Compliance Services Caribbean can fulfill the role of the external (Money Laundering) Compliance Officer (hereafter referred to as: (ML)CO) for its clients. In this role we offer support by means of knowledge, customized tools and regular compliance reports that are appropriate to your organization’s specific situation.

The (ML)CO has an overall responsibility at a strategic level, ensuring that the service provider is conducting its business in full compliance with national and international laws and regulations on preventing and combating money laundering and terrorist financing. The (ML)CO leads, facilitates, develops, advises and oversees all business units during the implementation of compliance requirements as well as maintaining the organization’s compliance program.

The (ML)CO is part of the day-to-day management and often acts as an intermediary between the supervisory authorities and management teams of service providers by being the point of contact in case of supervisory issues, audits and investigations.

Compliance Services Caribbean offers the possibility to fulfill the role of external (ML)CO within your organization, acting as an expert third party. This means that an experienced Compliance Services Caribbean employee assumes the duties, responsibilities and authorities of the (ML)CO, to the extent permitted by local law. Duties which may be performed by the external compliance officer are, for example:

  • Conducting and/or reviewing the risk assessment;
  • Offering advice on and assessing client files in regard to the acceptance of new clients;
  • Reviewing and updating files;
  • Conducting an Enhanced Due Diligence (EDD) investigation;
  • Monitoring (high-risk) transactions;
  • Periodic reporting to management;
  • Keeping compliance procedures up to date;
  • Providing compliance training within the organization;
  • Receiving and assessing internal reports and, if required, offering advice regarding reports of unusual transactions to the FIU [Financial Intelligence Unit].

Furthermore, we extensively monitor developments regarding laws and regulations, both locally and internationally. As your external (ML)CO, we will keep you informed about those developments and if required we will incorporate these into (existing) internal rules and procedures.

Does your organization wish to outsource its (ML)CO function or would you like more information about this option? Please do not hesitate to contact us for an open, free consultation.