IBIS Anti Counterfeit Investigations
Issues we examine include:
Regulations, policies and practices in the jurisdiction: This includes liaison with local government and central bank regulators:
Existing Compliance Program: IBIS audits all facets of the existing compliance program taking into account the legal and regulatory requirements of the jurisdiction(s) in which the financial institution and its branches operate.
Social Engineering: We compare the policies and procedures in place to the practices that are followed in day to day business.
Suspicious Transactions: This includes “Shell Banks” “Politically Exposed persons” and other client issues.
Know your Customer: Identification and verification of customers including information collection procedures and updates to that information and what the normal and expected transactions for that customer are.
Due Diligence: The risk-based assessment of the financial institution’s customers and levels of due diligence in place for heightened risk customers.
Reportable Transactions: We look at the policies, procedures and practices regarding reportable transactions, cash transactions, lists of designated persons and procedures of correspondent banks.
Monitoring Program: To determine reasons for significant exceptions to the customer’s expected transactions.
Record Retention and Records Security: We examine the policies and procedures in place regarding records.
Branches and Subsidiaries: We examine the policies, procedures and practices in place with respect to branches and subsidiaries in the home jurisdiction and in other countries.
AML Training: We look at the training in place for all levels of staff from customer service representatives, back office staff and management.
IT AML Audit: A system wide review from an AML perspective
Physical security survey: relating to access to the financial institution its computers, premises, and facilities.