Regulated entities must appoint a competent AML compliance officer. The person must be able to manage the AML compliance program, train the AML staff, and file various reports on SONAR.
To ensure the compliance officer’s competency, certain must have skills such as sharp interpretation, analytical mind, and understanding of AML regulations.
In this video, we’ll discuss core as well as the soft skills the compliance officer should own, such as:
- Ability to detect risk scenarios and knowledge to mitigate them.
- Ability to create business-tailored internal AML policy, procedures, and controls (IPPC).
- Skills to promptly spot the red flags and take necessary actions.
- Proficiency in checking transaction monitoring alerts.
- Imparting AML/CFT training
- Implementation of the IPPC
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