Results for tag “AML

AML

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Best Practices

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Compliance

Setting Up an AML Compliance Program Part II: Know Your Customer

We started this series by providing a framework for assessing the risks of money laundering that your financial institution faces. We recommend reading through that framework if you haven’t already. Once you have assessed your unique risks, you’ll want to work through each of the five pillars of a strong AML program: 1. Assess Risk 2. Know-Your-Customer (KYC) 3. Monitoring 4. Investigations 5. Reports This post focuses on the second: the Know Your Customer practice area. Thanks to

May 05, 2021

AML

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Best Practices

Setting Up an Anti-Money Laundering Compliance Program? Part I: Start Here

Part I of Setting Up an AML Compliance Program. There’s a moment of reckoning when a company determines—even though it may not be a bank—that it needs to put an anti-money laundering (AML) compliance program into place. This situation arises when fintech startups and other non-bank financial institutions offer products and services that fall under Bank Secrecy Act / Anti-Money Laundering (BSA/AML) regulation. Or, often the case, when a regulated bank requires an AML compliance program from

April 08, 2021