Compliance Programme Development
Echelon Compliance Services Limited offers Compliance Programme development tailored to the specific business sector, geography, clients/suppliers and products/services of the financial institution or listed business.
Each Financial Institution and Listed Business is required by the Financial Obligations Regulations to develop a compliance programme which shall be appropriate for the business and designed to include policies, procedures and controls for:
- customer identification, documentation and verification of customer information and other customer due diligence measures;
- identification and internal reporting of suspicious transactions and suspicious activities;
- adoption of a risk-based approach to monitoring financial activities, which would include categories of activities that are considered to be of a high risk;
- external and independent testing of compliance;
- an effective risk-based audit function to evaluate the compliance programme;
- internal control and communication as may be appropriate for the purposes of forestalling money laundering;
- retention of transaction records and other information; and
- a list of countries, published by the Financial Intelligence Unit, which are non-compliant, or do not sufficiently comply with the recommendations of the Financial Action Task Force.
Gap Analysis and Solution Implementation
Echelon Compliance Services Limited offers consulting in bridging the gap between the level of compliance of Financial Institutions and Listed Businesses as assessed by their internal auditors, external auditors and regulators, and the obligations of regulations.
Echelon Compliance Services Limited recognizes that at some businesses, Management may be presented with a report of their company’s compliance levels but are not often offered workable solutions towards meeting the requirements. Echelon offers excellent insight into the requirements and will work with the business to improve its compliance scores.
AML/CFT Training
Echelon Compliance Services Limited offers sector specific training in accordance with the requirements of the Financial Obligations Regulations and the relevant Supervisory Authority’s guidelines. We also, by request, tailor our training to be company specific.
Our training options are:
- face to face (classroom) or full on-line annual training course; and
- face to face (classroom) or on-line refresher course
FATCA and CRS Consultancy
Echelon Compliance Services Limited offers consultancy to Financial Institutions for compliance with the requirements with the US Foreign Account Tax Compliance Act and the OECD Common Reporting Standards.
We help navigate the complexity of identifying and reporting relevant accounts, for which, non-compliance may result in significant financial costs to the Financial Institutions and its clients.
Client Comments:
“The 2022 AML/CFT Training produced by Echelon Compliance Services Limited provided our staff with a comprehensive awareness of the regulatory obligations under the legal framework and an in-depth understanding of the reasons for; importance of and critical requirements under a Risk-Based AML/CFT Program. I am happy to recommend this extremely valuable AML/CFT Training for all who operate within the securities sector.”
Harold Alleyne Chief Executive Officer Caribbean Stockbrokers Limited