Developing elements of an AML program_

Select only two of the enterprise-wide AML program components presented below, and develop each component intended for a Financial Institution (bank). An example under advisory is to develop policies & procedures, internal reviews, regulations, etc.

The idea is to provide specific plan/steps/actions the bank could implement, and how that should be reflected (actions) with the employees (management & employees responsibilities).

Financial Institutions face the constant risk to be used by criminals, terrorists, and corrupt politicians to cover their financial tracks from illegally obtained money. Therefore Anti-Money Laundering and Countering Finance Terrorism (AML/CFT) requirements and standards, have been created by international organizations targeting different industries facing the same risks. Canadian and global banks are doubling their efforts to combat financial crime and stem the flow of illicit funds in the global economy. In Canada FINTRAC, law enforcement and regulators play an integral role in combatting money laundering and terrorist financing. One of the most effective ways for financial institutions to have a sound AML/CTF program is by implementing an "Enterprise-Wide AML Program", this is in order to have a thorough understanding of the risks presented by products, services and delivery channels, customer's types, and geographic locations, enabling the institution to identify gaps in its program. The structure below is an example of some of the components a financial institution should integrate and develop to ensure a sound enterprise wide AML Program. Enterprise-Wide AML Program