Some of the most common red flags are;
1. Many payments in small amounts to avoid attracting attention
2. High-value cryptocurrency transactions in only a short time period. Or staggered and regular patterns with no further transactions for a sustained period.
3. Instantly transferring virtual funds out of highly controlled areas and into low-regulated dominions
4. Immediately withdrawing virtual funds without any in-between transactions.
5. Depositing previously identified stolen funds into crypto wallets.
- Our additional services
We are compliance specialists capable of handling you application from start to finish. Our fixed price quote includes all policies and an annual compliance monitoring plan as required by the regulator. All forms will be completed on your behalf (excluding electronic signatures etc.) unless you have already done so.
Plus we will answer any questions before submission and throughout the approval process. All regulator questions and requests for explanations throughout the approval process.
- Need some refresher training?
We can provide remote or in house training on Anti Money Laundering (AML).
- In need of Compliance/MLRO support?
Sometimes company’s budgets are limited, or they only require a MLRO or Compliance Manager for a fraction of a week. These experienced and qualified individuals can help implement a compliance and/or AML framework and advise you on the relevant risks. We provide staff to function as interim managers.
- Looking for a KYC/AML software solution?
If you’re looking for a KYC/AML solution we can introduce you to a number of companies’ defendant on your individual needs.
- Need additional support?
At LS Consultancy, our consultants are compliance experts that interpret the rules, regulations and spirit of the industry guidelines by assisting you “the client” in implementing a compliance programme that you can be confident is mitigating the risk of financial crime. What we can do:
- We analyse the relevant jurisdictions legislation, regulation and industry guidance to ensure that your controls adopt the highest standard possible
- Analyse and/ or Enhance your Business Wide Risk Assessment to ensure we consider money laundering and relevant predicate crimes
- Assessment of your Customer Onboarding and/ or Periodic KYC reviews rely on independent documentation and supported by credible information from your customer – as this is key to your compliance programme.
- Robust Transaction Monitoring and Screening whilst utilising your up-to-date KYC documentation/ information are fundamental.
- Greater emphasis on training – why not go through live examples with your RM’s, Operational Teams and Compliance – discuss the areas of concern and come up with compliant solutions.
- Ensuring your Compliance Monitoring Programme is conducted on a regular basis
- Engagement with senior management through relevant committees
For further information please contact us where our industry experts will be happy to answer your questions.
Call us on +44 (0) 20 8087 2377 or email us.