Banks are required to undertake a risk assessment went on boarding a client. Experience is what works most in favour of any company or individual who commences with the process. Banks will most likely reject any application which comes unprepared and where the applicant is improper.

Applicants must ensure that they have a robust anti-money laundering program which is relevant to their business model.

Being able to demonstrate a comprehensive resume acts as evidence that you know your business, have the right management team, have a good grasp of regulatory understanding and essential policies and procedures to combat the threat of money laundering, terrorist financing and financial fraud.

Banks expect all individuals to be up-to-date in their AML learning and expect to receive copies of training that is relevant. Training certificates helps to also satisfy the bank the bank that your employees know the companies policies and procedures which are outlined within the AML framework.

Unfortunately due to the heightened environment and the current market climate affecting all businesses, ML and counterterrorist financing are factors that affect almost all commercial businesses these days.

Finally a full review must be performed by a qualified specialist and they will sift through every item and aspect of your business outlining any deficiencies and give you the opportunity to address them before making a formal submission to the Bank.

Compliance is also at the forefront of improving your odds to satisfy the Bank. Therefore it is essential that you prepare comprehensive supporting documents that evidence your business: