Choosing the right compliance consultant as your outsource provider

If you are planning to become an Authorised Firm in the Dubai International Financial Centre (DIFC), or if you are already authorised by the Dubai Financial Services Authority (DFSA), you require a Compliance Officer and Money Laundering Reporting Officer (CO/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 Money Laundering Reporting Officers

Our team of outsourced Compliance Officers & MLROs have the relevant skills and experience to be an effective and constructive CO/MLRO for your Firm. They will not just bring their knowledge to your Firm but also the knowledge and experience of the whole CCL team. Your Nominated Compliance Consultant will be the Consultant most appropriate to your Firm's business and to your requirements, whether that is a particular industry background or a particular compliance or AML discipline. Our consultants will complete your DIFC 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 our outsourcing team.

Our role as your outsourced Compliance Officer & MLRO

While the Board and Senior Managers are ultimately responsible for the compliance of your Firm with DFSA regulations, the Nominated Consultant will work with you to ensure these requirements are met as pragmatically as possible.

  • Identify your compliance risks and advise on appropriate policies, procedures, systems, and controls
  • Document the organisation, responsibilities, and procedures of your Firm’s compliance function
  • Ensure compliance breaches are readily identified, reported and acted on
  • Keep your senior management team up to date on changes in DIFC/DFSA regulations and the implications of these changes on your business
  • Prepare your Firm for DFSA risk assessment visits
  • Review your Firm’s marketing materials
  • Process your applications for the registration and withdrawal of Authorised Individuals
  • Ensure that your employees receive training on what must or must not be done to ensure compliance
  • Liaise with the DFSA and ensure all regulatory returns and ad hoc notifications are submitted on time
  • Maintain your Firm’s regulatory files and registers
  • Identify the money laundering risks specific to your business and advise on appropriate policies, procedures, systems and controls
  • Oversee the day-to-day operation of your Firm’s policies, procedures, systems and controls
  • Receive and investigate internal Suspicious Activity Reports (SARs) from Employees and where necessary, report SARs to the Anti-Money Laundering Special Cases Unit (AMLSCU) and to the DFSA
  • Act as the point of contact within your Firm for the DFSA 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?

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.