Kit Legal’s AML/CTF compliance framework ensures that all of your legislative requirements as a Tranche 2 regulated entity are covered. Here’s how it’s done!
Legislative Requirement
Clear identification of designated services – a documented assessment of which designated services are provided and how they are delivered.
How Kit Legal’s Framework addresses the requirement
Guided onboarding journey explaining relevant designated services and how they may be relevant to your business so you can ensure you have correctly assessed and documented the designated services you will provide and how they will be delivered.
Legislative Requirement
Enterprise-wide ML/TF risk assessment – a detailed, written assessment of money laundering and terrorism financing risks arising from customer types, products and services, delivery channels, and jurisdictions.
How Kit Legal’s Framework addresses the requirement
Guidance and suggestions about the risks that apply to the designated services you will provide, prompting you to work through customer types, products and services, delivery channels and jurisdictions, with the ability to customise and/or add additional risks. Enables the efficiency of automation but with the benefit of professional advice and high levels of customisation. Fully populated ML/TF risk assessment generated ready for senior manager approval based on your bespoke situation.
Legislative Requirement
Tailored AML/CTF policies, procedures and controls – risk-based controls that are specific to the business, not generic templates, and proportionate to identified risks.
How Kit Legal’s Framework addresses the requirement
Delivers the full suite of AML/CTF policies and controls, customised to your business, the designated services you provide, the risks you have identified and the way you want to run your AML/CTF framework. You have the benefit of full automation whilst retaining full customisation. Kit Legal keeps your policy suite fully up to date instantly as laws or guidance changes. You can update your policies and controls instantly to reflect any changes in your business. Dynamic task list reminds you of everything you need to do and provides a full audit trail of activities completed.
Legislative Requirement
Governing body oversight and accountability – ongoing oversight by the board or equivalent governing body, including regular reporting on AML/CTF risk and compliance.
How Kit Legal’s Framework addresses the requirement
Members of governing body instantly notified of breaches and incidents. Tasks to remember when reports are due. Templates for reports with guidance about what to include.
Legislative Requirement
Senior management approval and ownership – formal approval by a senior manager of the ML/TF risk assessment, AML/CTF policies and controls, and any material updates or changes.
How Kit Legal’s Framework addresses the requirement
Ability to generate all draft documents for review by senior manager before approval. Senior manager approval of all versions is facilitated and captured within platform for record keeping purposes.
Legislative Requirement
Personnel due diligence and training – appropriate screening of relevant staff and role-based AML/CTF training to ensure capability and awareness.
How Kit Legal’s Framework addresses the requirement
The ability to capture personnel and due diligence records and training plans with detailed guidance about requirements and ongoing reminders for review and monitoring. Training modules for all aspects of AML/CTF compliance so training requirements can be customised for different personnel roles rather than one-size-fits all. All record keeping requirements for training are captured within platform.
Legislative Requirement
Customer due diligence (CDD) framework and guidance – clear, documented requirements and practical guidance for standard, simplified and enhanced CDD, ongoing customer due diligence, and identifying and managing higher-risk customers.
How Kit Legal’s Framework addresses the requirement
Detailed policies, guides, checklists, reminders and training on CDD requirements (both initial and ongoing).
Legislative Requirement
Record keeping and auditability – reliable record keeping to demonstrate compliance, decision-making, approvals and ongoing monitoring.
How Kit Legal’s Framework addresses the requirement
Key record keeping obligations across all categories met within platform with detailed guidance around record retention periods and requirements. Records are timestamped for audit purposes.