SBMG&Co. LLP - AML Consultancy

AML CONSULTANCY

AML CONSULTANCY SBMG, a dedicated provider of professional and audit services in India, has a long-standing commitment to AML/CFT compliances. Our team of experts has extensive knowledge of both local AML/CFT regulations and international best practices, as well as a proven track record of successfully helping clients navigate these complex compliance requirements.

India has robust AML/CFT regulations under PMLA and other laws and various compliances in place to combat money laundering and terrorism financing starting with IFSC in GIFT, Gandhinagar. The regulations outline the responsibilities of all entities registered with IFSC to implement and maintain effective AML/CFT policies and procedures as regulated entities.

At SBMG, we understand the importance of AML/CFT compliances and are dedicated to helping our clients navigate these complex regulations. Our approach to AML/CFT compliances includes the following elements:

Implementation of robust AML/CFT policies and procedures

India's current AML/CFT laws, regulations, and standards, in addition to global best practices, must serve as the foundation for any AML/CFT policy and procedures that are to be effective. We assist you in creating AML/CFT policies, processes, and safeguards, which is the foundational element of the Compliance framework. Agreed Upon Procedures This is a AML/CFT service where specific procedures are agreed upon and carried out to ensure compliance with regulations or to verify financial information. It is intended to provide independent assessments of an organization’s compliance with the regulations and assist in the development and implementation of effective risk management strategies.

Employee Training

To educate staff members on the importance of AML for company activities, AML/CFT compliance programmes also include employee training and awareness. Employers must provide staff with pertinent training to outline their duties under AML/CFT compliance procedures.

Principal Officer Selection

The obligation to appoint a Principal Officer is a legal requirement for regulated entities to help prevent money laundering and report suspicious activity to relevant authorities. Principal officer is responsible for ensuring that the company complies with all relevant regulations and guidelines, as well as developing and implementing compliance policies and procedures.

AML/CFT Software Advisory and Setup

AML/CFT Software Advisory and Setup services assist organizations in selecting and implementing anti-money laundering/countering the financing of terrorism software solutions to enhance their compliance programs and mitigate financial crime risks. It helps businesses select and set up appropriate software to comply with regulatory requirements.

Regulatory Remediation

This service involves assisting businesses in addressing regulatory issues and deficiencies identified by regulatory authorities. The aim is to remediate any compliance gaps and ensure the business meets regulatory expectations.

Other Support Services

This could encompass a variety of services to support businesses in meeting their compliance requirements, including assistance with FIU-IND registration, FINGATE registration, preparation of templates and procedural manuals, assistance in filing of STRs, conducting risk assessments, and ongoing AML/CFT support.