REGULATORY AUTHORISATIONS & LICENSING
Your Path to Regulatory Approval
Securing the necessary authorisations is crucial for any financial services firm operating in regulated markets. ALTUS Compliance streamlines this often-complex process, providing expert guidance and hands-on support every step of the way. We understand the intricacies of the DFSA, FSRA, VARA and other relevant regulatory regimes, and we leverage this knowledge to help you achieve your business objectives.
ALTUS Compliance partners with your team from the initial stages, gaining a comprehensive understanding of your proposed operations, clarifying relevant regulations, and proactively addressing potential challenges. We offer expert review and feedback on your business plan, mirroring a regulatory assessment, before developing a detailed roadmap for the authorization process.
Our authorization services include:
- Application preparation and submission: We meticulously prepare and review all required documentation and manage the submission process to the relevant regulatory authorities.
- Ongoing communication with regulators: We act as your liaison with regulatory bodies, ensuring clear and timely communication throughout the application process.
- Post-authorization support: We provide guidance on implementing your compliance framework and meeting ongoing regulatory requirements.
Our authorization services are designed for:
- Start-up financial services firms seeking initial licensing.
- Established firms expanding into new markets or offering new products/services.
- Firms seeking to vary their existing permissions.
By partnering with ALTUS for your authorization needs, you will:
- Save time and resources, as we handle the complex paperwork and communication with regulators, freeing up your team to focus on core business activities.
- Minimize the risk of application rejection, our deep understanding of regulatory requirements ensures a complete and compliant application.
- Gain a competitive edge, a timely and efficient authorization process allows you to enter the market faster and capitalize on opportunities.
REGULATORY SUPPORT SERVICES
Navigating the Ever-Changing Regulatory Landscape Efficiently and Effectively
- Initial consultation and gap analysis: We assess your current business model and identify any gaps in your compliance framework
- Proactive Regulatory Monitoring: We keep you informed of critical changes and their implications for your business, allowing you to adapt quickly and efficiently.
- Tailored Compliance Advice: We provide practical solutions specifically designed for your unique business needs, maximizing efficiency and minimizing disruption to your operations.
- Reduced Risk and Peace of Mind: We help you avoid costly penalties, reputational damage, and the stress of managing compliance in-house.
- Dedicated Support: You have a dedicated team of experts available to answer your questions, provide guidance, and act as an extension of your own team.
- Cost-Effectiveness: Access expert compliance expertise at a fraction of the cost of hiring full-time in-house staff.
- Time Savings: Free up your internal resources to focus on core business activities and strategic initiatives.
- Regulated Financial Services firms of all sizes in DIFC, ADGM, VARA, etc.
- Businesses wanting to minimize their compliance burden and optimize their compliance processes.
- Organizations prioritizing proactive risk management, peace of mind, and cost-efficiency.
COMPLIANCE OUTSOURCING
(including CO / MLRO / RO)
Expert Management of Your Entire Compliance Function
The UAE has a complex financial regulatory landscape, overseen by multiple authorities with distinct requirements. We meticulously match our consultants' expertise to your firm's specific needs, ensuring a seamless integration and ongoing support, backed by the collective knowledge of our directors and wider senior-led consulting team. This provides a robust, efficient, and cost-effective solution for navigating the UAE's regulatory complexities.
Our Compliance Outsourcing services include:
- Compliance Program Development and Implementation: We design and implement a tailored compliance program that meets your specific business needs and regulatory requirements.
- Ongoing Monitoring and Reporting: We continuously monitor your compliance posture, providing regular reports and updates to keep you informed.
- Policy and Procedure Management: We develop, review, and update your compliance policies and procedures to ensure they remain current and effective.
- Regulatory Training: We provide tailored training programs to enhance compliance awareness within your organization.
- Regulatory Liaison: We act as your primary point of contact with regulatory bodies, handling all communication and reporting requirements.
Benefits of our Compliance Outsourcing service include:
- Access to Expert Advise: Gain access to a team of seasoned compliance professionals with extensive experience across various industries.
- Cost-Effectiveness: Reduce overhead costs associated with hiring and managing an in-house compliance team.
- Scalability: Easily scale your compliance effort as your business grows or your needs change.
- Reduced Risk: Minimize the risk of regulatory breaches and associated penalties and reputational damage.
- Focus on Core Business: Free up your internal resources to focus on core business activities and strategic initiatives.
This service is ideal for:
- Start-up and rapidly growing financial services firms.
- Firms with limited internal compliance resources.
- Businesses seeking to optimize their compliance processes and reduce costs.
- Organizations prioritizing proactive risk management and peace of mind.
ROBUST AML/CFT COMPLIANCE
Safeguarding Your Business from Financial Crime and Regulatory Risk
In an increasingly interconnected global economy, robust AML and CFT compliance is not just a regulatory obligation—it's a critical defense against financial crime, reputational damage, and severe penalties. ALTUS Compliance’s AML/CFT Compliance service provides comprehensive, tailored solutions to build, strengthen, and maintain a resilient AML/CFT framework, protecting your firm from evolving threats and ensuring strict adherence to international and local regulations. We combine deep expertise with practical strategies to embed AML/CFT best practices into your operations, enhancing your security while optimizing efficiency. Our focus is on creating a sustainable compliance culture that protects your assets and reputation.
Our tailored AML/CFT Compliance activities include:
- Risk Assessment Development & Review: Conducting thorough firm-wide and customer-specific AML/CFT risk assessments to identify vulnerabilities and inform the design of proportionate controls.
- Policy & Procedure Design & Implementation: Developing and updating comprehensive AML/CFT policies and procedures, including Customer Due Diligence (CDD), Enhanced Due Diligence (EDD), Suspicious Activity Reporting (SAR), and record-keeping protocols, ensuring they are practical and compliant.
- Customer Due Diligence & Know Your Customer (KYC) Frameworks: Establishing robust CDD and KYC processes to accurately identify and verify customers, understand their beneficial ownership, and assess their risk profiles.
- Transaction Monitoring System Implementation & Optimization: Assisting with the selection, implementation, and optimization of effective transaction monitoring systems to detect and report suspicious activities in a timely manner.
- Sanctions Screening & PEP Identification: Implementing and refining processes for screening against international sanctions lists and identifying Politically Exposed Persons (PEPs) to manage associated risks.
- Training & Awareness Programs: Developing and delivering customized AML/CFT training programs for all relevant staff, from front-line employees to senior management, fostering a strong compliance culture.
- Suspicious Activity Report Filing Support: Providing guidance and support in the identification, investigation, and accurate filing of Suspicious Activity Reports (SARs) or Suspicious Transaction Reports (STRs) to relevant authorities.
- Independent AML/CFT Audits & Reviews: Conducting independent reviews and audits of your AML/CFT program to assess its effectiveness, identify gaps, and ensure alignment with regulatory expectations and industry best practices.
- Regulatory Liaison & Remediation Support: Assisting with responses to regulatory inquiries, examination findings, and providing support for remediation efforts to address identified deficiencies.
By partnering with ALTUS for AML/CFT Compliance, you gain:
- Robust Protection Against Financial Crime: Significantly reducing your firm's exposure to money laundering and terrorist financing risks, safeguarding your assets and integrity.
- Assured Regulatory Compliance: Ensuring full adherence to complex and evolving AML/CFT regulations, minimizing the risk of fines, penalties, and enforcement actions.
- Streamlined Operational Efficiency: Implementing optimized processes and leveraging technology to enhance your AML/CFT controls without creating unnecessary operational burdens.
- Proactive Risk Management: Identifying and mitigating emerging AML/CFT risks before they escalate, maintaining a resilient and adaptable compliance framework.
- Expert Guidance & Best Practice Integration: Access to specialized knowledge and the integration of industry best practices into your daily operations.
- Confidence in Independent Verification: Receiving objective assessments of your AML/CFT program's effectiveness, ensuring it stands up to scrutiny.
- Clear Reporting for Strategic Oversight: Providing senior management and the Board with transparent insights into your AML/CFT posture, supporting informed decision-making.
This service is ideal for:
- Financial institutions, designated non-financial businesses and professions (DNFBPs), and any organization subject to AML/CFT regulations.
- Firms seeking to establish, enhance, or independently validate their existing AML/CFT compliance programs.
- Businesses committed to preventing financial crime, protecting their reputation, and ensuring regulatory adherence in a cost-effective and efficient manner.
BESPOKE COMPLIANCE DOCUMENTATION
(Policies & Procedures Development)
Your Roadmap to Regulatory Compliance and Operational Excellence
Generic policies and procedures often fall short, failing to address the unique needs and risks of individual businesses. At ALTUS Compliance, we are confident that effective policies and procedures are more than just compliance documents; they are a roadmap for your organization, guiding your team, mitigating risk, and enhancing operational efficiency. We develop tailored policies and procedures designed to support your business objectives and promote sustainable growth, ensuring they are not just compliant but also practical, user-friendly, and aligned with your unique operational environment.
Our comprehensive approach includes:
- Gap Analysis and Risk Assessment: We begin by thoroughly understanding your business, identifying any gaps in your existing framework and assessing your specific risks and regulatory obligations. This ensures our policies directly address your most pressing needs.
- Tailored Policy and Procedure Development: We develop clear, concise, and practical policies and procedures specifically designed for your business, ensuring they are easy to understand, implement, and integrate into your daily operations.
- Implementation Support and Training: We provide guidance and support to ensure effective implementation of your policies and procedures, including tailored training programs for your team to foster a strong compliance culture from within.
- Ongoing Review and Updates: We regularly review and update your policies and procedures to reflect regulatory changes, industry best practices, and evolving business needs, ensuring your framework remains current and effective.
By partnering with ALTUS for your Policies and Procedures needs, you gain:
- A robust and compliant compliance framework that minimizes risk.
- Practical, user-friendly documents that empower your team and streamline operations.
- Reduced risk of regulatory breaches, operational inefficiencies, and reputational damage.
- Enhanced operational efficiency, a stronger compliance culture, and improved internal controls.
- Peace of mind knowing your policies are up-to-date, effective, and tailored to your specific business.
This service is ideal for:
- Start-up financial services firms establishing their initial compliance framework.
- Established firms seeking to update or enhance their existing policies and procedures.
- Businesses undergoing significant change or growth.
- Organizations prioritizing both compliance and operational excellence, seeking to transform compliance from a burden into a strategic advantage.
REMEDIATION
Resolving Deficiencies for Lasting Compliance
Even the most robust compliance frameworks can encounter deficiencies. When they do, swift and effective remediation is paramount. ALTUS Compliance offers expert guidance to not only resolve compliance shortcomings but also to establish a foundation for continuous improvement and long-term regulatory adherence. Our remediation services go beyond mere fixes; we provide an end-to-end solution designed to identify root causes, implement sustainable corrective actions, and establish robust monitoring mechanisms to prevent recurrence.
Our Approach to Remediation includes:
Root Cause Analysis: We meticulously investigate the underlying reasons for compliance deficiencies. This involves a comprehensive review of your:
- Policies and Procedures: Ensuring they are up-to-date, comprehensive, and effectively implemented to prevent future issues.
- Risk Assessment and Management: Evaluating the effectiveness of your risk assessment methodology and controls that failed.
- Monitoring and Testing: Assessing the robustness of your existing monitoring and testing programs to understand how the deficiency was missed.
- Training and Awareness: Identifying gaps in employee knowledge or understanding that contributed to the deficiency.
- Record Keeping and Documentation: Verifying adherence to regulatory record-keeping requirements related to the identified deficiency.
- Technology and Systems: Evaluating how current technology and systems may have contributed to or failed to prevent the deficiency.
Corrective Action Implementation: Based on our root cause analysis, we work collaboratively with your team to design and implement tailored corrective actions. This includes:
- Developing and updating policies, procedures, and controls.
- Strengthening your risk management framework.
- Enhancing monitoring and testing protocols.
- Implementing targeted training and awareness programs.
- Improving record-keeping and documentation practices.
- Optimizing compliance technology and systems to support new controls.
Continuous Improvement and Monitoring: Remediation is not a one-time event. We help you establish robust monitoring mechanisms to ensure the effectiveness of corrective actions and to proactively identify and mitigate future risks. This includes:
- Ongoing Monitoring: Implementing targeted monitoring of areas where deficiencies were found to ensure sustained compliance.
- Independent Review and Reporting: Providing objective, independent reviews of your enhanced compliance program against industry best practices and regulatory expectations, with detailed reports for senior management and the Board.
- Feedback Loops: Establishing processes for continuous feedback and adaptation to maintain a dynamic and resilient compliance framework.
By Partnering with ALTUS for Remediation, You Gain:
- Swift and Effective Resolution: Address compliance deficiencies promptly and thoroughly.
