What we do
ELM Compliance can provide a wide range of professional Compliance services to your business including, (but not limited to), Training, Compliance Monitoring, Independent Audits, Risk Management and Prescribed Positions.
Further details on the services we provide are as follows:
Training Services
Staff, Board and Senior Management Levels.
Covering the Anti-Money Laundering, Countering of Terrorist Financing and Countering Proliferation Financing regimes, including refresher training where required, provided at staff, board and senior management levels, (together with case studies and discussion).
Providing awareness and an understanding of the definitions of Proliferation and Proliferation Financing, WMD Programmes of concern, common features of PF, what may be involved in PF, the risks involved, methods that may be used, the differences between ML, TF and PF, businesses that may be more vulnerable to PF and procedures that must be put in place in order to identify and combat PF.
Full coverage of the Money Laundering Compliance Officer, Money Laundering Reporting Officer and Nominated Office roles, the differences between each role, individual responsibilities, requirements and how to effectively and efficiently fulfil the regulatory obligations of each role, (including case studies and discussion).
Covering Corporate Governance, and the duties of the board in detail, including potential Director and Shareholder liability, MONEYVAL, PEPs, Enhanced Measures, understanding who the beneficial owner is, Proliferation financing, Sanctions and Terrorist Financing, (including case studies and discussion).
Giving insight into the definition of compliance, why we are regulated, what compliance is, the compliance function, compliance monitoring, compliance with the AML/CFT/CPF framework, compliance roles, relevant enactments, schedule 3 and the handbook, the risk-based approach, policies, procedures and controls and how to apply these within the business, (including case studies and discussion).
Explaining the CDD process, why we undertake CDD, CDD in relation to AMLCFTCPF, sanctions, SARs, offence, the current regulatory requirements and how CDD measures are applied in accordance with the current regulatory requirements, (including case studies and discussion).
Providing an understanding of the GDPR regulations, the GDPR principles, what GDPR is trying to achieve, how to handle breaches, what happens when GDPR goes wrong, case studies and discussion.
The current regulatory requirements, setting a risk appetite, the objectives of a Business Risk Assessment (BRA), preparation of a BRA, identifying and understanding the risks specific to your business, assessing and prioritising those risks, managing and mitigating risks and how to monitor those risks.
The responsibilities and liabilities of a Director, the AML/CFT/CPF responsibilities, anti-bribery and corruption, the specific responsibilities and duties of a NED and Corporate Governance, (including case studies and discussion).
Providing an understanding and awareness of the most recent regulatory updates, how they are relevant to your business and how to effectively apply adequate and efficient policies, procedures and controls in accordance with these updates.
Compliance Services
ELM Compliance Consultants can provide;
- MLCO, MLRO/Nominated Officer and Compliance Officer roles.
- Compliance support for the MLCO (on short- or long-term contracts).
- Compliance advice/ support whether long-term or ad-hoc.
- Support with, monitoring of and assessment of existing CMP’s.
- Helping to establish new CMP’s and the writing of CMP tests.
- Undertaking the CMP for clients during onsite visits as part of the compliance support function.
- Detailed reviews of and the implementation of AML/CFT/CPF policies and procedures.
- Undertaking customer risk assessments.
- Customer onboarding and carrying out periodic reviews of existing customers.
- Bribery & Corruption, PEP and Sanctions screening.
- Transaction Monitoring.
- Reviewing of manuals and documentation to ensure that they cover all relevant rules and regulations affecting your business.
- Helping with the writing of AML/Compliance manuals, policies and procedures.
- Support with setting the business risk appetite.
- Identifying and assessing the risks specific to your business.
- Developing appropriate policies, procedures and controls to manage and mitigate risks.
- Review of the policies, procedures and controls in place for efficiency and effectiveness.
- Implementing or advising on Business Risk Assessments.
In accordance with Schedule 3, ELM Compliance Consultants can provide an independent audit function in order to:
- Examine and evaluate the adequacy and effectiveness of the businesses’ policies, procedures and controls in accordance with Schedule 3 and the rules of the Handbook.
- Report on and make recommendations to the board in relation to those policies, procedures and controls.
- Monitor the businesses’ compliance with those policies, procedures and controls.
- To review the effectiveness of the compliance monitoring programme.
- To review compliance with sector specific rules, codes and guidance.
- Clarification of the requirements of the visit, expectations and preparation.
- Review of documentation, policies, procedures and controls.
- Assistance with remediation projects.
- Advice on any regulatory returns, applications, submissions or topics.
- Assistance with licence applications, including completion of applications and preparing documentation as required by the regulator.