1. Identification and verification of customers
This includes verifying customer identities, understanding the source of funds, and assessing the associated risk levels.
2. Transaction Monitoring
This process monitors all transactions to ensure they are consistent with customer profiles and AML/CFT regulations.
3. Reporting Suspicious Activity
Establishing procedures for reporting suspicious activity is essential for effective compliance with AML/CFT regulations.
4. Risk Assessments
Assessing potential risks related to AML/CFT compliance helps organizations identify any weaknesses or gaps that need to be addressed in order to ensure they remain compliant with applicable regulations.
5. Training Staff on Compliance
Offering staff training on AML/CFT compliance helps ensure that employees are aware of their responsibilities and obligations with respect to AML/CFT regulations.
Maintaining accurate records is essential for effective compliance with AML/CFT regulations. Records should be kept for at least 5 years after the customer’s relationship ends.
7. Internal Reviews
Establishing regular internal reviews helps organizations assess their current level of compliance with AML/CFT regulations and identify any areas that need improving or further development.
8. Third-Party Reviews
Having an independent third-party review the organization's processes, policies, procedures, and controls related to AML/CFT compliance can help provide assurance that they remain compliant with applicable regulations.