Frequently Asked Questions
Anti money laundering (AML) refers to the web of laws, regulations, and procedures aimed at uncovering efforts to disguise illicit funds as legitimate income. Money laundering seeks to conceal crimes ranging from small-time tax evasion and drug trafficking to public corruption and the financing of groups designated as terrorist organizations.
AML legislation was a response by International Bodies and Countries to the growth of the financial industry, the lifting of international capital controls and the growing ease of conducting complex chains of financial transactions.
All types of financial institutions and some designated non-financial businesses and professionals (DNFBPs) must comply with AML regulations. These DNFBPs include real estate agents, accountants, dealers of gems and jewellery, legal professionals, auditors, and company and trust service providers.
Compliance Assurance testing aims to prevent current and future defects and anomalies in overall Compliance framework, whereas Audit focuses on ensuring application and performance of existing regulations and requirements.
Compliance Assurance testing is a proactive measure aimed at addressing all process and control risks in the way business is conducted.
Find a service that works for you and for achieving the complex expectations of the regulations.
Compliance Assurance
Compliance Assurance is one of the key fundamentals for effective compliance program. CA team assists companies from independent point of view to evaluate processes and controls, to identify risk areas, mitigate and prevent money laundering cases or other financial crimes.
Compliance consulting
The CA team provides compliance services with a specific focus on the European market. We are dedicated to help our clients to utilize top compliance practices and build robust Compliance Plan and AML programs.
Outsourcing
The outsourcing of compliance functions is an economically viable and resourceful way of managing regulatory requirements and expectations. In other words, CA team will perform, help and support all day to day activities and duties Compliance Department typically does.
CA Team will respond to your email queries within 24 hours (during business days).
CA Team understands that small to large institutions require the same comprehensiveness and expertise in the process of “translations” of regulatory recommendations and expectations. Just because an institution is Startup doesn’t mean you are expected to do less!
AML and CTF regimes are constantly evolving and sometimes, organizations focused on their development and constant pursuit of maximum efficiency fail to synchronize their regulatory obligations with already implemented programs. Sooner or later the effect of non-compliance results in fines for firms, removal of regulatory status, reputational damage, loss of clients.
CA team supports companies in development and implementation of Compliance requirements. We can help in the process of “translations” of regulatory recommendations and further development of the AML Assurance program through utilization of the best practices, comprehensive know-how, proficiency and in depth experience.
Consulting firms similar to the Big Four have variety specialist and advisors, “available” whether they work for clients or not. Projects carried out by the Big Four typically will add additional fees for a Partner, Senior Manager(s), Project Manager(s), Consultants and ‘Associates’.
At CA Team we apply simple project pricing, utilizing our best resources and flexibility all round as we are not charging on a per diem basis. This means cost reduction and better efficiency for you.
In order to provide a proposal for services, we prefer to discuss with you in a meeting your business’s AML needs. This information will allows us to estimate the time it will take to conduct the review and the fees associated with the service.
Usually we ask for 30% up front payment, after the client defines the project and contract is signed. Depending on the engagements, if the duration of the project is more than one month, we are able to offer flexible payment solutions. For short term engagements or work less than 1 week is expected 60% up front payment.