Introduction:
Establishing an effective AML/CFT compliance program is vital for any business or financial institution to combat financial crime. This article breaks down the steps needed to design a robust program that meets regulatory standards.
A strong compliance program is not just about meeting regulatory requirements—it’s about safeguarding your business and contributing to a secure global financial system.
Main Points:
- Key components of an AML/CFT program
- Understanding customer due diligence (CDD) and enhanced due diligence (EDD)
- Risk-based approach to compliance
- Monitoring, reporting, and internal controls
- Training staff and fostering a culture of compliance
Conclusion:
A strong compliance program is not just about meeting regulatory requirements—it’s about safeguarding your business and contributing to a secure global financial system.
