• 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.

In providing audit advice in the area of AML/CFT systems and sanctions risk management, ZAB RER LEXTAL  also cooperates with highly competent certified auditors Māris Biernis and Sandra Dzereli, who have developed their competences for more than 20 years.