Genesis Compliance Consultancy (GCC)

Genesis Compliance Consultancy (GCC) Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF) solutions are designed to assist small and medium sized businesses in minimizing the risks associated with money laundering and other financial crime activities.

GCC specializes in assisting the sector of Designated Non Financial Businesses and Professions (DNFBPs) and to ensure compliance through the development and management of ongoing compliance programs and processes.

Designated Non Financial Businesses and Professions

Facing increased anti-money laundering legislation and more advanced AML/CTF procedures in credit and financial institutions, some money launderers resort to the non-financial sector to conceal their criminal revenues. What is classed as a DNFBP varies depending on jurisdiction. Usually, at least the following professions are included:

  • Auditors, external accountants, and tax advisors
  • Casinos and other gambling service providers
  • Company service providers
  • Dealers in precious metals and stones (Jewelleries)
  • Lawyers
  • Notaries and other independent legal professionals
  • Real estate agents

AML Policy, Program Design and Implementation

A money laundering prevention program is an essential element among the measures that most Designated Non Financial Businesses and Professions (DNFBPs) must implement to protect their operations and promote trust among their clients, supervisory bodies and regulators. A successful anti-money laundering program includes the designation of a compliance officer, having internal compliance policies, procedures and controls, providing ongoing training for employees, engaging in periodic internal reviews, and Customer Due Diligence (CCD) rules.

Genesis Compliance Consultancy works with clients to design, implement, and refine comprehensive AML policies and procedures as well as establish an overarching compliance strategy and culture including business-wide training on AML compliance that reflects the latest regulatory and enforcement trends and industry best practices.

Our AML-CFT Services Include:

  • Review/Enhancement of Policies and Procedures
  • Operations Review
  • Know Your Customer/Customer Due Diligence
  • Perspectives on Office of Foreign Assets Control (OFAC) Compliance
  • Suspicious Transactions (Activity) Report (STR/SAR) Process and Procedures
  • Transaction Monitoring and High Risk Customer screening
  • Red Flags of Money Laundering/Financing of Terrorism other Financial Crime
  • Annual Employee Training
  • Support in National Risk Assessment (NRA) exercises
  • Perspectives on Risk-based Approach
  • Perspectives on Correspondent Banking
  • Perspectives on Trade-based Money Laundering
  • Use of Country Risk Ratings