Financial Crime World

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Mitigating Grey Listing Impact: AML/CFT Services from KPMG Forensic

KPMG Forensic in South Africa provides specialized services to help institutions navigate the complexities of Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations. This includes support for institutions that have been grey-listed by the Financial Action Task Force (FATF), a global standard-setter for AML/CFT regulations.

Assessing and Mitigating Grey Listing Impact

KPMG Forensic offers a range of services to help institutions assess and mitigate the impact of being grey-listed by FATF:

1. Support to Assess FATF Grey Listing Impact

  • Help institutions assess the impact of FATF grey listing on their business and design measures to mitigate it.

2. 360° Comprehensive Gap Analysis following FATF Standards

  • Identify gaps in an institution’s AML/CFT compliance program, ensuring that remedial actions satisfy international standards.
  • Conduct a thorough analysis of existing controls and procedures to ensure they are aligned with FATF recommendations.

3. Institutional AML/CTF Risk Assessment

  • Conduct risk assessments to help institutions understand their risk exposure and implement effective risk mitigating measures.
  • Identify areas where additional controls or procedures may be needed to mitigate risks.

Implementing Effective Risk Management and Compliance Programs

KPMG Forensic can review and design Risk Management and Compliance Programs (RMCPs), policies, procedures, and controls to ensure they are commensurate with the identified risks. This includes:

4. Design and Implementation of RMCP

  • Review existing RMCPs and identify areas for improvement.
  • Develop a comprehensive RMCP that addresses all aspects of AML/CFT risk management.

Enhancing Know Your Customer (KYC) and Customer Due Diligence (CDD)

KPMG Forensic can support institutions in enhancing their KYC and CDD processes, including implementing Enhanced Due Diligence (EDD) measures:

5. KYC and CDD Performance and Remediation

  • Enhance existing KYC and CDD processes to ensure they are robust and effective.
  • Implement EDD measures where necessary.

AML/CTF Technology Solutions

KPMG Forensic can assist in the implementation and optimization of AML/CFT IT solutions and systems to ensure compliance with regulatory requirements:

6. AML/CTF Technology Solutions

  • Implement or optimize existing AML/CFT IT solutions.
  • Ensure that all IT systems are aligned with regulatory requirements.

Expertise in AML/CFT Compliance

KPMG Forensic professionals have extensive expertise in performing gap analyses, implementing risk mitigating measures, and designing effective controls. This ensures that institutions receive comprehensive support to comply with international standards.