In today’s ever-changing world business faces rapid and significant changes in laws, which is a significant challenge for their existence and development. When providing legal consultations, we have observed that one of factors encumbering and hindering business in Latvia, Baltics and in international cooperation is understanding of the requirements of AML (anti money laundering), compliance with them and implementation of an effective monitoring system.
ZAB RER LEXTAL has years of competence in the field of AML. Its partner, attorney at law Armands Rasa has successful experience in management of AML processes for credit institutions and other providers of financial services. Considering the existing trends and needs, a new business partner jointed ZAB RER LEXTAL – Jānis Mellups, CAMS-certified ANTI-MONEY LAUNDERING SPECIALIST, with over 5 years of practical experience in this field. A CAMS certificate is the global gold standard in AML. A CAMS certificate is internationally recognised as No.1 in its area and therefore this service can be provided to any company in the world, preferably with involvement of a local specialist, who knows special conditions of each country.
In development of its competence, ZAB RER LEXTAL offers a new service: AML/CFT (anti-money laundering and countering the financing of terrorism), KYC (know your customer) and Sanctions risk management.
Main elements of the offered service:
- Comprehensive development of ICS, which includes a set of rules, policies and procedures implemented by the company to ensure compliance with the set rules, increase its effectiveness and strengthen AML/CFT, and comply with the sanctions risk management policy in the company;
- Development of a risk assessment (a system for numerical assessment of the risk of customers, assessment of the risk of sanctions, a sanctions risk assessment system, etc.). An ML/TF risk assessment is conducted to adequately and effectively reflect the total risk inherent to each customer. The sanctions risk is assessed in relation to its impact and probability that the company may be used in violation or bypassing of international or national sanctions;
- Development of a customer status determination procedure (customer risk assessment, KYC questionnaires, MiFID questionnaires, etc.). The KYC process should ensure that customers provide true information about themselves, and the business they are involved in. Verification of the customer’s identity is performed by evaluating the information provided by the customer, the form and field of customer’s business and determining its beneficial owners. KYC makes it possible for companies to use a risk-based approach to AML/CFT to know for sure who their customers are and what ML/TF risks they pose.
- Provision of a legal opinion in the field of AML/CFT, KYC and sanctions risk management;
- Enhanced AML/CFT customer due diligence;
- Development of internal procedures for AML/CFT and sanctions risk management;
- Consultations on AML/CFT and sanctions risk management, as well as requirements of financial institutions in this field;
- Audit of the company’s existing AML/CFT systems and sanctions risk management.
The requirements of AML/CFT and sanctions risk management apply to the following entities:
- providers of accounting, audit and legal services;
- credit institutions;
- providers of financial services;
- real estate agents and brokers;
- service providers for establishment and operation of a legal entity;
- organisers of lotteries and gambling;
- traders in precious metals and precious stones;
- providers of virtual currency services;
- debt recovery service providers.
ZAB RER LEXTAL will help your company to ensure compliance with laws and regulations, manage and mitigate risks, ensuring accurate risk assessment. The established ICS (internal control system) will enable your company to concentrate resources on the identified risk factors and determine an accurate action plan for effective management of these risks.