Anti-Money Laundering (AML) and General Data Protection Regulation (GDPR) are integral parts of the modern business world. At Manimama, we offer comprehensive AML/GDPR services designed to protect your reputation and ensure compliance with stringent financial and data protection regulations.
Our team of seasoned professionals delivers tailored solutions to meet the unique needs of your business. From conducting thorough risk assessments and data protection impact assessments to developing robust compliance and data privacy frameworks, we provide ongoing monitoring and training to ensure your continued success.
As leaders in compliance and regulatory oversight of both financial transactions and data protection, we strive to ensure our clients not only meet all legal requirements but also create a secure environment for long-term success, trust, and prosperity.
The essence of AML/GDPR
AML refers to a set of laws, regulations, and procedures designed to prevent criminals from disguising the origins of illegally obtained money and integrating it into the legal financial system.
GDPR is a critical regulatory framework focused on protecting the personal data of individuals within the European Union (EU). It mandates stringent guidelines on data collection, storage, processing, and sharing to ensure privacy and security.
The importance of AML/GDPR
AML helps prevent money laundering and the financing of illegal activities, safeguarding both businesses and society from financial crimes.
Adhering to AML and GDPR requirements enables companies to avoid significant fines, legal sanctions, and other consequences associated with non-compliance.
Companies that implement robust AML measures and comply with GDPR demonstrate their commitment to transparency and data protection, strengthening trust with customers and partners.
Violations of AML and GDPR can severely damage a company’s reputation. Compliance with these regulations helps maintain a positive corporate image.
Implementing AML and GDPR can improve internal processes, providing a more structured approach to risk management and data handling.
In an increasingly globalized business environment, compliance with AML and GDPR helps companies meet international standards, facilitating entry into new markets and collaboration with foreign partners.
GDPR ensures the protection of personal data, while AML shields individuals from being entangled in illegal financial schemes, creating a safer and fairer environment for all.
Entities subject to AML/GDPR regulations
AML Regulations:
- Financial Institutions
- Insurance Companies
- Real Estate Agents
- Lawyers and Notaries
- Accountants and Auditors
- Crypto Exchanges and Wallet Providers
- Gambling Operators
- Electronic Money Institutions
- Payment Institutions, National Payment Institutions, and Other Money Transmitters
- Currency Exchange Operators
- Operators of Crowdfunding Platforms
GDPR Regulations:
- Businesses Operating in the EU
- E-commerce Platforms
- Marketing and Advertising Agencies
Legal Opinion about AML/GDPR Services
Ganna Voievodina
Manimama, CEO
“Organizations must implement robust AML measures and comply with the GDPR to ensure legal and regulatory adherence. AML regulations require entities to conduct customer due diligence, monitor transactions, and report suspicious activities, while GDPR mandates the protection of personal data, including conducting impact assessments and ensuring data subject rights. Effective compliance involves developing comprehensive policies, conducting training, and maintaining rigorous documentation and monitoring practices. Partnering with Manimama experts in AML/GDPR compliance is a strategic move that ensures both legal protection and business continuity”.
Our Services
AML Officers and DPOs Recruitment
AML Officers:
The AML Officers play a crucial role in ensuring the safety of your financial operations. The AML Officers conduct a thorough analysis of the client's operations, gather all necessary information and documents, and promptly report suspicious activities to the relevant authorities (FIU). To perform such a responsible job, AML Officers must possess significant experience and an impeccable reputation.
Data Protection Officers (DPOs):
The primary responsibility of the DPOs is to ensure compliance with applicable data protection regulations. The DPOs closely collaborate with controllers, ensure that data subjects' requests for the deletion of their personal information or provision of document copies are fulfilled, and make certain that both data subjects and controllers are informed about their rights, obligations, and responsibilities in data protection. The DPOs also oversee the recording of data processing activities within the organization, advise on the application and interpretation of data protection rules, manage requests and complaints from controllers, institutions, or other individuals. Additionally, DPOs train the company’s employees on GDPR compliance requirements, conduct regular assessments and audits to ensure adherence to these standards, and respond to any breaches related to data protection.
We can assist you with:
- Offering DPO services
- Organizing AML/CTF training programs for AML Officers
- Recruiting AML Compliance personnel
- Assessing candidate suitability for AML Compliance roles
AML/CTF Training and Education
In the ever-evolving landscape of AML/CTF regulations, keeping your team informed and compliant is essential. Manimama offers comprehensive AML/CTF Training and Education services designed to enhance your employees' understanding of their obligations and equip them with the knowledge to recognize and report suspicious activities.
We can assist you with:
- Employee training (conducting specialized training sessions for your AML Officers, management board responsible for AML/CFT processes and other customer support staff to deepen their understanding of AML/CTF obligations and equip them with the skills to identify and report suspicious activities effectively)
- Ongoing education (providing continuous education and updates on AML/CTF regulations and best practices to keep your team informed and compliant with the latest developments)
Data Protection Impact Assessment
The Data Protection Impact Assessment (DPIA) process is essential when certain factors - such as context, type, scope, and purpose of the processing (especially with new technologies) - pose potential risks to individuals' rights and freedoms. DPIA evaluates the impact on data protection when deploying technological products, particularly in the use of software or hardware for processing personal data.
It is now mandatory for companies to carry out DPIA before they systematically operate places that can be accessed publicly on a large scale; use profiling that is made systematic or extensive that has significant effects; process criminal or special category data on a large scale.
