The provision of effective anti-money laundering (AML) training is essential in helping organizations meet their regulatory obligations and to prevent the negative impacts money laundering and terrorist financing can have on society, the economy, organizations, their customers and employees.
AML legislation was a response to the growth of the financial industry, the lifting of international capital controls and the growing ease of conducting.
An AML risk assessment helps identify the institution’s inherent risk and assesses the effectiveness of its preventative and detective controls and also help understand what conditions increase the chances of a customer’s involvement in money laundering or terrorist financing.
Sanctions are restrictions imposed by international authorities on specific countries, persons, terrorist organisations, and human smugglers in order to force them to change their behaviour where diplomatically impossible.
Customer due diligence (CDD) is required of any business that interacts with customers and is therefore covered by anti-money laundering (AML) regulations. There are different types of CDD, from simplified CDD to enhanced due diligence.
This chapter will talk about whom the senior management includes and the responsibilities of senior management in a Financial Institution and their obligations under the legislation, and also about the importance of training the staff.
Good recordkeeping underpins the provision of good business information. Good recordkeeping helps you to find and share the information you need. This module will touch upon the requirement of record keeping under the legislations.
Complaint handling is a predictable and necessary part of an organization. Errors, misunderstandings, dissatisfaction and unexpected problems occur almost in all administrative systems.
