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Western union independent review checklist

Aml independent review checklist 2025

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The document outlines the requirements for an independent review of anti-money laundering (AML) practices for check cashing businesses. It specifies that each physical location must complete a separate review form, detailing compliance measures, employee training, transaction monitoring, and record-keeping related to AML regulations. The form also requires information about the business's services, employee background checks, and processes for handling large transactions and suspicious activities. The completed forms are to be submitted to the BSA Department of MBOC for evaluation.

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Click ‘Get Form’ to open the aml independent review checklist in the editor.
Begin by entering the Business/Owner’s Name and DBA/Trade Name in the designated fields. This information is crucial for identifying your business.
Fill in the Location Address and specify the number of years your business has operated at this location. This establishes your business's history.
Indicate the days of operation and business hours. This helps assess compliance with operational standards.
Complete sections regarding employee details, including the number of employees and whether files exist for criminal background checks. Provide explanations if necessary.
Answer questions about BSA/AML training, examinations by State/IRS Examiners, and processes for handling transactions, ensuring all responses are thorough and accurate.
Finally, certify the form by signing it digitally within our platform, ensuring all information is true and correct before submission.

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2013	4.7 Satisfied (142 Votes)

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What are AML checks?

An AML Check, or Anti-Money Laundering Check, is a type of identity verification process used to establish whether an individual is involved in money laundering activities. It is a legal requirement for companies to undertake these checks on customers as part of their anti-money laundering compliance efforts.

What is the AML screening list?

AML name screening is a critical component of the AML process. It involves checking the names of individuals or entities against various global databases, such as sanction lists, watchlists, politically exposed persons (PEP) lists, and adverse media reports.

What is needed for an AML check?

Proof of residential address / registered business address. Official photo ID, such as a passport or driving licence. Details of their business or place of employment. Source of business funds.

What is an independent review of AML?

An independent review is an impartial assessment of Part A of your AML/CTF program. It checks that youre complying with your program and that it: properly addresses your money laundering and terrorism financing risks. complies with your legal obligations.

What is an AML check list?

The five pillars of AML Designate a compliance officer. Develop written internal policies. Educate employees. Schedule an independent third-party review. Deploy risk-based procedures for conducting customer due diligence. Start with an AML risk assessment. Set up an AML verification process.

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What is independent testing in AML?

The purpose of independent testing (audit) is to assess the banks compliance with BSA regulatory requirements, relative to its risk profile, and assess the overall adequacy of the BSA/AML compliance program.

What is an AML watchlist?

One of the most important tools in the fight against money laundering and other financial crimes is AML watchlist screening. By regularly checking individuals, businesses, and transactions against official sanction lists, companies can identify and avoid high-risk business relationships.