The DPIA ensures clients' data protection rights are safeguarded; demonstrates your company’s GDPR compliance; integrates data protection measures early in project development, minimizing costs and disruptions; mitigates data protection risks within your company.
We can assist you with:
- Advising employees on conducting DPIA
- Conducting DPIA
- Reviewing and/or ensuring actions related to the conduct of DPIA
GDPR/AML Audit
GDPR Audit:
GDPR compliance is the foundation of trust in digital interactions. At Manimama we specialize in providing GDPR Audit tailored for businesses across Europe.
AML Audit:
At Manimama, we specialize in conducting AML Audit tailored specifically for the fintech sector.
We can assist you with:
- GDPR internal audit expertise
- Customized GDPR audits
- Collaboration with our auditors in GDPR regulations
- Data protection audit expertise
- AML internal audit expertise
- Customized AML audit solutions
- Proactive compliance measures
Internal AML and GDPR Policies and Procedures
Manimama helps you to ensure your company remains compliant with both AML and GDPR requirements. By crafting tailored policies and procedures, we help safeguard your business against regulatory risks while promoting a secure and transparent operational environment. Regarding GDPR procedures and policies, they are essential for companies to meet regulatory compliance requirements, minimize the risk of data breaches, foster trust, and ensure all stakeholders are informed about data processing within the company.
We can assist you with:
- Creating internal AML procedures, policies, and design management
- Analyzing and making your current policies, procedures better
- Creating and providing a comprehensive documentation package for the management of personal information (Actions of data violation control and report; Approach monitor policy; Controlling of information and communication technologies usement; Handling of inner data privacy policies and actions; Processing policies of candidates and personnel personal data; Privacy notice (external privacy policy); and others)
KYC/ML/TF Risk Assessment
The KYC/ML/TF Risk Assessment service is designed to identify and mitigate potential risks related to money laundering, terrorism financing, and customer identity verification. This service ensures that your company remains compliant with regulatory standards while safeguarding against financial crime.
KYC is an ongoing process that requires continuous analysis and updating of collected information to ensure it remains accurate and up-to-date. KYC goes beyond mere verification and identification; it also involves gaining a deeper understanding of your clients by collecting detailed information (such as contact details, addresses, and the purpose of their account with your company). For a successful KYC process, your company must:
- choose an onboarding system: either remote or face-to-face;
- develop a customer-friendly KYC questionnaire;
- implement a Customer Relationship Management (CRM) software that is efficient and user-friendly;
- establish a secure system for storing information;
- set up transaction monitoring;
- design a continuous due diligence process.
We can assist you with:
- Organizing your CRM system to handle transaction monitoring, client onboarding, and other related services
- Developing comprehensive KYC procedures and programs
- Creating a KYC questionnaire that is user-friendly and effective for gathering essential client information
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Benefits of Cooperating with Manimama
- Our professionals have years of experience in the AML/GDPR field, which allows us to offer reliable and effective solutions for businesses.
- We keep up to date with changes in legislation and regulations, allowing us to keep abreast of the latest requirements and offer you up-to-date advice.
- We understand that every company is unique and offer solutions tailored to your specific business needs and characteristics.
- We are willing to customize our services based on your changing needs and market requirements.
- We offer a full range of AML/GDPR services, from policy and procedure development to monitoring and reporting.
- Our firm also offers additional legal and consulting services, allowing you to get everything you need in one place.
- Our solutions help optimize the cost of AML/GDPR compliance, making it cost-effective for your business.
- Effective AML/GDPR measures significantly reduce risks to your business and protect its reputation.
- We follow high compliance standards and adhere to all requirements, allowing you to be confident that your operations are legal and safe.
- We conduct regular internal audits and reviews to ensure we meet all necessary standards and requirements.
- We are committed to building long-term partnerships with our clients, offering support at all stages of your business development.
- Our goal is to become a trusted partner you can always rely on for your AML/GDPR needs.
Frequently Asked Questions
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What is AML?AML is a set of laws, regulations, and procedures designed to prevent criminals from disguising the origins of illegally obtained money and integrating it into the legal financial system.
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What is GDPR?GDPR is a critical regulatory framework focused on protecting the personal data of individuals within the EU. It mandates stringent guidelines on data collection, storage, processing, and sharing to ensure privacy and security.
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Who needs AML/GDPR services?Businesses such as banks, money service businesses, casinos, crypto exchanges, real estate agents, and others are among those typically required to comply with AML/GDPR regulations.
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Can you make a call to determine if my business falls under AML/GDPR requirements?Yes, we can schedule a consultation call to assess your business operations and determine if they fall under AML/GDPR regulatory requirements.
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What are the consequences of non-compliance with AML/GDPR regulations?Non-compliance with AML/GDPR regulations can result in severe penalties, fines, reputational damage, loss of business opportunities, and legal liabilities for businesses and individuals.
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How can your services benefit my business?Our services help businesses comply with regulatory requirements, mitigate financial crime risks, protect against reputational damage, and maintain the integrity of their operations.
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Are your AML/GDPR services suitable for international businesses?Yes, our services are designed to meet the needs of international businesses operating in diverse regulatory environments.
Client Feedbacks
“Manimama OU helped me with updating set of AML policies what consequently helped e to open a banking account. I recommend that firm in AML”.
“Manimama OU created individual set of documents relevant for the LATAM market according to our request. That was a brilliant work”.
“Manimama OU provided us with the service of obtaining a licence in Lithuania. Their efficient and knowledgeable team made the process easy for our crypto exchange”
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The content of this article is intended to provide a general guide to the subject matter, not to be considered as a legal consultation.
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