Anti-Money Laundering (AML) Consulting

AML compliance for today and beyond

Protiviti provides a wide variety of consultative services and AML solutions designed to assist organisations in all aspects of AML/Combating the Financing of Terrorism (CFT) compliance, Know Your Customer (KYC) and Source of Wealth reviews.

Assist organisations in all aspects of AML

Design and implementation of AML/CFT risk and sanction risk assessments

We assist clients with the design and implementation of AML/CFT and sanction risk assessments that are foundational to effective AML compliance programs. We also work with our clients to ensure the proper alignment between their risk assessments and their overall AML/ CFT and sanction compliance programs and to introduce and leverage innovative technologies to improve efficiency.

Program development and remediation

We help clients with the development and/or enhancement of all aspects of their AML/CFT and sanction compliance programs including, but not limited to, risk strategy and risk appetite statements, policies and procedures, job descriptions, staffing analyses, and board and management reporting.

AML/CFT and sanction system selection, implementation and utilisation

We assist in the selection of compliance technology systems and tools to support ongoing AML/CFT and sanctions monitoring. This includes vendor review and comparison, assessment of current and future business and functional requirements, data lineage and validation, system optimisation, implementation support, pre-and post-implementation reviews, system validation, transaction monitoring, source of funds review and overall system project planning and management.

Money laundering reviews and investigations

We assist clients in performing regulator-mandated reviews and provide regulatory guidance on transaction monitoring, source of funds and source of wealth reviews using our proprietary workflow and data analytics tools to help organisations comply with the Monetary Authority of Singapore (MAS), or other global regulators. We identify transactions in-scope, code the desired rules and scenarios, determine appropriate thresholds, and generate alerts through quantitative and qualitative analysis, which our investigation specialists review to determine whether any suspicious activity is present.

AML compliance

We assist financial institutions with all aspects of their Part 504 compliance efforts, from internal training and awareness, program development, program management, program documentation, model validation, data lineage and validation, control testing, and design of certification and sub-certification processes.

Independent testing of AML programs

We assist internal audit departments in developing comprehensive AML/CFT and sanctions audit programs, including risk assessments, risk and control matrices, audit work programs and training for audit teams. We also perform independent testing of existing AML programs on an outsource or co-source basis and work with or on behalf of internal audit departments to validate actions taken by companies to address regulatory exceptions.

Focused training

We assist organisations with the development, implementation and delivery of AML/CFT and sanctions training that is customised to reflect a company’s primary business activities, customer profile, current AML/CFT and sanctions knowledge base and internal procedures. Customised and relevant AML/CFT training provides the basis for a successful AML/CFT and sanctions compliance program.

AML and sanctions model validation and optimisation analytics

We work closely with our data and advanced analytics practice to provide our clients with independent model validation for all AML and sanctions related models, perform AML and sanctions model tuning and threshold/matching score setting, provide advanced data validation and AML analytics, advise on scenario and alert optimisation, and assist with transaction monitoring scenario development, testing, and supporting documentation and ensure adherence to AML regulations.

Regulatory compliance consulting

Our compliance consulting team brings a blend of experience and fresh thinking through a unique mix of former industry professionals, compliance professionals, and financial regulators to effectively manage compliance risk.

Financial crime compliance

Protiviti helps compliance officers, board members, and all three lines of defense respond to situations of noncompliance and stay in sync with regulatory changes.

Featured insights

WHITEPAPER

Navigating sanctions compliance through the transition to ISO 20022

The International Organisation for Standardisation’s (ISO) new global messaging standard, ISO 20022, is set to be adopted by payment processing organisations globally by 2025.

WHITEPAPER

Private Equity and Hedge Funds: Methods of Choice for Money Laundering Threat Actors

Private investment funds under management have grown over the past 25 years into a several trillion-dollar industry in the United States. In a leaked Federal Bureau of Investigation (FBI) unclassified but sensitive bulletin, the FBI concludes, with...

VIDEO

Video: The Money Laundering Risks of E-Commerce

Alleged criminals have identified the potential for laundering funds through e-commerce. After all, why would a money launderer hassle with the physical transport of ill-gotten gains or risk dealing with financial institutions with savvy detection...

WHITEPAPER

Collaboration: The key to better management of cybercrime and financial crime

By Carol Beaumier and Bernadine Reese Sharing information and lessons learned has become increasingly critical for the effective management of cybercrime and related financial crime. This need requires financial institutions to rethink how they...

INFOGRAPHIC

Infographic | Money Laundering Risk in the Consumer Goods & Retail Industry: As E-Commerce Booms, Illicit Acts Flourish

Even in the current slow-growth environment, global e-commerce sales in 2022 are expected to exceed $5 trillion for the first time and remain on pace to surge past $7 trillion by 2025.Formoney launderers, the online trading boom has been...

WHITEPAPER

Navigating the Intersection of ESG and Money Laundering: How Financial Institutions Can Prevent Environmental Crime

Environmental protection laws have been in place in many countries for more than 50 years.1,2 The United Nations Environment Programme (UNEP) and the International Criminal Police Organisation (Interpol) have highlighted the rise of environmental...

WHITEPAPER

Sanctions Risk Assessment: A Key Risk Management Tool

Faced with the growing complexity of the geopolitical landscape, governments have been using financial sanctions increasingly as foreign policy tools to respond to developments as wide ranging as regional conflicts and wars, terrorism, and human...

WHITEPAPER

Top-of-Mind Compliance Issues for Financial Institutions in 2024

Discover crucial insights on compliance issues for financial institutions in 2024. From AI to ESG, navigate the evolving landscape with our comprehensive guide.

WHITEPAPER

The Regulators Are Optimising Their Use of Data. Are You?

Can financial institutions manage effectively in a world where issues and breaches are known to regulators before the chief compliance officer or anyone else in the organisation even learns about them?

Leadership

Sam Bassett

Sam is the country leader for Singapore. With over 25 years' experience, he's primarily worked in financial services with consulting firms or directly in the banking industry to deliver change and support strategic, tactical, and operation goals across Asia, Europe and ...

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Gregor Neveling

Gregor is a director with more than 20 years of experience in the financial services industry, both in Europe and Asia. He has extensive experience in corporate, retail and investment banking, wealth and asset management, compliance, AML/CFT, KYC, and risk. He started ...

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Anti-Money Laundering (AML) Compliance

AML compliance for today and beyond