Policy and Procedure:
Develop, implement, and maintain an effective AML compliance framework, including creating and updating policies and procedures.
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Due Diligence:
Conduct Know Your Customer (KYC) and Customer Due Diligence (CDD) on clients, vendors, and other parties to assess risk and ensure compliance.
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Transaction Monitoring:
Monitor and analyze financial transactions to identify suspicious activity, review alerts, and investigate potential red flags.
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Reporting:
Prepare and file regulatory reports, such as Suspicious Activity Reports (SARs), to relevant authorities in a timely manner.
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Training:
Provide regular AML and financial crime risk training to employees to ensure they understand their obligations and best practices.
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Audits:
Prepare for and assist with internal and external audits of the AML program.
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Liaison:
Act as a point of contact for regulators, law enforcement, and Financial Intelligence Units (FIUs).
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Risk Assessment:
Conduct risk assessments to identify potential AML/CFT risks associated with the organization's products, services, and customers.
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Collaboration:
Work with other departments to ensure that compliance procedures are integrated into business processes.