For many years AML compliance programs were built on the four internationally known pillars: development of internal policies, procedures and controls, designation of a AML (BSA) officer responsible for the program, relevant training of employees and independent testing.2019-09-16
What are the five pillars of a BSA program?
- Internal Controls.
- Independent Testing.
- The BSA Officer.
- Training.
- Customer Due Diligence.
- Forms.
How many main elements does an AML compliance program have?
The elements include the detection of suspicious activity, risk assessment, internal practices, AML training and independent audits.
Which of these are essential to an effective AML program?
The basic processes in a good AML Compliance Program include: Internal operations regulations. User vetting and processing policies. Account reviews and reconciliations.2020-08-19
What component is the most important element in the prevention of money laundering?
What is enhanced due diligence? What component is the most important element in the prevention of money laundering? Unincorporated entities compared to incorporated, attract an equal standard of due diligence.2018-09-25