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AML Officer

AML Officer. STR working Committee. Subjects. Technical aspects Aspects of day-to-day compliance AML Officer duties & responsibility Challenging facing AML Officer Common mistake Management support and commitment of AML Officer Legal aspects STR statistics

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AML Officer

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  1. AML Officer STR working Committee

  2. Subjects • Technical aspects • Aspects of day-to-day compliance • AML Officer duties & responsibility • Challenging facing AML Officer • Common mistake • Management support and commitment of AML Officer • Legal aspects • STR statistics • Where to find STR working Committee Presentations STR Working Committee

  3. AML Officer • Responsible for the day-to-day compliance duties • Must possess the skills, qualifications, and expertise to effectively perform tasks STR Working Committee

  4. Aspects of Day-to-Day Compliance • Authority • Independence • Expertise • Communication STR Working Committee

  5. AML Officer Duties and Responsibilities • Act as liaison between the bank and regulatory and law enforcement agencies for compliance matters and investigations • Evaluate new products and services to determine the level of risk • Evaluate reports of suspicious/unusual transactions from bank personnel and file Suspicious Activity Reports STR Working Committee

  6. AML OfficerDuties and Responsibilities • Report Preparation • monitoring report • Reports to senior management, board of directors and regulatory authorities STR Working Committee

  7. AML Officer Duties and Responsibilities • Advise business units of proposed or pending regulatory changes • Prepare and update policies and procedures and disseminate information to bank personnel STR Working Committee

  8. AML Officer Duties and Responsibilities • Oversees administrative matters related to code of conduct and compliance with anti-money laundering and terrorist financing activities • Develop training materials and coordinate anti-money laundering training STR Working Committee

  9. Challenges Facing AML Officers • Changing the attitudes of management & staff • Globalization-trying to coordinate compliance with changes in both local laws and regulations and global convention STR Working Committee

  10. Common Mistakes • Not documenting work • Failure to communicate internally to all lines of business in an institution STR Working Committee

  11. Management Support and Commitment for AML Officers • Establish a strong compliance plan that is fully implemented and approved by the Board of Directors • Stay informed of compliance efforts, audit reports and any compliance failures with corrective measures instituted • Include regulation compliance within job performance evaluation of bank personnel STR Working Committee

  12. Legal aspects • DAB Regulation: Responsibilities of Financial Institutions in the Fight Against Money Laundering and Terrorist Financing • Part B — General obligations of financial institutions • 1.2.1. Internal controls and compliance • Designate one individual as an “AML Officer” • Primary responsible for development & implementation of the anti-money laundering measures contained in the regulation • A different individual • Responsible for auditing the implementation by the AML officers of the policies & procedures developed • Audit function should directly report to the BoS or BoD or to senior management • The report should include examples, of the AML officer’s failure to implement the AML or CFT measures • Internal Controls • Make sure that the necessary reports are filed with the FIU STR Working Committee

  13. STR Statistics STR Working Committee

  14. Where to find STR working Committee Presentations • FinTRACA website www.fintraca.gov.af Section: Events Ongoing Events STR working Committee STR Working Committee

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