Anti-Money Laundering and Combating the Financing of Terrorism (AML/CTF) is an integral part of the modern business world. At Manimama, we offer comprehensive AML/CFT services designed to protect your reputation and ensure compliance with stringent regulations.
Our team of seasoned professionals delivers tailored solutions to meet the unique needs of your business. From conducting thorough risk assessments and developing robust compliance frameworks to providing ongoing monitoring and training, we are committed to your succes
As leaders in compliance and regulatory oversight of financial transactions, we strive to ensure our clients not only meet all requirements but also create a secure financial environment for long-term success and prosperity.
The essence of AML/CTF
AML/CFT are sets of laws, regulations, and procedures intended to prevent criminals from disguising the origins of illegally obtained money and to stop terrorists from funding their activities.
- Money laundering is the process of making illegally-gained proceeds (dirty money) appear legal (clean). This is typically done through a series of financial transactions designed to conceal the identity, source, and destination of the funds.
- Terrorist financing involves the funding of terrorist activities, such as the acquisition of weapons, the planning and execution of attacks, and the provision of logistical support.
The essence of AML/CTF
The significance of AML/CTF cannot be overstated in today’s global financial landscape. These practices are crucial for maintaining the integrity, stability, and security of financial systems worldwide.
Here are some key points highlighting the importance of AML/CTF:Effective AML/CTF frameworks are vital in the fight against organized crime and terrorism. By tracking and intercepting illegal financial transactions, authorities can disrupt the financial networks that support criminal and terrorist activities. This not only hinders their operations but also helps in identifying and apprehending those involved.
Money laundering and terrorist financing can have severe repercussions on the economy, including market distortion and unfair competition. AML/CTF measures help ensure a level playing field for all businesses, fostering fair competition and economic stability. They also protect legitimate businesses from being inadvertently entangled in illegal activities.
AML/CTF efforts require extensive international cooperation and collaboration. Countries work together through various international organizations and agreements to share information, develop best practices, and coordinate enforcement actions. This global effort is crucial in tackling financial crimes that often transcend national borders.
Financial institutions and businesses that comply with AML/CTF regulations build trust with their clients and partners. By demonstrating a commitment to ethical practices and legal compliance, these entities can enhance their reputation and attract more clients who value security and integrity.
Non-compliance with AML/CTF regulations can result in severe legal and financial consequences, including hefty fines, loss of licenses, and reputational damage. Adhering to these regulations helps businesses avoid such penalties and ensures long-term sustainability.
Entities subject to AML/CTF regulations
A wide range of entities are subject to AML/CFT regulations, including but not limited:
- virtual currency exchange operators;
- custodian virtual currency wallet operators;
- electronic money institutions;
- payment institutions, national payment institutions and other money transmitters;
- currency exchange operators;
- operators of crowdfunding platforms;
- casinos and other gaming businesses;
- other financial institutions such as banks, credit unions, insurance companies, and investment firms;
- non-financial businesses and professions including real estate agents, dealers of precious metals and stones, lawyers, accountants, and trust.
Legal Opinion about AML/CFT Services
Ganna Voievodina
Manimama, CEO
“Obtaining AML/CTF services is essential for businesses to ensure compliance with the regulations aimed at preventing money laundering and terrorist financing. This not only protects the business legally but also strengthens its reputation and trust with clients and stakeholders. Partnering with Manimama experts in AML/CTF compliance is a strategic move that ensures both legal protection and business continuity”.
Our Services
AML Officer Recruitment
Search for AML officers for your needs (study of AML officers' CVs, conducting interviews with AML officers, selection of the best candidates for the client's request, assistance in registration of AML officers - drafting of employment contracts and accompanying documents, registration of AML officers with the relevant authorities, if necessary). Currently we serve Lithuania, Poland, Canada, we can explore new markets at the client's request.
AML/CFT Documentation Kits
We offer comprehensive AML/CFT documentation kits tailored to meet the regulatory requirements for all obligated entities. Choose from three package options - Premium, Standard, and Essential. We have experience in many jurisdictions, namely: all EU countries, Canada, United Kingdom, BVI, United Arab Emirates, Singapore, South Korea. At the client’s request, we can create documents for other jurisdictions.
Audit Services
Audit of documentation for compliance with legislation and international AML/CFT standards, audit of compliance with international sanctions, audit of KYC systems, audit of transaction monitoring systems. Based on the results of each audit - a conclusion with proposals to eliminate problems.
Development of Individual Documentation
If you do not need a package documentation, you know what document or group of documents you need for your business - we can create a separate document for your request.
Sanctions Compliance
Receive expert consultations on sanctions compliance, risk assessment of business operations and clients, formulation of sanctions compliance policies, and implementation of specialized software and hardware for automated sanction screening.
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Benefits of Cooperating with Manimama
- Our professionals have years of experience in the AML/CTF 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/CTF 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/CTF compliance, making it cost-effective for your business.
- Effective AML/CTF 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/CTF needs.
Frequently Asked Questions
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What are AML and CFT?AML (Anti-Money Laundering) is the process of preventing money laundering and combating the financing of terrorism. CFT (Counter Financing of Terrorism) involves measures to prevent funds from being used to support terrorist activities.
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Who needs AML/CFT services?Businesses such as banks, money service businesses, casinos, cryptocurrency exchanges, real estate agents, and dealers in high-value goods are among those typically required to comply with AML/CFT regulations.
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Can you make a call to determine if my business falls under AML requirements?Yes, we can schedule a consultation call to assess your business operations and determine if they fall under AML/CFT regulatory requirements.
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How do AML/CFT regulations affect my business operations?AML/CFT regulations may require your business to implement customer due diligence procedures, conduct risk assessments, report suspicious activities, and maintain records, among other compliance measures.
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What are the consequences of non-compliance with AML/CFT regulations?Non-compliance with AML/CFT 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/CFT services suitable for international businesses?Yes, our services are designed to meet the needs of international businesses operating in diverse regulatory environments.
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How can I stay informed about changes in AML/CFT regulations and best practices?We provide regular updates and insights on changes in AML/CFT regulations and best practices through newsletters, webinars, and other communication channels.
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.