Counter Terrorism Financing
As terrorists and terrorist groups continue to raise money with the use of various means, countering terrorism financing is an essential part of the global fight against terror threats.
Regulated entities must have an Anti-Money Laundering and Counter-Terrorism Financing Program specifying how they comply with AML/CTF legislation.
Money Laundering and Terrorist Financing are major risks that threaten economic growth and social stability through the illicit flow of funds and illegal activities in any Jurisdiction. The Basic difference being Terrorist Financing need not always be through illicit funds which makes the identification of such transactions all the more difficult.
Financial institutions are highly exposed to ML/TF risk in their daily operations with customers and other associated parties.
We perform risk assessments and give recommendations to prevent and fight against money laundering which would be used for terrorist financing. We would assist you in actualizing frameworks to ensure that your organization has an effective counter-terrorism financing policy and practices or, where suitable, adjust the all-around existing systems to best practices.
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These programs are vital in identifying, disrupting, and preventing money laundering and terrorism financing.
Better use of Technology to Combat Terrorist Financing
MONITORING
Transaction Monitoring System Design and Selection Rules
RULE SETTING
Transaction Rules Formation and Validation
CONFIGURATION
System Configuration and Optimization
verification
Verify and manage according to Predefined Lists
Services on Offer
Development and Implementation of a compliant CTF program
Benchmarking existing processes against best practice.
Identification of Vulnerable business units to mitigate and manage ML/TF risks
Establish and implement Client Due Diligence measures in the organization.
Assist in the remediation of identified compliance deficiencies
Advisory and Review of Regulatory Reporting viz, Unusual and Suspicious Activity Reports, and Currency Transaction Reports.
Audit and assessment of existing AML/CTF programs, policies, and processes against the line of business and regulatory obligations.
Evaluation of Business Risk related to AML and CTF
Evaluate the effectiveness of screening tools for Sanctions, PEPs, and Adverse Media
Design the AML/CTF and Client Due Diligence function and processes to handle the existing customers and new customers.
Provide recommendations on Technical Systems for effectively adhering to AML and CTF policies.
Training on Counter-Terrorism Financing.