Suspicious Activity Reporting
Timely SAR reporting with expert recommendations
With ACX Compliance's Suspicious Activity Reporting Support Package, you benefit from a team of experts dedicated to managing and reporting suspicious activities with precision. We streamline the entire process, ensuring compliance with regulatory requirements and providing you with the support needed to effectively handle and mitigate potential risks.
Key Compliance Features
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Handle And Review Suspicious Cases
Our specialists handle and thoroughly review suspicious cases, preparing detailed Suspicious Activity Reports (SARs). They provide actionable recommendations to relevant stakeholders, ensuring that every potential issue is addressed and that you are well-positioned to take appropriate next steps.
Maintain Client Off-Boarding Log
We manage and maintain a comprehensive off-boarding log for clients, supporting the off-boarding process as required. This ensures that all necessary steps are taken when terminating client relationships, and helps you maintain accurate and up-to-date records.
Stay Up-To-Date With SAR Reporting Requirements
Our team stays current with SAR reporting requirements across relevant jurisdictions. This ensures that your SAR submissions are compliant with the latest regulations, helping you avoid penalties and maintain regulatory alignment.
Request Additional Information And Review Documents
We handle requests for additional information from end users and review all provided documents with a keen eye for detail. Our specialists ensure that all necessary information is gathered and accurately assessed, supporting thorough and compliant SAR preparation.
Take Necessary Actions In Accordance With Regulations
In line with internal regulations and conducted analysis, our team takes appropriate actions based on the findings of their investigations. This ensures that all steps are taken to address potential risks and that your organization remains compliant with relevant regulations.
Ensure Accuracy Of Transaction Tracing And Information
Our specialists utilize Open-Source Intelligence to ensure the accuracy of transaction tracing and information gathering. By meticulously verifying and analyzing data, we help you maintain reliable and accurate records, which are crucial for effective reporting and compliance.
Roadmap
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01
Choice of Jurisdiction
The first step involves selecting the jurisdiction where the entity will be incorporated. The options include Dubai World Trade Centre (DWTC), Dubai Multi Commodities Centre (DMCC), or Dubai
Economic Department (DET).
02
Initial Disclosure Questionnaire
Once the jurisdiction is selected, the entity will receive an Initial Disclosure Questionnaire. This questionnaire must be completed and submitted to the Regulator for review.
03
Full Document Submission
The Regulator will review the submitted Initial Disclosure Questionnaire. During this review process, the Regulator may issue a Request for Information (RFIs) to seek clarifications regarding the application and the business model. If the Regulator is satisfied with the initial submission and any additional information provided, the Initial Approval (IA) or Approval in Principle (AAN) will be granted.
04
Initial Approval (IA) / Application
Acknowledgement Notice (AAN)
Following the IA/AAN, the entity must compile and submit a comprehensive list of documents to the regulator. This submission includes approximately 65 sets of documents, ensuring compliance with the relevant rulebooks and regulatory requirements.
05
Regulatory Evaluation
The Regulatory will evaluate the submitted documents. This step often involves multiple iterations, with the Regulator requesting amendments or additional clarifications. Typically, this process can take up to 2-3 rounds to finalize the submissions and meet all regulatory requirements.
06
Receipt of License
Upon successful completion of the evaluation process and satisfaction of all regulatory requirements, the entity will receive the VARA license, officially authorizing it to operate within the chosen jurisdiction.
Why Choose Us?
Complex Case Handling And Reporting
Our experienced specialists handle and review all suspicious cases with a high level of detail and accuracy. They prepare comprehensive Suspicious Activity Reports (SARs) and provide well-informed recommendations to relevant stakeholders, ensuring that each case is managed efficiently and reported correctly.
Managing Client Off-Boarding
Maintaining an accurate and up-to-date client off-boarding log can be challenging. Our team manages this process effectively, supporting the off-boarding procedure and ensuring that all necessary actions are taken. This helps you maintain precise records and manage client exits smoothly.
Keeping Up With Evolving SAR Reporting Requirements
SAR reporting requirements can vary by jurisdiction and change frequently. Our specialists stay current with the latest regulatory developments, ensuring that your SAR submissions comply with all relevant requirements and helping you avoid regulatory penalties.
Gathering And Reviewing Additional Information
Requesting and reviewing additional information from end users can be time-consuming and complex. Our team efficiently handles these requests, thoroughly reviewing all provided documents to ensure that the information is accurate and complete for effective reporting.
Expertise With
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Have any questions?
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