OUTSOURCING CONTROL FUNCTION OFFICERS – MLRO & CO
With compliance requirements in the ADGM & DIFC increasing and indeed in the wider UAE, along with demands on in-house compliance teams, the risks of failing to meet the required standards have also increased.
In parallel to the financial licensing, and in view to satisfy the In-Principle approval of the Regulatory authority, through its strategic partnerships, Wincore is able to provide a full range of services:
- Outsourced Compliance Officer (CO) / Risk Officer (RO) / Money Laundering Reporting Officer (MLRO)
- Outsourced Accounting and Finance Officer (FO)
- Governance, Risk & Compliance (GRC) assessments
- Tax Planning, VAT Advisory, registration and implementation
- CRS/FATCA assistance and implementation
- Designated Non-Financial Businesses and Professions (DNFBP) assistance
- Assistance in respect of policies, procedures and regulatory returns
- Assurance subscription
- Economic Substance Tests
By outsourcing the control functions, your firm will be able to ensure independent control functions that have the right resources and capabilities to meet the challenges of an increasingly complicated financial market.
Outsourcing your firm’s control function by utilising a reliable outsourcing partner can help to significantly reduce costs by up to 70%, whilst at the same time significantly reducing the risk of non-compliance. Outsourcing these functions increase efficiency and operational effectiveness.
Our services are tailored to the needs of fund management, investment banks, brokerage firms, financial institutions, investment firms and other financial entities.
OUTSOURCING MONEY LAUNDERING REPORTING OFFICER (MLRO)
Money Laundering Reporting Officers (MLRO) are mandatory appointments required for obtaining financial licenses at the DIFC & ADGM. The role is usually filled out by a Senior Manager or Director and this control function officer has to be a UAE resident. The MLRO’s main duty is to provide support in countering money laundering and terrorist financing and in doing so; identify and report upon any possible money laundering activities.
The Outsourced Money Laundering Reporting Officer (MLRO) carries out the following functions at the financial entity:
- Oversee the day-to-day operations for compliance at the firm with its AML policies, procedures, systems and controls;
- Acts as the point of contact within the entity for competent UAE authorities and the DFSA regarding money laundering issues;
- Completion of AML annual return & Central Bank biannual reports;
- Maintaining systems & controls & reports;
- AML and KYC checks;
- Preparing ICAAP;
- Reporting Suspicious Activity in accordance with Federal AML legislation;
- Establishing and maintaining an appropriate money laundering training program and adequate awareness arrangements.
OUTSOURCING COMPLIANCE OFFICER (CO)
Compliance Officers (CO) are mandatory appointments required for obtaining financial licenses at the DIFC & ADGM. The role is usually filled out by a Senior Manager or Director and this control function officer has to be a UAE resident. The CO has responsibility for compliance matters in relation to the firm’s activities. The Outsourced Compliance Officer (CO) carries out the following functions at the financial entity:
- Work with and report directly to the Senior Executive Officer, the board of directors, and offer advice and recommendations to the executives on all compliance functions in accordance with ADGM/FSRA regulations or DIFC/DFSA regulations;
- Check the business practices, operations, processes, and systems to ensure all compliance needs are taken care of;
- Provide assistance with compliance reporting to meet all regulatory requirements;
- Perform routine analysis on all compliance operations;
- Oversee, organize, and present scheduled compliance reviews that portray all compliance risks with the help of continuous risk assessments;
- Develop compliance manuals for all the organizational departments and employees;
- Ensure all marketing materials are acceptable by regulators and within the business model;
- Assist new firms in gaining an understanding of the compliance world;
- Assist in establishing risk alerts for compliance issues to develop an early warning system;
- Offer continuous compliance consulting and support with any regulatory issues.
HOW CAN WE HELP?
Wincore provides tailor-made solutions to fit every client’s unique requirements. Outsourcing your firm’s control functions will remove the burden of completing resource-heavy and time-consuming administrative requirements which can act as a barrier to your business. Not only will it assist in reducing costs and corporate complexity, it will also improve the compliance function and reduce regulatory risk to the firm. We offer competitive outsourcing packages for companies, asset managers and banks seeking outsourcing solutions.
Please send us a mail at email@example.com or call us now on +971 4 221 2602 for assistance on these matters.
Wincore specializes in Tax, Estate, Corporate and Fiduciary matters. We provide pragmatic, flexible, and efficient solutions to individual entrepreneurs, startup businesses, foreign and local SMEs, multinationals, wealthy international families, HNWIs, and UHNWIs.