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Client:
A financial services company providing research, investment banking and execution services
Engagement:
We performed an independent review and evaluation of the client's anti-money laundering procedures. The objective was to ensure that the procedures in-place met the requirements of the USA Patriot Act (the "Act').
Deliverable:
The scope of our review included the following:
Reviewed procedures for compliance with the anti-money laundering requirements of the Act
Tested new account opening process to ascertain compliance with due diligence requirements of the Act
Examined procedures to determine whether any of the open accounts were with foreign shell banks
Assessed the adequacy of on-going anti-money laundering training program
Result:
Our report, describing the review process, enabled the client to meet their requirement under the Act to have its anti-money laundering program independently reviewed. We made a number of recommendations to the client for enhancements to their current procedures. After an evaluation the client implemented our recommendations.
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