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You are viewing ARCHIVED CONTENT released online between 1 April 2010 and 24 August 2018 or content that has been selectively archived and is no longer active. Content in this archive is NOT UPDATED, and links may not function.By Michael Volkov
Unlike some other risk assessments in the compliance field, there is value to conducting a risk assessment in the Anti-Money Laundering (AML) space. Looking at geography, business and individual relationships, and numerous product lines, the risk assessment can help to organize risks, focus on measurement and look at remediation. The exact design and tailoring of the compliance program should be laid on a foundation created by the risk assessment.
The 10 key elements include:
Board and CEO commitment to AML compliance program: Too many financial institutions suffer from poor tone-at-the-top because of competing demands and lack of commitment. The Board and CEO commitment, means more than just lip service; it means real hands-on dedication, communication and the personal touch to ensure that every business person views compliance as part of their duties and not just the compliance department.
Read the complete article at: Ten Key Elements of an AML Compliance Program