Due diligence is the process of gathering information to assist your Financial Institution’s decision making process.
In the current Tough economic climate and in turbulent environments, it is crutial identify and mitigate exposure to risks.
Prospective Clients, Business partners and your employees need to be proactively screened in an effective and efficient way to protect your Financial Institution against risks of financial losses, reputation damage and ensure compliance with applicable laws and regulations.
Financial Institutions can not afford to take the wrong step or make a wrong decision, because there may not be a second chance.
Why be exposed? Allied Compliance Consultants “ACC” can help! We provide the following Due Diligence services:
1- KYC Compliance:
Know Your Customer “KYC” refers to the regulatory requirment imposed on financial institutions to implement a Customer Identification Programme and perform due diligence checks before doing business with a prospect client, financial institution or legal entity.
ACC can assist you in keeping the criminals outside your gates, We simply put a lock on your door!
2- AML Compliance:
Every year around US$2 Trillion are being laundered by money launderers, including: criminals, gangsters, arms dealers, drug dealers & human traffickers worldwide.
ACC can protect your financial institution from being used by money launderers & criminals to launder their ill gotten / dirty money. We simply preserve your reputation and protect you against financial losses due to regulatory fines & penalties
3- CFT Compliance:
Terrorists target Financial Institutions -with banks on the top of the list- to fud their terrorist attacks worldwide. Financial Institutions suffer serious financial losses represented in confiscated funds, regulatory penalties and fines as a result. Unfortunately this is not everything! The financial institution may also lose its most valuable asset: “Reputation” which may lead to the risk of the financial institution not being able to continue in business “Going Concern”.
It takes years to build the reputation and takes seconds to put it down! So why take the risk? ACC can helo your financial institution preserve its reputation and protect against financial losses due to regulatory fines & penalties.
4- PEP Compliance:
Politically Exposed Person “PEP” compliance is a great challenge for every financial institution. Many financial institutions find it difficult to define a “PEP”, identify a “PEP”, initiate a relation with a “PEP” & monitor a “PEP”.
There is no problem in dealing with PEPs, provided that the source of their income is transparent and legitimate. A Key to manage your Financial Institution’s PEP risk’ is the ability to determine PEPs who warrant enhanced due diligence and those who don’t. This is not an easy task.
It is not just politicians who can pose a PEP risk, but their families and business networks as well. Ex-Politicians can also pose a PEP risk to your financial institution…
Why get confused? ACC can assist you in managing your PEP risk and ensuring PEP compliance
5- KYE Compliance:
More than 70% of financial crimes are related to insiders. It is crutial to know the “Enemy Within” as good as knowing your customer. The best way to reduce insider risk is to prevent it before it starts. -It starts with the hiring process, so financial institutions need to ensure that they hire the ethical employees and apply the same due diligence as when giving a loan or opening an account, Verify the information, monitor the employees on an ongoing basis, have a system in place to early detect any redflags or signs of employees who have gone bad.
ACC can assist you in the background checks on your potential employees at the hiring stage, assist you in monitoring them on an ongoing basis, train you on the employee redflags, implement systems to ensure early alert for any insider abuse.