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An anti-money laundering (AML) program is a part of control system in an organisation to protect against money laundering activities by means of organisation. In a sound AML program includes the following:
1. Designing Internal policies and procedures and implementing controls to assure compliance with anti-money laundering laws and other criminal laws.
2. There should be compliance officer who supervises this program, receive information regarding any money laundering activity in the organisation and also reports money laundering activity to authorized bodies.
3. In an organisation there should be training program on ongoing basis to develop the understanding of the working staff
4. External Independent Audit.
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.
Good question. Waiting for the answer.
