Compliance as a Service

Compliance as a Service

Narvi’s full scope of services includes the following

• Existing documentation review.An AML expert will read all your AML documentation (AML policy, risk assessment and compliance operations procedures). After this, feedback will be given on what areas need improvement based on regulatory requirements from the European Directives, FATF, and local requirements. This feedback will allow the client to identify areas of weakness in their control.
• Drafting of your AML policy if not already available.If the client’s business is considerably recent and no AML policy has been drafted yet, or else it is incomplete or brought in from an entity overseas, this document will require substantial work potentially end to end. Narvi will facilitate this process by drafting this document for you, based on your jurisdiction and service scope.
• Comprehensive improvement recommendations and specific actionable guidelines.Connected to “Existing documentation review”, if this service is also offered, Narvi will provide the client with all the specific information and controls that should be added to the existing AML program, and ensure detailed information with an action plan is shared with the client during this process. The advantage of this additional service is that the client does not need to do their research on work to figure out how to remediate the weaknesses, as Narvi will provide a detailed plan for the client to execute.
• Consultation with an AML expert (up to 15 hours available for call/video call). An AML expert from Narvi’s team will be available to discuss any topics with the client. This may include not only discussions around the feedback given to the client on documentation and improvements but also ad-hoc Q&As if the client wishes to acquire certain compliance expertise in the form of consultation. The AML expert in charge of this service has years of experience working not only as a compliance senior manager in Fintech companies but also in the field of independent consulting to AML-regulated institutions.
• AML training for all your relevant staff. Narvi’s AML team will train the client’s customer-facing staff (including compliance), based on the jurisdiction of operations, type of services provided, and level of expertise available on the client’s end. In other words, Narvi will study the client’s business and tailor specific training relevant to them.
• Advising on ongoing compliance matters (i.e. helping you deal with regulatory inquiries, as well as banking partnership compliance inquiries or additional requirements). If the client is facing audit-related inquiries, as well as potential inquiries from a regulator or banking partners, Narvi will use their expertise and experience in these matters to assist the client in adequately and effectively tackling these inquiries to ensure a successful outcome.
• Developing compliance operational solutions for your business. Including a fully compliant and cost-effective onboarding, screening, and monitoring process. If the client has not yet built their compliance controls - onboarding journey and verification & screening controls, monitoring-, Narvi will help the client to build them. This will include advisory on the compliance requirements and process to perform these tasks and how to build such processes.
• Advising on internal tools development for customer monitoring and ongoing due diligence.Narvi will, based on the client’s business model, budget and current stage, advise on the most cost-efficient compliance tools at the internal level. Namely, building internal transaction monitoring catering to the specific client’s services and expected customer segments, as well as relevant ongoing due diligence automated controls. Algorithmic rules based on customer segments and types of services will be included in the package.
• Vendor selection advisory: helping your business select the most cost-effective verification and screening vendors for your company size and volumes.Narvi will, based on the client’s business model, budget and current stage, advise on the most cost-efficient compliance vendors around areas where outsourcing is industry standard practice (i.e. Artificial intelligence identification & verification linked to onboarding, or automated screening).