AMS provides AML Solutions to a major Crypto Exchange Provider

AMS Financial Group was able to provide Money Laundering Reporting Officer (“MLRO”) services to a major Crypto Exchange service provider (the ”Client”) and help them focus on their core business operations where they provide a suite of secure and efficient exchange services for the trade of major crypto services like Bitcoin, Ethereum, Litecoin among others.

Client’s challenge

Like any business involving finance and the exchange of value, there is always a risk of individuals trying to take advantage of, among other things, fragile Anti Money Laundering (“AML”) controls that include both technical and human resources. It was therefore important for the client to engage a professional service provider who could offer extensive bespoke AML solutions.

As a major market player, it was also important to the client, from an ethical and good practice perspective, to acquire an experienced MLRO support and guidance to enable them to navigate and comply with their industry’s ever changing regulatory and legislative requirements.

How was AMS best placed to assist?

With our personalised expertise, infrastructure and know how we assisted the Client to successfully incorporate an MLRO function. With the Client’s specialist services in mind, The AMS Financial Group created a tailor made MLRO function tasked with but not limited to, conducting AML organisational risk assessments, end customer AML risk assessments, creating a sustainable and fit for purpose risk management framework. As part of the function, the MLRO reports to and guides the Board of Directors on the organization’s current and upcoming regulatory and legislative responsibilities. The MLRO is also responsible for assessing internal suspicious activity reports (“SAR”) through a well-documented and informed internal process. Following an internal review process, the MLRO files any SAR (with merit)   to the relevant Financial Intelligence Unit (FIU). Furthermore, the MLRO  acts as the Client’s official  liaison with the FIU. The MLRO alsocreates and delivers tailored  AML training for the Client’s staff.

AMS Financial Group has a team of professionals that hold the position of MLRO for a large number of clients.  We perform the essential function of assisting the boards of directors of client companies with regard to AML and providing specific AML regulatory updates on changes to local law and global initiatives, annual training and drafting and maintaining client specific AML policies.

This will include maintaining a register of suspicious transactions and reporting these to local law enforcement and revenue authorities where appropriate.
The MLRO is the point of contact for all suspicious transactions and will need to be an appropriately experienced and sufficiently senior individual. They will require an in-depth knowledge of current legislation and regulations surrounding anti-money laundering procedures and have the experience to be able to identify, manage and resolve AML-related issues.

How can AMS Financial Group help you to comply with the requirement or the need to have an MLRO

AMS’s range of services in governance and regulatory reporting, corporate secretarial, tax and accounting, and operational business support will provide you and your business with a seamless and ideal environment to set up your business ventures.

As governance industry experts, we help manage the necessary governance work, so that you can focus on growing your business whilst we focus on the governance and compliance matters as MLRO

  • AMS MLRO support services ensure controls and procedures are in place to prevent money laundering and operates independently of any AML/KYC services already provided.
  • AMS MLRO support services ensure that the person allocated to this role is well versed in the different types of transactions handled.
  • The MLRO will have in depth knowledge of all aspects of the primary legislation, regulations and internal policies.

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