The process of hiding or disguising the existence, illegal source movement, fate or illegal use of property or funds, proceeding from illegal activities

The process of hiding or disguising the existence, illegal source, movement, fate or illegal use of property or funds, proceeding from illegal activities to make them appear legitimate, is known as Money Laundering. 

Money Laundering is the third industry after the currency exchange market and oil. It is estimated that the transactions of Money Laundering in Latin America are between 2.5% and 6.3% of regional GDP. 

Money Laundering is a process often diverse and complex to identify. That is why Salles, Sainz - Grant Thornton, S.C.offers services for the prevention and detection of money laundering (PML) and anti-corruption practices. 

Our approach involves the design, implementation and monitoring of a robust compliance program through the establishment of a Risk Management System of Money Laundering. For this matter, we use the framework of internal control and risk management COSO (Committee of Sponsoring Organization of the Treadway Commission) and we incorporate the recommendations of the GAFI (Grupo de Acción Financiera Internacional), the Mexican regulations, other international rules applicable to the situation and leading practices that we have identified along our experience.

We offer the following services:

  • design and Implementation of the Risk Management Money Laundering System
  • risk identification and analysis by process
  • reports on compliance with the prevention of money laundering provisions (witnessing and procedures previously agreed)
  • diagnosis and recommendations over PML´s internal control
  • design and implementation of transactional risk matrices
  • advisory on technological solutions
  • manual for the Prevention of Transactions with funds of illicit origin
  • acceptance of customers and shareholders process analysis
  • computer-assisted tests for detecting and preventing money laundering
  • assessment on money laundering risk for the institution, its subsidiaries and related companies (in the case they exist)
  • definition of the operational and compliance structure
  • design of tasks and responsibilities manuals.
  • development of the program “Know Your Customer” based on risk
  • internal audit of the compliance program
  • flow of analysis of founds
  • navigation on information systems to find crime evidence, such as missing information, policy violations or unauthorized access
Our Expert Mauro González