#QuickBiteCompliance Day 1
Today, let’s dive into the world of AML (Anti-Money Laundering). So what is AML? AML controls play a crucial role in preventing financial criminals from disguising illicit funds as legitimate ones. It is essential for financial institutions and regulated entities to have a strong program in place to detect, prevent, and report money laundering activities.
Key components of an effective anti-money laundering program include:
– Written internal policies, procedures, and controls
– Appointing a designated AML compliance officer
– Providing ongoing training to employees
– Conducting independent reviews to assess and strengthen the program
Stay informed and compliant with these essential elements of AML to uphold financial integrity and combat illicit financial activities. #InclusiveRegtech #OneBitATime
Source: https://www.acams.org/en/resources/aml-glossary-of-terms#a-9799feca
