The Compliance team of DNFBPs plays a critical role in detecting illegal activities like Money Laundering and Terrorism Financing. This infographic outlines an AML compliance checklist for each phase and highlights the tools available to effectively implement and monitor the AML program.
A robust AML Compliance program must include the right tools and processes to protect the organization from high-risk transactions and customers. Key components of an effective AML Compliance program include AML policies and procedures, regular training, the appointment of a Compliance Officer, KYC processes, screening software, transaction monitoring, risk profiling, and reporting suspicious transactions.
AML UAE offers a range of AML compliance services, including the development of AML/CFT policies, controls, and procedures, setting up compliance departments, guidance on selecting screening software, conducting AML/CFT health checks, and performing annual AML/CFT risk assessments.