Byvant Solutions Ltd

Byvant Solutions Ltd › Compliance and risk advice

Services

Help with anti-money laundering rules.

We advise businesses and professions that must follow anti-money laundering rules. We help them understand the rules and put the right policies and records in place. This work is kept separate from our software work.

Wooden letter tiles arranged to spell the word compliance.

What it involves

Some businesses and professions are called Designated Non-Financial Businesses and Professions (DNFBPs). The law says they must follow rules to stop money laundering and terrorist financing. We help them understand those rules and set up the policies, steps and records they need.

What full compliance involves

A full compliance programme has the parts below. The exact rules for each business depend on what it does. We confirm them with you before we give any advice.

  • Registration with the Special Control Unit against Money Laundering (SCUML), where required
  • A written anti-money laundering, counter-terrorist financing and counter-proliferation financing (AML/CFT/CPF) policy, approved by management
  • A risk assessment that looks at customers, products, services, payment channels and locations
  • Customer checks, including who really owns the business and whether a customer holds a public position
  • Ongoing checks on customer relationships and transactions
  • Reporting of suspicious transactions to the Nigerian Financial Intelligence Unit (NFIU)
  • Keeping records for as long as the law requires
  • A named compliance officer with clear duties
  • Regular training for staff
  • A periodic independent review of the compliance programme

Problems it helps with

  • Not knowing what you must register for or report
  • No written risk assessment or internal controls
  • Staff who do not know their duties

Benefits

  • Clear, written procedures
  • Records ready to show during a review
  • Staff who know what to check and what to report

Before SCUML registration

  • Review of your documents, and help with SCUML registration

After SCUML registration

Ongoing AML/CFT/CPF support, including:

  • Compliance advice
  • Risk assessments and risk management plans
  • Customer checks and Know Your Customer (KYC) steps
  • Steps to spot and report suspicious transactions
  • Compliance policies, procedures and internal controls
  • Compliance documents and record keeping
  • Staff awareness and training
  • Compliance reviews and checks for gaps

Talk to us about compliance ↗