Anti Money Laundering Services – AMLS

In today’s ever shrinking world, the importance of Know Your Customer – KYC cannot be overemphasized. Institutional regulators worldwide have set high standards in respect of Risk Management, focusing particularly on Anti Money Laundering (AML) and Countering Funding to Terrorists (CFT) practices in banks.

3.1 WHY BANKS REQUIRE AMLS?

Banks are required to follow regulations related to AML and CFT. These include:

  • State Bank of Pakistan – Directives / Prudential Regulations
  • FATF 40 + 9 Recommendations
  • EU – Directives requiring extended due diligence measures

Banks are subject to higher international monitoring and controls and non compliance to these regulations attract very high penalties.

3.2 WHAT AML SERVICES ARE OFFERED BY IFI CONSULTANTS?

IFI Consultants with their affiliates and legal counsels based in New York and London have developed the necessary resources and expertise to assist banks in meeting the required standards. Keeping in view the present SBP and international requirements, we offer the following services to banks:

  • Reviewing the customer relationships established and activities in the accounts in line with the SBP Prudential Regulations.
  • Development of integrated software (with the assistance of our affiliates abroad) to enhance banks’ capacity in monitoring account relationships.
  • Development of adequate employee screening procedures to ensure high standards when hiring employees (one of the requirements of the Financial Action Task Force (FATF) recommendations).

IFI is a related organization of ACAMS – The Association of Certified Anti Money Laundering Specialists organization, USA. This organization serves as the platform for career development and professional networking for individuals operating in the rapidly expanding AML field. By virtue of this relationship, IFI can also provide necessary help in capacity building of bank employees.