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Setting Up an AML/CFT Department

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What is the AML/CFT department?

The AML/CFT Department is a specialized division within a company responsible for implementing and ensuring compliance with AML/CFT procedures in accordance with legal requirements. The primary tasks of this department include customer identification and verification, risk analysis and assessment, financial transaction monitoring, detecting suspicious transactions, and reporting them to the relevant authorities. The department also develops internal AML/CFT policies and procedures, trains personnel, and ensures the enforcement of these policies within the company.

What are the main functions of the AML/CFT department?

The AML/CFT Department performs several critical functions to ensure compliance with anti-money laundering and counter-terrorist financing legislation. The main functions of this department include:
  1. Customer Identification and Verification: The department collects and verifies customer data when opening accounts or entering into contracts to ensure the legitimacy and legality of their activities.
  2. Risk Assessment and Classification: The department evaluates the risk level of customers and their financial operations, classifying them as low, medium, or high risk. This enables more detailed and strict procedures for high-risk clients.
  3. Transaction Monitoring: The AML/CFT Department monitors customers’ financial transactions, identifying suspicious or unusual activities that may indicate money laundering or other financial crimes.
  4. Reporting Suspicious Transactions: If suspicious financial transactions are detected, the department is obligated to report them to the relevant authorities.
  5. Development of Internal Policies and Procedures: The department develops and updates internal AML/CFT policies and procedures, ensuring they comply with current legislation and align with the company’s specific operations.
  6. Employee Training: The department is responsible for organizing the training and professional development of company employees on AML/CFT issues to ensure proper compliance with legal requirements and internal policies.

We will create an AML/CFT department for you

We provide a comprehensive service for creating a turnkey AML/CFT department for legal entities. This includes:
  • Search and selection of qualified specialists
  • Development of internal procedures, policies, and job instructions
  • Organization of all necessary processes for the effective functioning of the department
This approach ensures the company’s compliance with legal requirements, minimizes associated risks, and allows the company to focus on its core business, as all tasks related to building and adjusting AML/CFT processes will be handled professionally and promptly by us.

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