Protecting your Firm with robust financial crime prevention controls

RBI Regulated Banks and SEBI registered intermediaries are governed by the Prevention of Money Laundering Act, 2002 and by the relevant Master Circulars issued on AML and CFT by RBI/SEBI. It is important to put in place appropriate policies and procedures to ensure that you mitigate the AML and CFT risk your Firm is exposed to.

Many of the regulatory actions taken regarding AML/CFT are related to failings in systems and controls rather than actually laundering money or financing terrorism.

As your business grows, your control framework must also include a stringent Anti-Bribery & Corruption Policy. Ensuring your systems and controls are equipped to prevent corrupt practices from taking place in your organisation and that your business is conducted in a fair and transparent manner is essential to the smooth running of your Firm.

Failures in your control framework can not only expose your Firm to punishment by your regulator, the damage to your Firm's reputation could be irreversible.

How can CCL help you to protect your Firm?

We can help your Firm with your AML, CFT and ABC requirements in the following ways: 

  • Performing a risk assessment of your business to assess the extent of financial crime risk exposure
  • Review your AML, CFT and ABC policies and assess implementation
  • Creating or, where applicable, updating your AML, CFT and ABC policies and procedures which should cover the following standards:
    • SEBI or RBI Regulations
    • Provisions of the Prevention of Money Laundering Act, 2002 (PMLA)
    • Global best practices in respect of Anti-bribery and Corruption
  • Implementing reporting mechanisms and reporting formats to monitor the status of compliance with these policies and procedures on an ongoing basis
  • For Private Equity Funds, we can ensure that these policies are in place not only in the Fund but also in the investee companies, so that the investments are in accordance with the conditions stipulated by overseas investors in the Fund.

What should you do now?

For advice and support on your financial crime prevention controls, contact our Mumbai team to discuss your Firm's requirements.

We have a dedicated team of experienced compliance consultants who can provide expert assurance and peace of mind. Get in touch to see how we can help your Firm.