Anti-Money Laundering Compliance Checklist

A checklist to ensure compliance with Anti-Money Laundering (AML) regulations.

0 of 9 tasks completed

Estimated time: 45-60 min

Time spent: 0 min

Implement Know Your Customer (KYC) procedures.

Verify customer identities and assess their risk profiles.

00:00:00

KYC 10 min

Conduct customer risk assessments to identify high-risk customers.

Consider factors such as customer type, geographic location, and transaction volume.

00:00:00

Risk Assessment 5 min

Establish ongoing monitoring of customer activity for suspicious transactions.

Use transaction monitoring systems to detect unusual patterns.

00:00:00

Ongoing Monitoring 5 min

Implement a transaction monitoring system to detect suspicious activity.

Set thresholds and alerts for unusual transactions.

00:00:00

System 10 min

Establish procedures for reporting suspicious transactions to the appropriate authorities.

File Suspicious Activity Reports (SARs) as required.

00:00:00

Reporting 5 min

Maintain accurate records of all transactions and customer interactions.

Retain records for the required retention period.

00:00:00

Record Keeping 5 min

Develop a written AML compliance program that outlines policies and procedures.

Include information on CDD, transaction monitoring, and employee training.

00:00:00

Policy 10 min

Provide regular AML training to all relevant employees.

Educate employees on AML regulations and companys policies.

00:00:00

Training 5 min

Conduct independent audits of the AML compliance program on a regular basis.

Ensure the program is effective and up-to-date.

00:00:00

Independent Audit 5 min

Task completed!