Compliance and AML Consultancy

Armaan Khanna

Armaan Khanna

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Compliance and AML (Anti-Money Laundering) consultancy refers to a business activity focused on assisting organizations in adhering to regulatory requirements and preventing money laundering and financial crimes. These consultancies provide expertise and guidance to businesses in developing and implementing effective compliance programs, conducting risk assessments, and ensuring compliance with relevant laws and regulations. They help clients navigate complex regulatory frameworks, stay updated with evolving compliance standards, and mitigate the risks associated with money laundering and illicit financial activities, thereby fostering a culture of transparency, integrity, and regulatory compliance within organizations.

The business activities that fall under Compliance and AML Consultancy are:

Compliance consultancy (6619.12): Compliance consultancy refers to a business activity that assists organizations in meeting regulatory requirements and ensuring adherence to legal and ethical standards in their operations. It falls under the broader category of Compliance and AML Consultancy because compliance with anti-money laundering (AML) regulations is an essential aspect of regulatory compliance for financial institutions and other businesses. Compliance consultancies provide guidance and support to clients in developing and implementing effective compliance programs, conducting risk assessments, and addressing regulatory concerns.

  • Third-party Approval: No third-party approvals are required for this business activity
  • Filing of Economic Substance Return: Business activity 6619.12 is exempt from this requirement.
  • Anti-Money Laundering Compliance: Business activity 6619.12 is exempt from this requirement.

Verification of Compliance of Islamic Banking with Shari’a (7020.84): This involves providing specialized services to ensure that Islamic banks and financial institutions are operating in accordance with the principles and guidelines of Islamic law. This entails conducting thorough assessments and audits to verify that the products, services, and transactions offered by Islamic banks align with Shari’a principles, which prohibit interest, speculation, and certain types of investments. This activity falls under the category of Compliance and AML Consultancy as it focuses on the compliance aspect specific to Islamic banking. Compliance consultancies in this field play a vital role in assisting Islamic banks by developing robust compliance frameworks, conducting audits, and providing guidance to align their operations with Shari’a requirements. Moreover, given the financial nature of the industry, AML compliance is also a critical component to prevent money laundering and illicit financial activities. 

  • Third-party Approval: No third-party approvals are required for this business activity
  • Filing of Economic Substance Return: Business activity 7020.84 is exempt from this requirement.
  • Anti-Money Laundering Compliance: Business activity 7020.84 is exempt from this requirement.

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