What is the role of an Anti-Money Laundering Compliance Officer?
The Anti-Money Laundering (AML) Officer is responsible for the overall development and implementation of the banks AML program. This position is appointed by the board of directors and the program must be approved by them annually. The AML Officer is expected to monitor changes in the AML regulations, notify employees of those changes and make the necessary changes to the AML program. In order to have a good AML program, the AML Officer must develop and maintain adequate policies and procedures, oversee the transactional monitoring function to detect suspicious activity, ensure timely and accurate filing of required reports, conduct training and work closely with regulators.
Related Questions
- Can the Compliance Officer, Money Laundering Reporting Officer and the Money Laundering Compliance Officer carry out operational activities within a money service business?
- IS THE LAW SOCIETY/BAR ASSOCIATION INVOLVED IN SUPERVISING OR ENFORCING COMPLIANCE WITH ANTI-MONEY LAUNDERING REGULATIONS?
- What is the role of an Anti-Money Laundering Compliance Officer?
