Welcome to SZ Compliance Consulting

Welcome to SZ Compliance

“Any act or attempted act to conceal or disguise the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources” – The definition of money laundering – Interpol, 2017.

We at SZ Compliance Consulting Ltd can help you safeguard yourself and your business against Financial Crime. We work with our clients developing tailored solutions for their specific needs. We build on relationships and thrive on our excellent customer experience journey.

Criminals wash ‘dirty’ money, obtained from illegal activities such as drug trafficking, terrorism, prostitution, illegal arms sales, smuggling or counterfeiting, by putting it through a cycle of transactions which turn it into an asset which looks legitimate. The kind of transactions used to launder money include real estate purchases, use of shell companies, smuggling cash into offshore accounts, filtering money through cash-intensive businesses and purchasing life insurance policies. Don’t put yourself at risk.

SZ Compliance Consulting Ltd understands the importance of effective anti-money laundering (AML) and sanctions compliance systems and controls. We will help you and your firm meet and sustain regulatory requirements, which will ensure your operations are transparent and safeguarded. Your firm’s future depends on your willingness to change. Let us help you with this transition & ensure your firm’s regulatory responsibilities are covered whilst you concentrate on growing your business.

Latest News

Know your clients to avoid penalties

News

I was recently at an event speaking about anti- money laundering legislation. As my attentive audience sat eagerly taking notes, one delegate raised her hand to ask about client verification, and the how’s of doing it correctly. Silence struck the room quite quickly as the realisation hit all the delegates – this was something they […]

23rd February 2018/0 Comments/by Shazia Zamir

Services we offer

Protecting you and your firm against financial crime is now obligatory requirement for firms. Having the adequate policies/procedures and controls in place will not only safeguard you and your firm it will also promote trust among your clients and partners.

SZ Compliance Consulting can help you achieve this goal by working with you and your firm to:

Accountancy Services Estate Agents & Conveyancing Financial Services Gambling Operators Legal Services Universities & Colleges

Accountancy Services

UK accountancy profession transferred being regulated from the Accountancy Foundation and the Review Board to the Financial reporting Council (FRC) in 2004. The FRC is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting. Codes and standards are set to ensure oversight of regulatory activities of the professional accountancy bodies.

AML/Sanctions/Bribery and Corruption

The Government has published new regulations transposing the Fourth Money Laundering Directive into UK law known as “Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017” (known as Money Laundering Regulations 2017).

http://www.legislation.gov.uk/uksi/2017/692/made

The CCAB guidance AML guidance (Tech 04/08) will be updated to reflect the changes. However in the interim you and your firm must prepare for the changes.

SZ Compliance Consulting can help you and your firm to:

Carry out a review of AML/CTF/ABC policies and procedures
Assist in creating a procedural manual
Providing a bespoke sanction related support service
Carry out a KYC/AML/CDD audit
Support and guide you in filing National Crime Agency (NCA) suspicious Activity reports (SARS)
Offer bespoke tailored training package either face to face and online.

GDPR

In addition to new Money Laundering regulations the current Data Protection Directive of 1995 will be replaced by new regulation early 2018 designed to protect against cyber disruptions and attacks and instrumental in ensuring personal data is protected properly. According to ICAEW 80% of accountants are not aware of GDPR. We at SZ Compliance can help you by:

Carrying out a full gap analysis bespoke to your firm identifying GDPR focus areas
Assist in building a compliance framework around your firms commitment to GDPR

MLRO

It can be a very lonely world as a MLRO. Having the option to speak to someone and discuss your initial thoughts in confidence can be extremely useful. SZ Compliance can hold your hand every step of the way and can be at the end of phone for a quick or a lengthy chat to discuss a detailed case review.

Estate Agents & Conveyancing

We at SZ Compliance can help you ensure your firms policies and procedures comply with the most up to date regulations, introduce cost saves and efficiencies.

UK Estate Agents are regulated by The National Trading Standards Estate Agency Team of Powys County Council under Estate Agents Act 21979. If you are a qualified property lawyers specialising in conveyancing and probate you will be regulated by Council for Licensed Conveyancers (CLC).

On 26 June 2017 The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (more commonly referred to as the Money Laundering Regulations) came into force in the UK. HMRC took over supervision of Estate Agency Businesses from the Office of Fair Trading on 1 April 2014.