- Identification of Root Causes: Move beyond symptoms to resolve underlying issues for lasting compliance.
- Tailored Corrective Actions: Implement practical and sustainable solutions specifically designed for your organization.
- Strengthened Compliance Framework: Enhance your overall compliance posture and reduce the risk of future deficiencies.
- Continuous Improvement: Establish mechanisms for ongoing monitoring and adaptation, ensuring long-term regulatory adherence and peace of mind.
- Reduced Risk: Minimize the likelihood of regulatory penalties, reputational damage, and financial losses.
This Service is Ideal For:
- Organizations facing regulatory scrutiny or enforcement actions.
- Businesses that have identified internal control weaknesses or compliance gaps.
- Firms seeking to proactively address audit findings or independent review recommendations.
- Any organization committed to building a truly resilient and compliant operation.
DATA PROTECTION & PRIVACY
Comprehensive Solutions for a Complex Landscape
Navigating the complex landscape of data protection regulations requires specialized expertise and a tailored approach. ALTUS Compliance offers comprehensive data protection services, from gap analysis and policy development to training and incident response planning. We work closely with you to develop a data protection strategy that aligns with your business objectives and mitigates risk.
Our comprehensive Data Protection services include:
- Data Protection Gap Analysis: We thoroughly assess your current data protection framework to identify any gaps and areas for improvement, ensuring a strong foundation for compliance.
- Policy and Procedure Development: We develop clear, concise, and compliant data protection policies and procedures that are tailored to your specific business needs and operational environment.
- Data Mapping and Inventory: We help you identify and document the types of data you collect, process, and store, providing a clear understanding of your data landscape.
- Data Subject Rights Management: We implement robust processes for handling data subject requests, such as access, rectification, and erasure, ensuring compliance with data subject rights regulations.
- Data Breach Incident Response Planning: We develop a comprehensive plan for responding to data breaches and minimizing their impact, helping you protect your reputation and mitigate financial losses.
- Training and Awareness Programs: We provide tailored training programs to enhance data protection awareness within your organization, fostering a culture of data privacy.
By partnering with ALTUS for your Data Protection needs, you gain:
- A robust and compliant data protection framework that minimizes risk.
- Enhanced trust with your clients and a strengthened reputation.
- Reduced risk of data breaches, penalties, and financial losses.
- Improved operational efficiency and data management practices.
- Peace of mind knowing your data is protected by expert guidance.
This service is ideal for:
- Financial services firms handling sensitive client data.
- Businesses operating in jurisdictions with strict data protection regulations.
- Organizations seeking to enhance their data protection practices and build a culture of data privacy.
TRAINING & WORKSHOPS
Investing in Your Team with Engaging Learning and Real-World Results
Investing in comprehensive compliance training is an investment in your firm's future. ALTUS Compliance's training and workshops empower your team with the knowledge, skills, and understanding they need to navigate the complexities of the regulatory landscape and contribute to a strong compliance culture. We offer tailored programs designed to meet your specific business needs and delivered by experienced professionals using interactive learning techniques and real-world scenarios.
Our training and workshops cover key compliance topics, including:
- Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT): Covering KYC/CDD, transaction monitoring, and suspicious activity reporting to effectively combat financial crime.
- Data Protection and Privacy: Addressing data privacy regulations and best practices to protect sensitive information and maintain client trust.
- Market Abuse: Covering insider dealing, market manipulation, and other forms of market misconduct to maintain market integrity.
- Conduct of Business: Addressing ethical conduct, client communication, and other key conduct requirements to foster a culture of integrity and professionalism.
- Regulatory Reporting: Covering reporting obligations and best practices for accurate and timely submissions to maintain positive relationships with regulators.
By partnering with ALTUS for your training needs, you gain:
- A well-trained and knowledgeable team equipped to handle compliance challenges.
- A stronger compliance culture that mitigates risk and promotes ethical behaviour.
- Reduced risk of regulatory breaches, penalties, and reputational damage.
- Improved operational efficiency and enhanced internal controls.
- A proactive approach to compliance that supports sustainable growth.
This service is ideal for:
- New employees requiring foundational compliance training.
- Existing staff needing refresher training or updates on new regulations.
- Management teams seeking to enhance their understanding of compliance oversight.
- Organizations committed to building a strong compliance culture.
