ARE YOU READY AS A FILING AGENT FOR AML CTF GUIDELINES WEF
8 JUNE 2015?
For Policy & Framework
DO YOU:
- Have a IPPC document
- Have a Risk Assessment framework
- Have a control structure & tracking for all CDD
- Have a screening database encompassing FATF, TOSFA, IM-TD, MAS sanction list, ICIJ etc
- Have proper guidance for documentation for screening
- Have a STR reporting structure
- Have an internal communication channel for all IPPC
- Have a AML CTF training programme
For Execution and Documentation
DO YOU:
- Perform risk assessment for all customer based on specific risk factors relevant to your business & customer profile
- Perform AML CTF procedures according to the assessed risk of CDD from simplified to enhanced
- Have a control structure & tracking for all CDD
- Have proper guidance for documentation for screening
- Have a STR reporting structure
- Perform source of funds and wealth for PEP
- Perform effective testing of your AML CTF procedures
If you are unsure, do not wait. Non-compliance will lead to disruption of your business, adverse reputation risk and devastating enforcement actions against regulatory breaches.
