ANTI-MONEY LAUNDERING (AML) and COMBATING THE FINANCING OF TERRORISM (CFT) COMPLIANCE
The ripple effect of the loss of capital on the international financial ecosystem as well as the potential for laundered resources to be used for the financing of terrorism has birthed a shared responsibility across international borders for state and regional actors to tackle the incidence of money laundering as well as maintain watertight financial systems across jurisdictions. In Nigeria, businesses, financial institutions, and individuals are bound by the provisions of local and international Anti-Money Laundering (AML) legislation and conventions. This is in addition to legislation aimed at combating the financing of terrorism (CFT), especially in Sub-Saharan Africa.
The majority of our clients operate in highly regulated sectors including foreign exchange, banking, securities, energy and property markets and we deploy our resources to pre-empt and avert liability. We assist firms to manage their AML risks by designing and implementing thoroughly efficient and practical anti-money laundering control frameworks and risk systems. We draft policies and procedures to assist firms in complying with their AML/CFT requirements/audit and ensure that they have robust controls in place.
More specifically, some of these services include the training of personnel, review of AML systems and control, developing and implementing risk-based Customer Due Diligence processes and procedures. We also design effective money laundering risk mitigation programmes and advise on AML solutions.
We provide these services in collaboration with OpenSpaces Compliance Consultants Limited, a UK-based compliance and regulatory consultancy. OpenSpaces has a reputation of providing clients with innovative and practical solutions to their regulatory and compliance challenges and has been in operation since 2010.