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5 key strategies for your AML program

Simone Jones | March 7, 2017

Maturing international frameworks, coupled with national and regulatory demands, mean a firm’s AML framework has never been higher priority or profile. An AML program is not simply a manual or a piece of paper, but a number of key features that work in conjunction to safeguard a firm from being used to launder the proceeds of crime.

Here are five key strategy elements which should be considered as part of an AML program.

Risk appetite. A firm’s risk appetite sets the foundation of the AML program. Simply, risk appetite is the level of risk that a firm is willing to take in order to meet its strategic and commercial objectives.

Risk appetite will be different for each organisation and will be steered by the board. It will be dependent on the sector in which the firm operates and its expertise. A small domestic bank only serving U.S. customers will not have the same risk appetite as a money service bureau whose main customers are migrant... To get the full story, subscribe now.