As an AML advisor, I've seen firsthand the impact of robust AML processes.
But what are the “must” processes an AML program should include?
Risk-Based Approach
Policies and Procedures
AML/CFT Compliance Officer
Customer Due Diligence (CDD) and Know Your Customer (KYC)
Transaction Monitoring
Record Keeping
Reporting
Training and Awareness
Independent Audit and Review
Governance and Oversight
To have all that it takes to be compliant, refer to the national AML law and the regulator’s guidance to see the exact requirements.
But let’s see some best practices and examples of each process:
What Each Process is All About
Let’s examine each process separately:
1. Risk-Based Approach
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