There have been some key changes which impact Estate Agents and SZ Compliance can help you and your firm prepare for the new change by:

AML/Sanctions/Bribery and Corruption

Conduct a full review of AML/CTF/ABC policies and procedure
Assist in creating a procedural manual
Support in filing National Crime Agency (NCA) suspicious Activity reports (SARS)
Carry out a KYC/AML/CDD audit
Offer a bespoke tailored training package both face to face and online

GDPR

New EU data protection laws will apply from 25 May 2018 which will have a dramatic impact on your business and the way you hold sensitive customer information. The new regulation replaces The Data Protection 1995 and is expected early 2018, designed to protect against cyber disruptions and attacks and instrumental in ensuring personal data is protected properly. We can help you by:

Carrying out a full gap analysis bespoke to your firm identifying GDPR focus areas
Assist in building a compliance framework around your firms commitment to GDPR
Offer a bespoke tailored training package both face to face and online

MLRO

Financial Services

The Financial Conduct Authority is the conduct regulator for 56,000 financial services firms and financial markets in the UK and the prudential regulator for over 18,000 of those firms. As someone who provides pensions, provides investment advice or offers credit cards and loans you will be regulated by the FCA.

AML/Sanctions/Bribery and Corruption

Assist firms with completing FCA authorisation applications
Ensure that they are able to demonstrate to the FCA that the appropriate CDD measures and procedures are in place
Prepare and guide you on how to conduct a good risk assessments
Review your CDD arrangements and requirements to comply
Assess your firms needs relating to Suspicious Activity Reporting – how and when
Review your MLRO’s annual report
Offer a bespoke tailored training package both face to face and online

GDPR

After four years of preparation and debate the GDPR was finally approved by the EU Parliament on 14 April 2016. Enforcement date: 25 May 2018 – at which time those organizations in non-compliance will face heavy fines. We can help by:

Conducting a full policy and process review to ensure there are adequate controls complying with regulations
Support in reporting breaches of data confidentiality to the regulator

MLRO/COFA

It can be a very lonely world as a MLRO/COFA. Having the option to speak to someone and discuss your initial thoughts in confidence can be extremely useful. SZ Compliance can hold your hand every step of the way.

Gambling Operators

Gambling operators in the UK are facing significant regulatory changes and need to remain on top of the changes in order to comply with licencing conditions and regulations.

The European Union (EU) has expressed concern at ‘the use of the gambling sector services to launder the proceeds of criminal activity’. This has resulted in gambling services being included in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017” (known as Money Laundering Regulations 2017).

AML/Sanctions/Bribery and Corruption

We at SZ Compliance work with Operators to:

Understand how to apply specific CDD measures e.g. upon collection of winnings, the wagering of a stake, or both when carrying out transactions
ML/TF risk assessment considering customers, jurisdictions, products/services and delivery channels helping help you and your firm to document and apply a risk based approach to ML/TF
Conducting a review of AML/CTF/ABC policies and procedure

GDPR

Conduct a policy and process review to ensure adequate controls complying with regulations
Review your record keeping/ data protection

MLRO

Legal Services

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the regulations), which transpose the Fourth EU Money Laundering Directive into UK law, were laid before parliament on 22 June and commenced on 26 June 2017.

The Law Society’s Money Laundering Task Force is working with representatives from across the legal sector to update the practice note to take into account the changes that will be brought about by the Money Laundering Regulations, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs).

SZ Compliance consulting can help you prepare your firm and guide you through the change.

AML/Sanctions/Bribery and Corruption

We help firms:

Conduct a money laundering and terrorist financing risk assessment
Understand how to comply with the new customer due diligence, enhanced due diligence and simplified due diligence requirements and politically exposed persons
Implement systems, policies, controls and procedures to address money laundering and terrorist financing risks and apply your policies, procedures and controls across your firm’s group structure (if relevant)
Provide bespoke training for all employees face to face of online

GDPR

Conduct a policy and process review to ensure adequate controls complying with regulations
Review your record keeping/ data protection;

MLRO/COLP/COFA

It can be a very lonely world as a MLRO/COLP/COFA. Having the option to speak to someone and discuss your initial thoughts in confidence can be extremely useful. SZ Compliance can hold your hand every step of the way.

Universities & Colleges

AML/Sanctions/Bribery and Corruption

Universities have are responsibility to:

Appoint a Money Laundering Nominated Officer (MLRO)
Report as appropriate
Disclose suspicious activity reported by employees
Implement a procedure to enable the reporting of suspicious activity
Maintain customer identification procedures to ‘know your customer’, in relevant circumstances
Maintain adequate records of transactions.

SZ Complaince van help your institute understand why its important to be compliant with the regulations and ensure your have adequate policies, procedures, systems and controls to not be in breach.

GDPR

As the world moves into an ever more digital direction, our personal data and where it is held or how it is used has become a global concern. After four years of preparation and debate the GDPR was finally approved by the EU Parliament on 14 April 2016. Enforcement date: 25 May 2018 – at which time those organizations in non-compliance will face heavy fines.

SZ Compliance can help you and your University ensure they are ready for May 2018 by:

Prepare and train your staff for what is to come
Assist ad guide the Data Protection Officer (DPO)
Review your privacy notices to ensure they comply with informing people when obtaining their personal data
Review of your current practices to ensure you have complied with how consent is given
Data breach – obligations