During the recent years, ACRA has appointed private sector compliance firm to perform compliance review on RFAs. If you have been selected, and have doubts or clarification, please feel free to reach out to us to tailor a plan of the below scope of review with us as your consultants.
1
General information about the RFA’s business activities, compliance staff strength and appointment of compliance officer, and overall assessment of its money laundering and terrorism financing risks;
2
Approach that the RFA takes in making risk assessments concerning money laundering and terrorism financing issues;
4
Scope of the RFA’s internal policies, procedures and controls;
5
Customer due diligence and enhanced customer due diligence undertaken by the RFA;
6
Obtaining of beneficial ownership information by the RFA
7
Ability and turnaround time of the RFA to provide beneficial ownership information to the Reviewer; suspicious transaction reporting;
8
Internal communication of internal policies, procedures and controls by the RFA;
9
Scope and frequency of training for RFA’s employees; and
10
Verification of remediation actions taken to address findings from previous compliance review or inspection (if applicable).
