Creating a comprehensive Anti-Money Laundering program doesn't have to be an overwhelming task. We at Complok have helped several financial institutions establish their AML program. Today we are happy to share our knowledge by offering a free template to organise all your business's AML-related politics, procedures, and control principles.
The first step in establishing a successful AML program is identifying your business's risks. The risk assessment process will help you determine which areas of your business are most vulnerable to money laundering and terrorist financing, as well as where there may be gaps or weaknesses in your current controls. You can use this information to develop a strategy for implementing effective anti-money laundering procedures.
In addition to the business's Risk Assessment, the AML program must include the following:
AML Policy and relevant Procedures
Risk Appetite Statement
Know Your Customer (KYC) principles and Customer Risk Scoring
Customer Due Diligence (CDD) measures High-Risk Customer Evaluation Form
Sanction Screening and Transaction Monitoring program
IT Tools Description
Audit and Quality Assurance
Please don't hesitate to contact us to get the free template in editable format via email@example.com