Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What is an Anti-Money Laundering Program?

anti-money laundering program
0
Posted

What is an Anti-Money Laundering Program?

0

An anti-money laundering (AML) program is a set of procedures designed to guard against someone using the firm to facilitate money laundering or terrorist financing. The main components that must be included are: 1) internal policies, procedures, and controls reasonably designed to assure compliance with the Bank Secrecy Act and implementing regulations; 2) appointment of a designated compliance officer to oversee the program’s day-to-day operations; 3) an ongoing training program; and 4) an independent audit. See NFA Compliance Rule 2-9(c) and the Interpretive Notice 9045 for more details.

Related Questions

Thanksgiving questions

*Sadly, we had to bring back ads too. Hopefully more targeted.