WHAT IS A RISK-BASED AML/CTF REGIME?
HOW CAN CUSTOS ADVISORY HELP?
Trust and Company Service Providers (TCSPs) can take different forms, but generally assist in the creation, operation and management of corporate and trust structures.
The services offered by TCSPs operate as a gateway to property and financial markets, financial institutions and other regulated professionals. These can be misused by criminals to disguise beneficial ownership, conceal the origins and purposes of financial transactions, facilitate tax evasion and, ultimately, launder the proceeds of crime, as well as, where complex structures are established, create distance between criminal entities and their illicit wealth.
The Money Laundering and Terrorist Financing (ML/TF) risks associated with the TCSP industry include:
Obscuring ultimate ownership through complex layers and legal entity structures
Evading tax and exploiting known tax shelters
Evading regulatory controls
Providing a veneer of legitimacy to criminal activity by helping to conceal proceeds of crime
Creating distance between criminal entities and their illicit income or wealth by using complex business and corporate structures
Avoiding detection and confiscation of assets, and hindering law enforcement investigations
The AML/CTF regime is risk-based, which means that your responses to the AML/CTF obligations placed upon you should be risk-based.
A risk-based AML/CTF regime requires that you understand and address the Money Laundering and Terrorism Financing (ML/TF) risks associated with the services you offer.
You must then design, implement and maintain systems, procedures and controls that are proportionate to your ML/TF risks.
With over 50 years of expert knowledge and real world experience our AML/CTF compliance solutions will to help you navigate your legal and regulatory requirements so that your business complies with its AML/CTF obligations in the fastest and most cost-effective way.
Costos has a range of AML/CTF solutions to support your business in becoming AML/CTF compliant and maintaining compliance.
TRUST AND COMPANY SERVICE PROVIDERS