Anti-Money Laundering Compliance Program
to consider when setting up an AML compliance program
managing, documenting and following-up any suspicions
your customer and employee
and screening employees
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
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.
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
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