Anti-money laundering (AML) & terrorist financing compliance
In the battle to prevent financial crime, businesses must comply with evolving and complex regulations or face aggressive and international action. At the heart are global initiatives on anti-money laundering (AML) combined with a focus on combating terrorist financing (CTF), which are then subject to local legislation.
Harneys advise clients on all aspects of AML and CTF compliance as implemented in the British Virgin Islands, Cayman Islands, Cyprus, Luxembourg, Anguilla, and Bermuda.
We help ensure you satisfy your obligations and reduce your exposure to risks. We advise on all aspects, from the client on-boarding process (including introduced business arrangements), to suspicious transactions monitoring and reporting.
We work directly for clients as well as for leading international law firms where applications to local regulators are required, working closely with our litigation department on contentious cases. We have unrivalled experience in dealing with cases involving cross-border disputes and regulatory investigations for international clients, including enforcement proceedings, white-collar criminal prosecutions, fraud and asset tracing, and recovery. This includes liaising with the local members of the Egmont Group of Financial Intelligence Units, the operational arm of the international AML/CFT regimes. In instances where matters are unclear, we advise you on your reporting requirements, including how to respond in a way that does not ‘tip off’ a customer.
This is an important and high-risk area for clients, and we also undertake local pro bono work to ensure relevant persons are compliant with local requirements.