$300B Investment Firm Achieves AML Compliance Review in Record Time With LegalEase
The Client is an investment firm with a market value of $300 billion. They are one of the Top 5 largest outsourced CIO providers, internationally. The client approached LegalEase Solutions for an audit of their Anti Money Laundering compliance policies & procedures to test its effectiveness. AML regulations require a review of the AML policies and procedures, their risk assessment, and a training program to be carried out periodically for the purpose of testing their effectiveness.
Challenge
There was a great deal of urgency to audit and review the Client’s AML Compliance policies. The audits had not happened for 5 years prior to this request, and the Client wanted their organization to be compliant as soon as possible.
Solution
LegalEase Solutions presented a 3-phased approach to the client.
First Phase - Initial Research
- Review of the Client’s AML policy document.
- Interactive session with the Client’s compliance officer to understand the internal processes.
- Information request sent to the compliance team asking for sample documentation on various categories covered by the audit.
Second Phase - Review & Assessment
- Review of Client’s AML Compliance manual.
- Review of AML documentation with regards to:
- Client Identification and Record-Keeping
- Risk Management & Assessment Process
- Suspicious Transactions Reporting
- Ongoing Training Program
- Follow up discussions as required
Third Phase - Audit Report
- LegalEase Solutions presented a comprehensive audit report to the Client.
- This included details of the entire review process, the findings over the course of the audit, and the deficiencies noted during the process.
- LegalEase Solutions provided audit recommendations, within the timeline requested.
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Results
- LegalEase Solutions presented a comprehensive audit letter including details of the entire process, the findings over the course of the audit, and the deficiencies noted during the process.
- The Client received recommendations for further review and compliance within 2 months – as per the timeline requested.
- Efficient and streamlined compliance and audit process, with periodic status updates to the Client.
- Client’s organization is now compliant with AML regulations.
