Investment Firm Successfully Complies With Laws Using Meticulous Audit and Review Services

“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:
1. Client Identification and Record-Keeping
2. Risk Management & Assessment Process
3. Suspicious Transactions Reporting
4. 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

Benefit
Cost savings of 65% Expert team of attorneys Reduced time spent by 60% Thorough audit review and recommendations for compliance

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 – 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