AML/KYC Consulting for FinTech Companies

Stage 1: Initial Consultation and Information Gathering

AML/KYC Consultant Actions:

• Conducting an introductory meeting or online consultation with the fintech company to understand the business model, target markets and customer base.
• Analyzing licenses, registration documents and applicable regulatory requirements in the selected jurisdiction (e.g. EU, US, UK, Singapore).
• Collecting and reviewing corporate documents: articles of association, memorandum of association, information on beneficial owners.
• Request information about current KYC/AML processes, technologies used and level of automation.
• Identify key business risks: customer segments, geographic markets, transaction types, cryptocurrency operations (if applicable).
• Align company goals: obtaining a license, optimizing onboarding processes, reducing operational risks or preparing for a regulatory audit.

Stage 2: Risk Assessment and Strategy Development

AML/KYC Consultant Actions:

• Conducting a comprehensive review of the company’s documents, ownership structure, business model, and client onboarding procedures.
• Identifying strengths and weaknesses in the current AML/KYC compliance framework, such as gaps in customer due diligence (CDD), transaction monitoring, or record-keeping.
• Assessing risks by customer segment, transaction type, geographical exposure, and the use of innovative technologies (including crypto assets, e-wallets, or cross-border payments).
• Developing a tailored compliance strategy aligned with applicable laws and regulatory expectations (e.g., FATF standards, EU AML directives, FinCEN rules).
• Creating a step-by-step roadmap: updating internal policies, enhancing KYC procedures, adopting regtech solutions, and training staff.
• Providing recommendations to strengthen the company’s compliance posture and mitigate regulatory or reputational risks.

Stage 3: Implementation and Ongoing Support

AML/KYC Consultant Actions:

1. Assisting with the practical implementation of AML/KYC policies, customer onboarding processes, and compliance manuals.
2. Supporting integration of automated compliance tools, transaction monitoring systems, and customer screening software (e.g., sanctions/PEP checks).
3. Coordinating training sessions and workshops for compliance staff, customer service teams, and senior management on AML/KYC obligations.
4. Monitoring regulatory updates and ensuring the company’s compliance framework remains aligned with evolving laws and international standards.
5. Providing ongoing advisory services, periodic risk reviews, and independent audits of AML/KYC processes.
6. Representing the company in communications with regulators, auditors, and banking partners, if necessary.

Timeframe:

• 2–4 months — for initial implementation and system setup.
• Continuous support — available through ongoing advisory agreements (quarterly or annual compliance packages).

Estimated Cost:

1. $3,000–$10,000 — for initial setup and implementation (depending on company size and complexity).
2. $1,000–$5,000 per month — for ongoing compliance support, monitoring, and advisory services.