Money Exchange, Transfer, and Remittance

On April 1st 2012 the Anti-Money Laundering and Counter Terrorist Financing Ordinance (AMLO) came into effect with the Customer and Excise Department taking over monitoring Money Exchanges. Due to poor oversight of the industry and enforcement of the introduced laws, banks began closing money exchange accounts en masse soon after. Many institutions lack faith in the current standards of the money exchange industry and therefore request independent external Anti-Money Laundering Audits. Consulting companies have jumped on this bandwagon, many handing out AML Audit Certificates without proper understanding of the topic, the industry, or simply in the name of profiteering. Smaller SMEs are usually priced out of AML Audits from the big four accounting firms, who themselves are relatively new to the money exchange industry, lacking knowledge of the inherent risks and therefore not being able to catch many unscrupulous practices.

We at Parv Consulting hope to buck this trend by providing quality services to the money exchange industry, performing meaningful, trustworthy, and affordable AML audits, and helping to educate and communicate with all relevant stakeholders. It is our goal to get everyone on the same page, increase standards to restore confidence in the money exchange industry, and help identify those who are trying to take advantage of the system. Please see below some of our basic services and note that the list and services described are not exhaustive so get in touch if you have any questions.

Money Exchange Licence Application

There are many stages in getting an MSO licence. Let us walk you through each step, help educate you on best practices, and inform you about the industry in general. We can even put you in touch with the correct parties needed for the smooth and successful operation of your business.

AML Policy Creation

Creating an AML policy can be a long, tedious, and an arduous process. It can be challenging to know what should be included, how it should be written, and how to make it look professional. Let us take care of the work for you. We can create a bespoke policy customised for your business that is both practical and professional.

Money Exchange Licence Application

There are many stages in getting an MSO licence. Let us walk you through each step, help educate you on best practices, and inform you about the industry in general. We can even put you in touch with the correct parties needed for the smooth and successful operation of your business.

AML Policy Creation

Creating an AML policy can be a long, tedious, and an arduous process. It can be challenging to know what should be included, how it should be written, and how to make it look professional. Let us take care of the work for you. We can create a bespoke policy customised for your business that is both practical and professional.

AML Policy Implementation

You have a money exchange business but not sure how to integrate an AML policy into your company? We understand the marketing and Information Technology aspect as well so let us help integrate a policy that is all encompassing, feasible, and future proofed for long term relevancy.

AML Policy Maintenance

Tired of maintaining the your company's AML function? Want to focus on your own day to day operations instead? We can help co-ordinate and manage your AML function so you can focus more on your own work. We also provide short term human resource relief for those who need it.

AML Policy Implementation

You have a money exchange business but not sure how to integrate an AML policy into your company? We understand the marketing and Information Technology aspect as well so let us help integrate a policy that is all encompassing, feasible, and future proofed for long term relevancy.

AML Policy Maintenance

Tired of maintaining the your company's AML function? Want to focus on your own day to day operations instead? We can help co-ordinate and manage your AML function so you can focus more on your own work. We also provide short term human resource relief for those who need it.

AML Policy Testing

If we are helping you maintain your AML function, we can conduct an internal AML compliance test. For those whom we are not involved in the day to day operations, we can conduct an external AML audit. This can help identify deficiencies, provide recommendations for improvement, and satisfy external party requests.

Other Related Services

Need to investigate a specific issue or customer? Any bank account related problems? Want us to provide any training? How about host an independent whistle blowing hotline? Have a compliance product that needs testing or requires some feedback on? Get in touch with any requests or questions you might have.

AML Policy Testing

If we are helping you maintain your AML function, we can conduct an internal AML compliance test. For those whom we are not involved in the day to day operations, we can conduct an external AML audit. This can help identify deficiencies, provide recommendations for improvement, and satisfy external party requests.

Other Related Services

Need to investigate a specific issue or customer? Any bank account related problems? Want us to provide any training? How about host an independent whistle blowing hotline? Have a compliance product that needs testing or requires some feedback on? Get in touch with any requests or questions you might have.

Want to become our customer?

1 If you need any help or assistance, we will first require you to fill in our questionnaire so we will have a better idea of what your operations, needs, and requirements are.


2 We will stop by for an on-site visit to get first hand knowledge and see the operations up-close. We will also perform checks on operation and compliance systems if required.


Our focus.

3 This is when we prepare a quote for our services, indicating what we can offer, the terms, and costs associated. If agreed, we will prepare a contract for your signature.