How it works
Risk Assessment
We’ll conduct a risk assessment of your business operations, which will serve as the foundation for the AML program we’ll create for you.
Tailored AML Program Development
The next step in our process is creating an AML program that suits your business and its practices best.
Customer Due Diligence (CDD)
We’ll help you create a customized CDD procedure, which will help you verify your customers’ identities.
Enhanced Due Diligence (EDD)
If needed, our team will help you implement EDD measures, however, this is only done for higher-risk customers or transactions.
Transaction Monitoring
To help you detect suspicious activity in real-time, we’ll help you implement a transaction monitoring system.
Ongoing Training and Support
Your staff will receive ongoing training and support that will ensure they understand and follow all the necessary AML regulations.
What is AML Compliance?
AML stands for Anti-Money Laundering. and It's all about making sure that businesses aren't being used as a tool for criminals to clean their dirty money. AML compliance involves a set of rules and procedures designed to prevent, detect, and report any suspicious activity that might be linked to money laundering or terrorist financing. This includes things like verifying the identity of your customers (also known as KYC), keeping a close eye on transactions for anything unusual, and reporting any suspicious activity to the authorities.
A Closer Look at Our Process
Step 1: Risk Assessment
We start by conducting a thorough risk assessment of your business operations, identifying potential vulnerabilities and areas of concern. This assessment will help us build the foundation of your customized AML program.
Step 2: Tailored AML Program Development
Based on the risk assessment, we'll develop a comprehensive AML program that aligns with your specific business model and risk profile. This includes policies, procedures, and controls to prevent, detect, and report suspicious activities.
Step 3: Customer Due Diligence (CDD)
We'll help you establish robust CDD procedures to verify the identities of your customers and assess their risk levels. This includes collecting and verifying customer information, conducting background checks, and screening against sanctions and watchlists.
Step 4: Enhanced Due Diligence (EDD)
For higher-risk customers or transactions, we'll implement enhanced due diligence measures, which may involve obtaining additional information, verifying the source of funds, and conducting further investigations.
Step 5: Transaction Monitoring
We'll help you implement effective transaction monitoring systems to detect suspicious activity in real-time. This includes setting transaction thresholds, monitoring patterns, and reporting suspicious transactions to relevant authorities.
Step 6: Ongoing Training and Support
We'll provide ongoing training and support to your staff, ensuring they understand AML regulations and know how to identify and report suspicious activity. We'll also keep you updated on regulatory changes and best practices, so you can maintain a strong AML compliance program.
Conclusion
AML compliance is not just a legal obligation; it's a strategic imperative. Every business that’s serious about its reputation while fostering trust with stakeholders needs to take AML compliance seriously. Our team of professionals is committed to partnering with you to achieve your compliance goals. We offer tailored solutions, expert guidance, and ongoing support to help you navigate the complexities of AML regulations and build a resilient and ethical business.
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Money Back Ltd. (trading as Payback), Israeli company No. 515711653, is authorized and regulated in Israel & operates globally.
In Australia, we’re registered with ASIC as Money Back (Aust) Ltd. (ARBN 678 842 236) & are an AFCA member No.109819. In the EU, we provide full support services in compliance with all applicable laws and regulations. In the UK, we operate under an FCA-recognized legal exclusion. In the US, we’re approved to operate and follow applicable compliance requirements and a fixed payment structure.
Disclaimer: Services are limited to blockchain analysis, crypto tracing, investigative reports & advice or advocacy in referrals to law enforcement and civil counsel. We do not provide financial services, asset/fund management, or investment advice. Fees: Charged per product/service and case complexity. Prohibited payment methods are not accepted. Note: Law enforcement may require independent verification of tracing & investigation reports. Private firms cannot reverse blockchain transactions, issue seizure orders, or independently freeze exchange accounts.
Recoveries can be lengthy. For self-help options, see our DIY Recovery guide.
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