HASH AMLRO/CO

OUR SKILLED OFFICERS HAVE MODERNIZED THE AML AND COMPLIANCE APPROACH FOR FUNDS AND FIRMS IN THE DIGITAL ASSET SPACE.

Financial crime prevention and data security is a major concern especially in today’s decentralized space but to streamline your Compliance and Anti-Money Laundering (AML) processes is easier than you might think.

The compliance, money laundering, terror-and-proliferation financing laws might feel like quicksilver in your hands; but our certified independent AML and Compliance officers will ensure that not one drop slips through your fingers. As highly trained individuals backed by key service providers, we follow a risked based bottom-up approach to ensure your fund is compliant and your employees are trained without curtailing day to day operations.

How We Help

AML / COMPLIANCE REVIEW

We offer an initial review package and provide an in-depth perspective of your funds current AML / Compliance status, whereby we will identify possible weaknesses and regulatory risks.

Our offering will also include a breakdown of possible cures and remedies to avoid penalties and fines from governing and regulatory authorities.

SERVICE PROVIDERS

Some might think that picking an AML/Compliance service provider is as simple as buying a new car, but this cannot be further from the truth as each fund’s requirements differ pending on jurisdiction, clients, and funding.

Our COs and ROs have extensive experience dealing with various regulators and service providers in the industry and will assist your fund to select the right platform to minimize risk, prevent fraud and enhance security.

DRAFTING POLICIES, PROCEDURES AND MANUALS

The compliance and AML policies and procedures of a digital asset fund differ from a traditional fund in areas such as increase anonymity, transaction size, transaction patterns, source of funds and more. We will help you ensure that your fund has the required policies and procedures in place to cover all these areas.

We also assist with the implementation and regulatory checks of these policies and procedures by incorporating ongoing risk checks of the system – this is made easily available to staff through manuals.

STATUTORY REPORTING

Our ROs will fulfil their reporting duties per Cayman law, to act in the best interest of the fund, and ensure the fund operates within the ambit of all laws, regulations, and guidance notes. In addition, all suspicious activity will be reported directly to the board and where necessary to the regulatory stakeholders

EXTERNAL AML/COMPLIANCE AUDIT

Where you already have your own AML/Compliance policies, procedures, and manuals in place it is good practice, and now mandatory, to ensure that you are constantly and correctly applying the three lines of defense.

We provide independent testing and sampling audits to ensure that your organization is compliant and not raising underreported red flags. Our audits mainly focus on risks, exposures and adequacy of internal policies and procedures; however, tests Integrity and effectiveness of the AML/CFT system and reviews transactions

RECORDKEEPING AND DATA PROCESSING

As this is one of the new enforcements required by the legislators and regulators HASH, in collaboration with service providers ensures that your record keeping procedures are secure and up to date. The new DATA laws are place more and more stringent obligations on DATA processers and where they fail to adhere, impose heft fines and in some breach cases even jail time.

TRAINING

In terms of the AML Regs, it is now mandatory requirement for any person that falls within the Regs to provide training for all its staff and is expanded by the guidance notes to include Directors, Senior Managers and Supervisors.

Our training is not limited to the AML / Compliance sphere, but also focused on the understanding of digital assets and risks related to the onboarding of clients in the space.

Ruan Botha - Anti-Money Laundering Specialist

Ruan Botha

Ruan has a strong background in law, tax, and compliance, as an Admitted Attorney (BA-Law, LLB(SA)) as well as Certified AML Fintech Compliance Associate (ACAMS) and Certified Bitcoin Professional (C4). He started his career in South Africa, in a general litigation practice and later moved into the corporate sphere where he gained valuable experience in dealing with commercial and tax compliance of high-net-worth individuals and corporates.

After this, he combined his experience of tax compliance and litigation by assisting individuals and corporates with their tax disputes against the South African Revenue Authority. In the latter part of his career, he focused on anti-money laundering and compliance, with specific interest in data protection and digital assets for FinTech’s.

