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The financial institution's Anti-Money Laundering compliance program must be approved by its board or a senior committee.
The institution is required to have a legal and regulatory compliance program that includes a designated officer responsible for overseeing the AML framework.
The financial institution must develop written policies documenting processes to prevent, detect, and report suspicious transactions.
In addition to government inspections, the institution should have an internal audit function or independent third party assessing AML policies regularly.
The financial institution must have a policy prohibiting accounts or relationships with shell banks.
The institution is required to conduct a risk-based assessment of its customer base and their transactions.
The financial institution must provide AML training to relevant employees covering identification and reporting of suspicious transactions.
