Banks and Neobanks

Banks are subject to stringent Anti-Money Laundering (AML), Counter-Terrorist Financing (CTF), and the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) rules and regulations to prevent and detect financial crimes. If you are a bank in need of CAMLO/MLRO or general compliance services, AML incubator can provide you with the following:

Customer Due Diligence (CDD)

Conduct thorough identity verification, assess business nature, and evaluate associated risks.

Enhanced Due Diligence (EDD)

Implement additional measures for high-risk customers or transactions to mitigate heightened risks.

Record Keeping

Maintain detailed records of customer transactions and account activities, ensuring availability for regulatory inspection within specified periods.

Suspicious Transaction Reporting

Establish mechanisms for detecting and reporting suspicious transactions, including those indicative of potential money laundering or terrorist financing.

Transaction Monitoring

Implement real-time transaction monitoring systems to identify patterns or activities raising suspicion.

Employee Training

Train staff on AML/CTF policies, emphasizing the importance of recognizing and reporting suspicious activities.

Appointment of Compliance Officer

Designate a compliance officer responsible for overseeing the AML/CTF program and ensuring regulatory compliance.

Risk-Based Approach

Apply a risk-based approach to compliance, tailoring measures to the risk associated with customers, transactions, and geographic locations.

Independent Audit

Conduct periodic independent audits or reviews to assess program effectiveness and identify areas for improvement.

Information Sharing

Collaborate with financial institutions and authorities, where permitted by law, to share information related to AML/CTF activities.

Compliance with Regulatory Obligations

Stay informed about changes in AML/CTF regulations, ensuring ongoing compliance with legal requirements.

Sanctions Compliance

Screen customers against government sanctions lists to ensure compliance with international sanctions regimes.

Politically Exposed Persons (PEP) Due Diligence

Implement procedures for identifying and monitoring relationships with politically exposed persons due to their higher risk for involvement in corruption or money laundering.

Cryptocurrency exchanges and VASPs must stay informed about the evolving regulatory landscape, as the industry is subject to continuous changes and updates. Legal and regulatory experts can provide guidance tailored to the specific requirements of the jurisdiction in which the exchange operates.