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What checks are done for AML?

AML checks require records of all customer due diligence checks that you've executed, and these need to include: Customer identification files. Risk assessments. Your company's policies, controls and procedures. Training records.

What are the 5 pillars of AML?

The key 5 pillars of an AML Program are internal controls, a designated BSA officer, ongoing training, independent testing, and customer due diligence (CDD) \u2013 the newest pillar. Staying on top of BSA compliance and suspicious activity can feel overwhelming.

What are the 3 main factors to consider in determining AML risk?

Key Categories of BSA/AML Risk for Community Banks. Inherent BSA/AML risk falls into three main categories: (1) products and services, (2) customers and entities, and (3) geographic location.

Who can be an independent reviewer?

Any person who is a member in good standing of a relevant recognized professional body and who is qualified as an accounting officer may perform Independent Reviews. Some professional bodies require members to obtain an additional qualification before issuing them with an Independent Review License.

What is an AML independent review?

The primary purpose of the independent review is to monitor the adequacy of the money services business' anti-money laundering program. The review should determine whether the business is operating in compliance with the requirements of the Bank Secrecy Act and the business' own policies and procedures.

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How often does AML need to be completed?

If the firm does not execute transactions with customers or otherwise hold customer accounts or act as an introducing broker with respect to customer accounts (e.g. engages solely in proprietary trading or conducts business only with other broker-dealers), the independent testing is required every two years (on a ...

How many pillars are in BSA?

Understanding the guidance is critical to the implementation of the 5 pillars of BSA.

What does an AML compliance program require?

An Anti-Money Laundering compliance program combines everything a company does to meet the compliance norms: built-in internal operations, user-processing policies, accounts monitoring and detection, and reporting of money laundering incidents.

What is AML compliance check?

What is an Anti-Money Laundering check? An Anti-Money Laundering check is a process your business needs to undertake to prevent Money Laundering activity. An AML check should include Know Your Customer (KYC) procedures so you can prove you know who you are dealing with.

What factors should be considered for assessing customers risk?

The customer risk score is comprised of the three categories of risk: customer characteristics; products, services, activities and behaviors; and geographic risk. Once an inventory of all products and services has been completed, the individual risk factors associated with each one may then be identified.

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