Full resume

Our Thoughts

Cryptocurrency and digital asset consulting in the Cayman Islands

AML Weekly – 14 June 2021

In this report we observe and track all relevant events that ...

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Cryptocurrency and digital asset consulting in the Cayman Islands

Why appointing a Independent Cayman AMLRO/CO is absolutely vital to your fund

As the Legislative and Regulatory bodies attempt to keep up ...

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Cryptocurrency and digital asset consulting in the Cayman Islands

AML Weekly – 2 August 2021

In this report we observe and track all relevant events that ...

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ADDITIONAL AML RESOURCES

As the AML and Compliance field knows no bounds, we have complied a must know list of Laws, Regulations and Guidance Notes to keep you up to date:

Anti-Money Laundering (Amendment) (No. 3) Regulations, 2020

Anti-Money Laundering (Amendment) (No. 2) Regulations, 2020

Anti-Money Laundering (Amendment) Regulations, 2020

Anti-Money Laundering (Money Services Business Threshold Reporting) Regulations, 2020

Anti-Money Laundering Regulations (2020 Revision)

Anti-Money Laundering Regulations (2020 Revision)

Beneficial Ownership (Companies) (Amendment) Regulations, 2020

Beneficial Ownership (Companies) Regulations (2019 Revision)

Beneficial Ownership (Limited Liability Companies) (Amendment) Regulations, 2020

Beneficial Ownership (Limited Liability Companies) Regulations (2019 Revision)

Consolidated Processes and Procedures for Mutual Evaluations and Follow-Up (Universal Procedures) - amended January 2021

Cayman Islands Monetary Authority Regulatory Handbook – Volume I

FATF Recommendations 2012 - amended October 2020

General Data Protection Regulation 2016/679

Guidance Notes (Amendments) on the Prevention and Detection Of Money Laundering and Terrorist Financing in the Cayman Islands

Virtual Asset (Service Providers) Regulations, 2020

Guidance Notes Amendments On going Monitoring

GuidanceNotesAmendments-TargetedFinancialSanctions

Monetary Authority (Administrative Fines) (Amendment) (No. 2) Regulations, 2020

Monetary Authority (Administrative Fines) (Amendment) (No. 3) Regulations, 2020

Monetary Authority (Administrative Fines) (Amendment) Regulations, 2020

Monetary Authority (Administrative Fines) Regulations, 2019

Monetary Authority (Amendment) (No. 2) Act, 2020 (Commencement) Order, 2020

Monetary Authority (Amendment) (No.2) Act, 2020

Monetary Authority (Amendment) Act, 2020

Monetary Authority Act (2020 Revision)

OMBUDSMAN ACT (2021 Revision)

Procedures for the FATF Fourth Round of AML/CFT Mutual Evaluations - amended January 2021

Private Funds (Amendment) Regulations, 2021

Private Funds (Annual Returns) Regulations, 2021 NEW

Private Funds (Fees) Regulations, 2020

Private Funds (Savings and Transitional Provisions) Regulations, 2020

Private Funds Act (2021 Revision)

Private Funds Act, 2020 (Commencement) Order, 2020

Private Funds Regulations, 2020

Proceeds of Crime Act (2020 Revision)

Proliferation Financing (Prohibition) Act (2017 Revision)

Proliferation Financing (Prohibition) Act (2017 Revision)

Terrorism Act (2018 Revision)

Virtual Asset (Service Providers) (Amendment) Act, 2020

Virtual Asset (Service Providers) (Amendment) Act, 2020, (Commencement) Order, 2021

Virtual Asset (Service Providers) (Savings and Transitional) Regulations, 2021

Virtual Asset (Service Providers) Act, 2020

Virtual Asset (Service Providers) Act, 2020 (Commencement) Order, 2020

Virtual Asset (Service Providers) Act, 2020 (Commencement) Order, 2020

If you want to get in touch and discuss how we can help you please contact us at: petri@hash.consulting