Anti-Money Laundering Compliance Program

Covers:

  • What to consider when setting up an AML compliance program

  • Assessing risk

  • Identifying, managing, documenting and following-up any suspicions

  • Knowing your customer and employee

  • Auditing your program

  • Training and screening employees

Main aim is to protect the organisation from money laundering & terrorist financing, plus ensure compliance with all relevant laws and regulations by setting standards and policies for the organisation.

It should be risk based – not all products and services, geographic regions, and customer types, and thus not all areas of the business pose the same risk of money laundering. Greater risks require greater controls. New products and services should be evaluated for risk and any necessary controls implemented prior to launch.

The AML function can be stand-alone, or combined with other compliance duties, but must have a centralised aspect to ensure consistency. It should also address corporate governance and overall oversight.



Next Topic: Assessing Risk and Developing a Risk Scoring Model

Previous Topic: Chronological AML Developments

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