QuickScans & Audits

The laws and regulations on combating money laundering and terrorist financing are very complex and impose many requirements on service providers. Failure to comply with these requirements may result in the service provider being used or abused in money laundering constructions or terrorist financing. If the service provider gets involved in aforementioned situations, they will instantly become involved in all kinds of operational, reputational, legal and financial risks. Furthermore, the supervisory authorities may also impose fines and penalties.

Compliance Services Caribbean offers various options to assess whether and how your organization complies with laws and regulations through Compliance Quick Scans & Compliance Audits.

Compliance Quick Scan

In a Compliance Quick Scan, Compliance Services Caribbean performs a gap analysis to determine to what extent the service provider complies with the guidelines and laws and regulations on combating money laundering and terrorist financing, as well as related integrity policies. The scope of the Compliance Quick Scan comprises assessing various aspects, including:

  • The risk-based approach and policy plan: the Business Risk Assessment;
  • The procedures and measures: Compliance Manual;
  • Customer acceptance: Customer Due Diligence Procedures;
  • Client and transaction monitoring, including the reporting procedure;
  • Staff training in combating money laundering and terrorist financing;
  • Integrity policy: Integrity Policy: Code of Conduct & Ethics
  • Requirements regarding record keeping and information.

After evaluation of the Quick Scan results, clear and transparent recommendations are made for setting up your future compliance program and its implementation. If desired, we can discuss how Compliance Services Caribbean can be of further assistance in this process.

Compliance Audit

Conducting a Compliance Audit is a requirement of the laws and regulations on combating money laundering and terrorist financing to ensure independent review on a regular basis. It is important that the Compliance Auditor is completely independent in order to perform their role effectively.

The objective of a Compliance Audit is to provide the Management Team and the Board of Directors/Supervisory Board with independent feedback on the quality, implementation, execution and control of the compliance program within their organization. Moreover, a Compliance Audit aims to assess to what extent the compliance program complies with the applicable laws and regulations. Through a broad assessment it will be determined whether the service provider is compliant with the laws and regulations, whether appropriate policy and procedures are in place and whether these are properly applied. The audit will, among others, include random checks on transactions which are subsequently assessed, interviews with relevant employees in order to assess procedures in practice and the assessment of client files for this purpose. A report will be compiled, including findings and recommendations as well.

Independent assessment is one of the four pillars of an effective compliance program. Compliance Services Caribbean has considerable knowledge of and experience with compliance audits and would be pleased to provide this service to you.

Please feel free to contact us at no cost for more information about this service.