It can be challenging to work around it without reliable hands to pilot the structure and strategies.

Of course, you need a team of well-versed professionals to help assemble a proactive CFT or AML compliance structure in your company. The welcome news is that Am-Audit has all these experts.

Our team at Am-Audit has polished experts with exhaustive knowledge and experience in several finance compliance practices, especially CFT/AML compliance.

Don’t sleep on this. Get rid of fraudulent activities militating against your organization’s financial undertakings now!

Expert Team

  • Sandeepani

  • Senior Financial Auditor
  • Adel Farag

  • Taxation Manager
  • Mohammed A

  • Accounting and tax Associate
  • Sohaib Basharat

  • Financial Auditor & Tax Manager

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