KYC, AML and Compliance for Offshore Banks – Documentation and Compliance Advisory

Offshore banks are the gatekeepers of the financial system and held to a high level of responsibility to prevent financial crime and tax evasion. Regulators have worked hard to establish know-your-customer (KYC) and anti-money-laundering (AML) policies, procedures and systems to support these efforts.

We can assist new banks and those buying an offshore bank to draft modern KYC, AML and compliance programs. We can also recommend software and other due diligence systems which are compatible with regulators in your jurisdiction.

For a new bank, documenting your KYC, AML and compliance programs is done in two phases. First, when you apply for a new international bank license, you must submit a document outlining your compliance programs. This is usually a couple of hundred pages, but rather general. It’s customized to the services your bank will offer, but not as detailed as a full plan and does not include software integration… it’s more of a guide than an operating document. 

Then, once you have hired your staff and set up your core systems, you will draft your bank’s operational compliance documents. These documents will be specific to your software and require a great deal of input from your Chief Compliance Officer. These detailed documents will be submitted to regulators when you request your Permit to Operate. 

With that in mind, we can also locate and hire a Chief Compliance Officer for your startup or acquisition. Regulators consider an experienced Chief Compliance Officer to be the key to operating a quality international bank. They’ll look very closely at this person’s qualifications prior to issuing your Permit to Operate. 

For more information on how to negotiate a new international bank license, or on buying on offshore bank license, and related KYC, AML and Compliance requirements, please contact us at EMAIL or PHONE.