The purpose of the Anti-Money Laundering (AML) rules is established to help to detect and report suspicious activity, including to determine violations to money laundering and terrorist financing, such as financial fraud and market manipulation.

An anti-money laundering compliance program is everything a company does relating to compliance: the internal rules are established to implement processes and procedures that will mitigate the risk of money laundering such as implementing Know Your Customer (KYC) process, performing customer due diligence (CDD), enhanced due diligence (EDD), screening PEP and Sanctions list, filing reports to the FIUs etc.
Afacomp delivers AML/CFT compliance plan evaluations in order to detect whether the client needs additionally to pay attention to particular areas and functions.

For any financial institution, one of the first analysis made is to determine whether the client you are about to engage the services is reliable. Therefore, to perform the customer due diligence (CDD) is a critical component to evaluate the risk in order to protect the company against criminals, terrorist and Politically Exposed Persons (PEP). It is crucial to check the clients against the real-time watchlists, PEP and sanctions lists, CIFAS and fraud databases. Additionally, due diligence requires and scrutinize examination of financial records before entering a proposed transaction with another party.
Afacomp performs due diligence to ensure that the compliance programs and their implementation is adherent of the requirements applicable to a regulated entity and to prepare for the investigations if necessary, to eliminate any obstacles.

Effective regulatory consultation can improve regulatory certainty and compliance. The regulatory consultation can address the major challenges the economy or stakeholders are currently facing and by interpreting them it brings a huge positive impact into any organization. However, regulatory consultation requires specific skills for facilitating the process in terms of preparing, structuring, and evaluating the quality of the consultation.

Afacomp assists the clients in establishing and implementing compliance programs to be compliant with the with global regulatory requirements (FATF, FCA, CySEC, MAS, FSA, EU Directives, ect).

At Afacomp we prepare and proceed with the trainings for the management and staff of the organization to make sure that the personnel are fully prepared to do business with regulatory issues daily. Hence, we engage into provision to the introduction to the Regulation, and an overview of the implications and legal requirements for organizations, including responding to individuals (data subjects) exercising their rights, DPIAs (data protection impact assessments) and data breach reporting and so forth.

KYC procedures are crucial function in the evaluation process of the client. It is the core component to assess customer risk and a legal requirement to comply with Anti-Money Laundering (AML) laws.
Afacomp facilitates companies in the Customer Identification Program process through the third party - subcontractor. The KYC process commences with a fully accompanied onboarding flow to confirm your customer’s identity, including biometric verification, device configuration, document confirmation and more. Onboarding application guides supports process thorough data submission process till the end to the potential fraud detection.