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Compliance Services

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Compliance Services

Compliance Services

Arrowheads offers services across the entire spectrum of your compliance needs. In accordance with the Risk Based Approach, we privilege a customisation model, that is, our services are tailored to the firm’s requirements while ensuring that the legal framework is being complied with.

In addition, with our team of subject matter experts, we are able to advise on various Compliance matters, including acceptance & declassification of Politically Exposed Persons (“PEP”), Corporate Governance, Competition Law Compliance, management of risks involving virtual currencies, regulatory interpretation, best practice implementation and adoption of technology among others.

Services

Some of the services we provide are listed below. The list is non-exhaustive and we encourage you to reach out to us should you believe we could be of help to your organisation.

AML/CFT Compliance framework

A good compliance framework starts with a thorough business risk assessment. We will get into a detailed consideration of the key risk factors which affect your business.

Our specialists will build a framework which meets regulatory requirements and is aligned to your firm’s risk appetite and will prepare all required AML/CFT documentation. These documents will contain the policies, procedures and controls you will need across your business operations.

Our emphasis is on practicality, which means that our documents will focus on guiding you and your staff on how to implement effective AML/CFT compliance in their day-to-day tasks.

Already have a compliance program? We can review and enhance your existing framework.

Due diligence

In accordance with the Financial Intelligence and Anti-Money Laundering Act (“FIAMLA”), a Reporting Person has an obligation to carry out due diligence on certain persons in some circumstance failing which, it may on conviction be liable to a fine not exceeding one million rupees and to imprisonment for a term not exceeding 5 years.

At Arrowheads, we help our clients through a set of due diligence solutions. Our solutions include ongoing screening and vetting of customers (KYC), customer due diligence (CDD), customer risk assessment and enhanced due diligence (EDD) solutions for your high-risk clients.

We can also assist you with setting up and fine-tuning effective screening solutions for your customers, third parties and employees against global compliance databases which include politically exposed persons (PEP), sanctions lists and media searches.

Training

A key component in enabling effectiveness of a compliance program is the training of staff.

To this end, section 22 1(c) of the FIAML Regulations 2018 requires Reporting Persons to put in place an ‘ongoing training programme for its directors, officers and employees to maintain awareness of the laws and regulations relating to money laundering and terrorism financing’.

Whether you require a robust induction program for your newly recruited staff, a refresher course for your existing staff or maybe require in-depth training on specific areas and jurisdictions, we are here to help you develop the knowledge, skills and techniques required to improve your effectiveness at implementing your compliance program.

Corporate Governance

The National Code of Corporate Governance (“NCCG”) of 2016 departed from the rules-based to a principles-based approach. Thus, enabling an entity with the flexibility to adopt a program that best suits its circumstances.The entity is not recommended to adopt a tick-the-box approach to governance reporting but rather an ‘Apply and Explain’ principle.

At Arrowheads, we help our clients to set up their corporate governance infrastructure in accordance with this principle. Our offer includes determining whether the NCCG applies to your firm, drafting and reviewing the terms of reference for the committees, code of ethics, conflict of interest policy, gift acceptance policy and anti-bribery policy among others.

We are also in a position to provide you with professionals of high calibre as independent directors to your Board, helping you adhere to Principle 2 of the NCCG.