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   »  Anti-Money Laundering and Counter Terrorist Financing
   »  Compliance
   »  Corporate Legal and Regulatory
   »  Other Risk Areas
   »  -Contracts
   »  Risk Management System
   »  In-house Financial Intelligence Unit (FIU)
   »  Open Source Intelligence Solutions

Risk Management System

Money Laundering and Terrorist Financing Risk is the possibility of loss or damages that an Institution may suffer from being likely to be used either directly or in the regular course of business; it occurs through associated risks, i.e.: legal, reputational, operational and transmission risks. All entities are exposed to these risks including the resulting negative economic effects on their financial stability.

New AML/CTF regulations around the World tend to require financial institutions to have customer identification and verification policies and risk-based monitoring in place.

The model described below picks International best practices and success stories of García Gibson Consultores’ founding member in risk-based Anti-money Laundering Department’s creation and development including the innovative concept of in-house Financial Intelligence Units at financial institutions.

In order to perfectly implement the proposed model, it is necessary to understand the financial institution’s needs through its controls in place, the type of services provided, products offered, and clients. Besides helping to define the risk model, the above provides the entity with a diagnosis of current status of controls in place produced by the Consultancy firm.

Conceptual Framework

Money Laundering/Terrorist Financing Risk Management System is focused on prevention to avoid being used to create the appearance that funds obtained from crimes are originated from a legitimate source or to provide funds for terrorist activities.

PROCESS: