Informal Value Transfer System (IVTS) Transaction Risk Assessment Checklist for AML/CFT

With transactions and influx of funds within a business, comes the risk of such transaction or funds illicitly supported or sourced through an Informal Value Transfer System (IVTS). Here’s a “one-click-away” downloadable, Yes/No style “Informal Value Transfer System (IVTS) Transaction Risk Assessment Checklist for AML/CFT” + RACI Matrix.

Whether you are a part of the customer onboarding team, an AML Compliance Officer, a KYC Analyst, a Transaction Monitoring Analyst, or a Senior Board Member, or simply an AML enthusiast, this checklist is specifically designed to simplify your and your teams’ responsibilities such as:

• Assessing the effectiveness of control measures surrounding documents, customers, transactions, and counterparties to identify or detect any red flags indicating IVTS/Hawala related red-flags
• Identifying whether the regulatory reporting and AML training components are designed well enough to mitigate IVTS/ Hawala risks
• Identifying process efficiency for red-flag detection around IVTS or hawala transactions, which might be indicators of underlying ML, FT, or PF activities
• Designing workflow, role clarity, task allocation, and task escalation for managing cases with IVTS/ hawala transactions
• Ensuring timely filing of SAR/STRs with UAE FIU through goAML portal when illegal IVTS/ hawala red flags are detected

Download this Informal Value Transfer System (IVTS) Transaction Risk Assessment Checklist for AML/CFT, whether you are in Dubai Silicon Oasis (DSO), ADGM, Ras Al Khaimah Economic Zone (RAKEZ), or DMCC to align your regulated with realistic IVTS or illegal hawala detection red-flags and assess your business’s readiness to mitigate illicit IVTS or hawala risk to combat ML, FT, and PF risks.