The money remittance industry is extremely diverse, ranging from large international companies with outlets worldwide to small, independent convenience stores in communities with population concentrations that do not necessarily have access to traditional banking services.
The range of products and services offered, and the customer bases served, are equally diverse.
The definition of money remitter is wide, but the types of businesses are quite distinct. Some offer a variety of services, whilst others only offer money services as an ancillary component to their primary business.
The Money Laundering and Terrorist Financing (ML/TF) risks associated with the money remittance sector include:
Businesses within the money remittance sector captured by the AML/CFT obligations must ensure the organisation conducts a comprehensive ML/TF risk assessment to identify, assess, mitigate and manage ML/TF risk exposures. This is a critical first step in complying with AML/CFT laws.
These are the services offered by money remitters that are covered by AML/CFT obligations:
If you offer or provide one or more of the above products or services, your business will be subject to AML/CFT obligations.
The AML/CFT regime is risk based, which means that your responses to the AML/CFT obligations placed upon you should be risk-based.
A risk-based AML/CFT regime requires that you understand and address the Money Laundering and Terrorism Financing (ML/TF) risks associated with the remittance services you offer.
You must then design, implement and maintain systems, procedures and controls that are proportionate to your ML/TF risks.
Initialism are the AML/CFT experts, so you don’t have to be.
With over 30 years of expert knowledge and real world experience our AML/CFT compliance solutions will to help you navigate your legal and regulatory requirements so that your business complies with its AML/CFT obligations in the fastest and most cost-effective way.
Initialism has a range of AML/CFT solutions to support becoming AML/CFT compliant and maintaining compliance:
Our solutions allow you to tailor support based on your capacity, experience and budget.
Our expertise covers all AML/CFT disciplines and brings unique perspectives, approaches and solutions to the AML/CFT challenges faced by the money remittance sector
Our AML/CFT compliance knowledge includes working with money remittance businesses and we understand what compliance means for your business
We have experience in delivering workable AML/CFT compliance to the money remittance sector
Our knowledge and expertise has been hard earned and comes from working in the area of AML/CFT for many decades
We have experience providing tried and tested AML/CFT solutions, regardless of the size and complexity of your money remittance business
Our AML/CFT compliance solutions are flexible and can be tailored to your capacity, experience and budget
I really enjoyed the day and was very impressed by your product. I walked away with a better appreciation of the AML risk factors in our business and how they can be mitigated.
Workshop done – Program Manual V1 drafted! So pleased to work alongside Initialism to get our AML program underway – the workshop was well worthwhile. We learnt plenty around the purpose of the AML legislation and then completed our Risk Assessment and draft program manual. Initialism were very knowledgeable on AML and practical in their approach. The Initialism portal is user friendly and easy to tailor to our firm’s needs and will definitely future proof our program. Thank you.