Designated compliance officer with day-to-day oversight of the program
departments are just one person, others are split into strategic and
operational (i.e. monitoring and reporting) aspects.
implementing, and changing the AML program
successes and failures to management
current with regulatory & legal changes
subgroups in the department could include:
– which monitor automated alerts and referrals from other staff,
Support – performs CDD on higher risk clients, acts as a point of
contact for queries
– reviews and updates the program and associated procedures,
monitors the legal and regulatory environment. Coordinates
regulatory exams with the business. May also prepare training and
provide guidance on complex AML issues.
addition, within the business, there are AML activities where there
is customer contact e.g. CDD.
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