anti money laundering

What are the Main Components of an AML Program?

An effective AML program typically includes:
1. Customer Due Diligence (CDD): Verifying the identity of customers and assessing their risk levels.
2. Suspicious Activity Monitoring: Continuously monitoring transactions to detect unusual patterns.
3. Reporting: Filing suspicious activity reports (SARs) to relevant authorities.
4. Record Keeping: Maintaining detailed records of transactions and customer information.
5. Training: Regularly training employees on AML policies and procedures.

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