About KIPROD AML SERVICE
KIPROD AML Service addresses the AML concerns of organizations in Kenya by providing their expert AML consulting services and AML compliance advisory services. Our list of clients includes small and medium-sized financial institutions operating in different industry verticals. We boast a strong team of regulatory specialists and compliance professionals who have comprehensive knowledge of the AML/CFT rules and regulations in Kenya. We understand the implications of AML/CFT rules for every business type in any industry vertical and customize our services and solutions based on our clients’ requirements.
AML/CFT Policy, Controls, and Procedures Documentation
What is an AML/CFT Policies and Procedures manual?
AN AML/CFT Policies and Procedures manual is a formal written document laying down the policies, controls, and procedures implementing the AML/CFT law requirements and related regulations. The senior management approves the AML/CFT policy document. The policy document is made accessible to the compliance and other relevant staff, independent AML auditors, and supervisory authorities, and it is kept up-to-date with the latest legal requirements.
With the rise in money laundering activities and terrorism financing, organizations in KENYA are always at risk. It leads to a big question mark on the integrity of an organization and may result in a bad reputation. Therefore, it is essential for organizations to take full control of their processes and operations to avoid any risk of exposure to money laundering and terrorism funding activities. We provide them with AML/CFT policy, controls, and procedures documentation services to help them remain compliant with the AML laws in Kenya.
To avoid AML risks and penalties, organizations in Kenya require methods and ways to save their business from money laundering and financing of terrorism activities. They must have necessary policies and procedures to check any possibilities of impact of money laundering or terrorism financing activities. They must put in place relevant AML/CFT rules and control systems in their operations to eliminate the risks of money laundering and terrorism financing at any stage of their operations.
AML/CFT Policy, Controls, and Procedures Documentation
We create for you the right policies, rules, and procedures concerning AML/CFT frameworks. Our process of creating appropriate AML/CFT frameworks that are right for your business is as follows:
Step 1: Risk identification
We help our clients across East Africa to understand the money laundering and terrorism financing risks their businesses face. We study your business processes to identify any loopholes that may be compromised by money launderers to legalize any illicit money. These processes specifically include the functions where there is a movement of money involved.
Step 2: Assessment of existing AML policies
Our next step in the process to help you comply with Kenyan AML Laws is to assess your existing AML and CFT policies and procedures that ensure your operations’ safety from criminal proceeds. Then, we check the efficacy of these AML policies to identify any possible loopholes or any improvements required to safeguard the organization from the risk of Money Laundering and comply with the AML Laws in Kenya.
Step 3: Gap analysis
We document the identified risks and gaps in existing AML policies in step 1 and step 2, respectively. Based on our findings, we prepare a gap analysis report to identify where we can add value to achieve AML compliance for your business. This gap analysis report is used for further discussion with the AML Compliance Officer and stakeholders to obtain their views on each, as they are the ones closest to the process and better aware of possible Anti-Money Laundering risks and loopholes.
Creation of appropriate AML/CFT frameworks
Our team of expert compliance and regulatory professionals is adept in the creation of sound AML compliance frameworks and control procedures for your financial institution. We understand the risks your institution faces, and therefore, prepare a customized AML compliance program that can help you respond to the risks appropriately. This also includes the development of AML policy, controls, and procedures to make your business processes smoother.