The international community has been developing strategies for the prevention of money laundering. Accordingly, BLP has established the practice area of Anti-money Laundering Compliance in order to advise local and international clients on matters related to the prevention, management, and control of the risks of corruption, bribery, money laundering and financing of terrorism.
Because money laundering and terrorist financing practices are a latent risk, laws and regulations have been strengthened and regulatory efforts have been focused on preventing and combating such practices. Financial institutions, in particular, must make a greater effort to implement the necessary controls to reduce their risks. Failure to comply with legal requirements could lead to extremely costly fines and penalties, deterioration of the relationship with customers and other financial institutions, imprisonment, and damage to reputation.
Elaboration of a risk-based protection program augmenting the policies, programs, rules, and procedures of the entity, including a compliance manual and a “know your client” policy, as well as monitoring of the execution of such a program and its periodic review.
Advice on the management of legal risks of the entity.
Advice on structuring and functioning of the responsible support bodies, depending on the entity: Board of Directors, Compliance Committee, Internal Audit, Technological Services, Risk Management.
Support in the preparation of the entity’s annual work plan within the compliance area.
Guidance in the management of the Compliance Office.
Training to comply with normative provisions on the prevention of the legitimization of unreported capital, the financing of terrorism, and the financing of the proliferation of arms.