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$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:
    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%.
  • Time savings of 60%.
  • Expert team of attorneys.
  • 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 – 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.