AML/CFT governance framework for DNFBPs - ADGM Quick Guide

Targeted Financial Sanctions (TFS) - ADGM Quick Guide for DNFBPs

AML/CFT governance framework for DNFBPs- ADGM Quick Guide highlights the significance of the robust AML governance framework and elaborates on its core components. 

Essential pillars of an effective AML/CFT governance framework

  • Governance  
  • Systems and Controls  
  • AML training 
  • AML Documentation and reporting  
  • AML audit. 

It gives detailed insight into every AML/CFT governance framework aspect.  

Under governance, it explains the important points such as: 

  • Establishing clear roles and responsibilities  
  • Developing an adequate training program for your staff 
  • Updating senior management  
  • Testing program for checking the controls’ effectiveness 
  • Developing and maintaining a reporting system 

Similarly, it gives information on how to implement adequate systems and controls in your firm. Moreover, it gives insight into different elements of AML training, such as providing information to employees regarding AML/CFT laws and regulations, policies, procedures, systems, and control. It also explains the day-to-day employee activities and reporting tasks.  

Besides that, the guide explains what transaction records, CDD records, and training records must be maintained and the reporting obligations.  

Lastly, it explains the requirements and scope of the audit and the factors that determine the frequency and extent of the audit.  

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