The importance of selecting the right outsource provider

All firms in the Abu Dhabi Global Market (ADGM) regulated by the Financial Services Regulatory Authority (FSRA) require a Compliance Officer and Money Laundering Reporting Officer (MLRO) with sufficient knowledge, experience, and seniority to perform the role effectively. The importance of this function and getting the right person cannot be underestimated in the highly regulated world of financial services: getting it wrong could cost you more than the fine from the regulator. Firms, therefore, need an experienced person who can implement the regulatory requirements in a firm in a pragmatic way, as well as have the ability to communicate with all levels of the organisation.

Experienced Compliance Officers and MLROs

CCL will only provide consultants who have the relevant skills and experience to be a competent and effective Compliance Officer/MLRO. The outsource Compliance Officer/MLRO will be the Consultant most appropriate to your Firm's business and to your requirements, whether that is a particular industry background or a specific Compliance or AML discipline. Our consultants will complete your ADGM team and work with you in getting it right. All of our consultants undertake regular training to ensure they have the most up to date knowledge as well as insight into industry best practice which they can bring to your Firm. Take a look at Our People to see the quality of the consultants who are outsourcing their knowledge and skills as Compliance Officers & MLROs in the ADGM.

Scope of work – Compliance Officer and MLRO Function

While the Board and senior managers are ultimately responsible for the compliance of the firm with ADGM FSRA regulations, your outsourced Compliance Consultant will work with you to ensure these requirements are met as pragmatically as possible.

As your outsourced Compliance Officer we will:

  • Identify your compliance risks and advise on appropriate policies, procedures, systems and controls
  • Document the organisation, responsibilities and procedures of your compliance function
  • Ensure compliance breaches are readily identified, reported and acted on
  • Keep your senior management team up to date on changes to ADGM FSRA, and other relevant, regulations and the implications for your business
  • Prepare your Firm for ADGM FSRA risk assessment visits.
  • Review your marketing materials.
  • Process your applications for Approved and Recognised Persons
  • Ensure that your employees receive training on their role and responsibilities in the compliance of your Firm
  • Liaise with the ADGM FSRA and ensure that all regulatory returns and ad hoc notifications are submitted on time
  • Maintain your Firm’s regulatory files and registers

As your outsourced Money Laundering Reporting Officer (MLRO) we will:

  • Identify the money laundering risks for your business and advise on appropriate policies, procedures, systems and controls
  • Oversee the day-to-day operation of your policies, procedures, systems and controls
  • Receive and investigate internal Suspicious Activity Reports (SARs) from your ADGM team and where necessary report SARs to the Anti-Money Laundering Special Cases Unit (AMLSCU) and to the ADGM FSRA
  • Act as the point of contact within your Firm for the ADGM FSRA and other competent authorities
  • Oversee your Firm's compliance with UN sanctions and international, governmental and regulatory findings
  • Establish and maintain a staff awareness and training programme for the prevention of money laundering
  • Report to your senior management team on the quality and effectiveness of your Firm’s AML programme
  • Prepare your annual AML Return for senior management review and approval

What should you do now?

Review the needs of your business as a regulated entity and the needs of your senior management in ensuring your business remains fully compliant with FSRA requirements. If you have concluded that the reputation of your Firm is systematically vital to your business, contact our outsourcing team to find the right Compliance/MLRO outsourcing solution for your Firm.

We have a dedicated team of experienced compliance consultants who can provide expert assurance and peace of mind. Get in touch to see how we can help your Firm.