China

Anti-Money Laundering and Economic & Trade Sanctions Compliance  

The need for effective anti-money laundering (AML) and Sanctions Compliance systems and controls is well known, as are the severe penalties for failing to do so. The increasing regulatory scrutiny and complexity of Sanction requirements poses additional challenges for regulated financial institutions and companies.

 

In addition to the challenge of managing the immediate interaction with the authorities, this scrutiny is also exposing weaknesses in underlying infrastructure (data, documentation, systems and controls and resources). 

 

We are committed to addressing your concerns in areas including:

 

  • How to ensure your AML and sanctions compliance framework remains manageable whilst meeting national and international regulatory requirements.
  • Identifying AML risk in business practice e.g. on 'Know Your Customer' (KYC) and screening against sanctions or PEPs lists.
  • Selecting and implementing appropriate and effective controls to manage these risks, including transaction monitoring or payment filtering system.
  • Responding to regulatory examinations and requests such as HKMA section 59(2) requirements or PBOC section 175 on-site investigations. 
  • Addressing potentially extensive product and sales remediation exercises to achieve regulatory compliance.

 

We aim to provide our clients with outstanding AML and Sanctions compliance advice and assistance, across a wide range of areas:

 

I) Systems and controls

 

  • Independent reviews of your AML approach to help you understand your key risks and identify gaps or weaknesses and improve systems.
  • Evaluation or implementation of transaction monitoring solutions to filter payments and prevent or detect money laundering on multiple transactions.
  • Investigation response and remediation management to help you deal with suspicious activity reports (SARs) or regulatory enquiries around AML, sanctions compliance, market abuse and related risks.
  • Corporate intelligence to assist with KYC compliance and integrity due diligence into prospective business partners.
  • Training and awareness programs to help raise internal standards of AML response and develop an AML 'culture'.
  • Pre-IPO and M&A due diligence to identify and quantify money laundering and Sanctions risks.

 

II) Data and documentation 

 

  • Lookback and remediation exercises in order to get the underlying data right and understand the implications of any deficiencies.
  • Corporate intelligence to assist with KYC compliance and integrity due diligence into prospective business partners.

 

III) Incident management 

 

  • Investigation response and remediation management to help you deal with suspicious activity reports (SARs) or regulatory enquiries around AML, sanctions compliance, market abuse and related risks.

 

The purpose of our collective services is to:

 

  • Enhance your AML and sanctions compliance frameworks so that it works for your business whilst complying with national and international regulations.
  • Avoid or mitigate the severe financial and commercial damage that non-compliance with regulations, or association with money laundering, often means.
  • Enhance reputation with regulators, Government, investors and the wider marketplace, with consequent commercial benefits.
  • Achieve an in-depth understanding of your customers and potential business partners, their background and associations.
  • Improved management and staff awareness of money laundering risks, helping to reduce the risk of future regulatory breach.

 

Our wealth of experiences and understanding of your business is developed through:

 

  • Familiarity with industry/sector specific requirements from a broad client base (we have the largest financial institution client base in Hong Kong amongst the Big Four firms).  
  • We have global AML methodologies and training programs to achieve consistency across boundaries.  Our experience and close relationship with regulators gives us exceptional insight into their expectations and perspective, and ability to think proactively on the changing regulatory environment.
  • Working together with many of the largest financial sector firms and Hong Kong regulators on a wide range of initiatives, which have included secondments within client risk, compliance and regulatory teams.

 

 

Risk management is at the top of the global executive agenda as companies face an array of threats that grow more complex by the day.  The risks are multitudinous and ever-present, and those companies that fail to manage them well imperil their future.  These challenges are growing faster than most organizations’ abilities to respond: today’s complex environment requires an even stronger capability to master and optimize risk management.  

For further information on KPMG's Anti-money Laundering Services, please contact us.

 

 

 

 

 

Service brochure

 

Anti-Money Laundering (AML) and Sanctions Services - Risk Management Programme

 

Anti-Money Laundering (AML) and Sanctions Services - Risk Management Programme 

Finance Monthly Global Awards 2014 Winner

Global AML Firm of the Year in the Finance Monthly Global Awards

 

Finance Monthly Global Awards 2014 Winner

ACQ Global Awards 2014

Categories Win:

* International - AML Advisory of the Year

* Hong Kong - AML Firm of the Year, KPMG

 

ACQ Global Awards 2014

 

ACQ Global Awards 2014: Hong Kong - AML Firm of the Year, KPMG

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