Internal AML Policies, Procedures and Controls

It is great when your employees know what to do but in order to achieve effectiveness and reduce the number of mistakes it is important to have written internal policies, procedures and establish controls. When you have written procedures, your employees can consult them any time to successfully complete their daily tasks. It is also a way to set the minimum standards and leave as little space for interpretations as possible.

The Main Principles for Creating of Internal AML Policies, Procedures

When creating your internal policies, procedures and controls, you should think of:

– simplicity – documentation needs to reflect your action rather than repeat AML law;

– clarity – do not use over-complicated words or structures;

– purpose – what do you want to achieve with the procedure;

– audience – who should follow this procedure;

– timing – when, what and to whom reports should be provided.

We can:

– draft internal policies, procedures and design controls; – review and improve existing policies, procedures and controls.

More services:

Know Your Customer (KYC)

ML / TF Risk Assessment

Independent AML Audit and Testing

Compliance Officer and AML Team 

AML Training