Video on Elements of AML Compliance Officer's Report

Video on Elements of AML Compliance Officer's Report

The senior management of a regulated entity must know the status of its AML compliance. Further, regulated entities are required by law to take a risk-based approach to counter ML/TF. It is the senior management that will decide if the ML/TF risks are acceptable, considering their risk appetite. It is imperative for the compliance officers to prepare periodic reports for the senior management to comply with regulatory requirements and ensure that the proper risk management practices are in place.

An overview of the changes made to the AML rules during the period must be included in this periodic report. Reference to how these modifications impact the business operations of regulated entities is also required.

A synopsis of the key statistics and information about the customer due diligence procedure that was used throughout the period must be provided by the compliance officer.

Senior management has to be informed about the reporting completed on the goAML Portal even though they are not part of the decision-making process when it comes to submitting a Suspicious Transaction Report or Suspicious Activity Report with FIU.

The AML training log is another important component. The AML training program of the company needs to be known to senior management. The Compliance Officer’s corrective measures to close compliance gaps and lessen or mitigate the impact must also be included.

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  • 0:00 Introduction on Elements of AML Compliance Officer’s Report
  • 1:00 Brief about AML regulatory changes
  • 1:23 Statistical Information on CDD
  • 1:55 Statistical Information on transactions related to critical information
  • 2:32 Summary of SAR and STRs filed on goAML Portal
  • 3:26 What is AML training Log?
  • 3:48 Why is it essential to mention the loopholes identified in the AML measures?
  • 4:15 Overall Compliance Status
  • 4:39 Why should the compliance officer include information on additional AML resources?
  • 5:00 Why should the compliance officer seek the senior management feedback?
  • 5:27 Conclusion and regards

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