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How to ensure that your AML program is compliant?

Do you want to feel confident that your anti-money laundering policies and procedures are aligned with processes and make sure that you are complying with external laws and regulations?

With the heightened regulative landscape, the expectations of having in place appropriate AML program are higher than ever. When it comes to preventing money laundering, the most crucial part is to understand how external laws and regulations are affecting your operational work and processes. Without proper experience this is might be difficult to assess.

According to AML Law, all Financial Institutions are legally obliged to have an effective AML, CTF & Sanctions program in place. Minimum level of the questions that the program needs to answer are following:

  • have you appointed compliance officer who has a relevant experience?

  • how has your organization established reporting process?

  • how onboarding process is followed,

  • what policies and processes are in place?

  • how often you train your staff?

  • how your sanction program is conducted,

  • do you do PEP and advance media screening?

  • how is your transaction monitoring sanction screening and reporting conducted?

  • whether your risk assessment is up to date and you have defined inherent risk components for risk assessment related to clients, products/services, channels and geography and does it include sanction risk assessment and applying relevant KYC, CDD and EDD measures.

In case you are not sure whether your AML program covers all the requirements and is compliant with the legal framework, we are here to help you. Complok provides comprehensive analyze regarding documented policies and procedures consistent with applicable AML, CTF & Sanctions regulations, and requirements to reasonably prevent, detect and report suspicious activity.

Contact us for more information.

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