| Description |
Dhanlaxmi Bank (RFP) – Money Laundering and Terrorist Financing (ML/TF) Risk Assessment
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Compliance Department
Corporate Office
Dhanlaxmi Bank Limited
Punkunnam, Thrissur, Kerala - 680002
RFP No: DLB_COMP/ RFP/ 2023-24/002 Dated March 05, 2024
Request for Proposal (RFP) - Money Laundering and Terrorist Financing (ML/TF) Risk
Assessment
1. Introduction: Dhanlaxmi Bank, a leading financial institution in India, is seeking
proposals from qualified firms/ consultants to conduct a comprehensive Money
Laundering and Terrorist Financing (ML/TF) Risk Assessment in alignment with the
requirements outlined in Section 5 A of the RBI Master Direction - Know Your Customer
(KYC) Direction, 2016 (RBI/DBR/2015-16/18 Master Direction
DBR.AML.BC.No.81/14.01.001/2015-16).
2. Background: Dhanlaxmi Bank is committed to maintaining the highest compliance
standards with regulatory requirements. As per the RBI circular mentioned above, we
must conduct a comprehensive Money Laundering and Terrorist Financing (ML/TF)
Risk Assessment to ensure its effectiveness and identify any areas for improvement.
3. Objectives: The primary objectives of this review are as follows:
Evaluate the adequacy and effectiveness of our AML CFT Framework
Assess the level of compliance with the guidelines provided by the RBI.
Identify any gaps or deficiencies in our existing AML CFT Framework.
Provide recommendations for enhancing the program's efficiency and
effectiveness.
Produce a comprehensive report outlining the findings, conclusions, and
recommendations.
Dhanlaxmi Bank (RFP) – Money Laundering and Terrorist Financing (ML/TF) Risk Assessment
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4. Scope of Work: The scope of work for this engagement includes, but is not limited to,
the following:
Identify, assess, and mitigate ML/ TF risks across various dimensions of our
operations.
Consider all relevant risk factors to determine the overall risk level and appropriate
mitigation strategies.
Incorporate sector-specific vulnerabilities shared by regulators/supervisors.
Document the risk assessment process, ensuring proportionality to our institution's
nature, size, geographical presence, and complexity.
Review existing policies, controls, procedures, Customer Due Diligence (CDD)
program, risk mitigation strategies, monitoring mechanisms, and AML alert
optimization.
Based on the assessment findings, provide recommendations for enhancing our AML/
CFT framework.
5. Proposal Submission: Interested firms/ consultants are requested to submit the
following documents as part of their proposal:
Company profile, including relevant experience in conducting similar reviews
for banks or financial institutions.
Details of the proposed methodology and approach for conducting the review.
Proposed project timeline, including key milestones and deliverables.
Team composition and qualifications of key personnel involved.
Cost estimate for the review, including any applicable taxes or expenses.
6. Deliverables:
The ML/ TF Risk Assessment Report includes findings, recommendations, and
action plans.
Documentation of the assessment process and methodology.
Presentation of assessment results to relevant stakeholders.
7. Timeline: The following timeline outlines the key milestones for this engagement:
Dhanlaxmi Bank (RFP) – Money Laundering and Terrorist Financing (ML/TF) Risk Assessment
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RFP Issuance Date: March 07, 2024
Proposal Submission Deadline: March 15, 2024
Evaluation and Selection of Vendor: March 20, 2024
Project Commencement Date: April 01, 2024
Project Completion Date: April 30, 2024
Please note that the timeline provided is tentative and subject to change based on the
evaluation process.
8. Evaluation Criteria: The proposals received will be evaluated based on the following
criteria:
Relevant experience and expertise in ML/ TF risk assessment.
Methodology proposed for conducting the assessment.
Understanding of regulatory requirements and industry best practices.
Cost-effectiveness of the proposed solution.
Timeliness and quality of deliverables.
9. Proposal Submission Details: Interested consultants are requested to submit their
proposals in writing via email to compliance@dhanbank.co.in by March 15, 2024,
indicating their understanding of the scope of work, proposed methodology, team
composition, relevant experience, and cost estimate.
10. Confidentiality: All information provided in response to this RFP will be treated as
confidential and used solely to evaluate the proposals.
11. Disclaimer: Dhanlaxmi Bank reserves the right to accept or reject any proposal and to
cancel or amend the RFP process at any time. The Bank is not bound to accept the lowest
or any proposal and shall not be liable for any costs incurred by the respondents. |