What is the AML compliance process?
The AML compliance process is a series of procedures, laws, and regulations that aim to prevent and mitigate money laundering risks.
It involves multiple practices such as Enterprise-Wide Risk Assessment (EWRA), formulating internal AML policies, procedures and controls, Customer Due Diligence (CDD), Ongoing Monitoring of business relationships and reporting suspicious transactions and activities to relevant regulatory authorities.
For example, in UAE, suspicious activities and transactions about money laundering can be reported through the goAML portal to the UAE Financial Intelligence Unit (FIU).
Check out this article to learn more about establishing an effective AML/CFT framework: Guide To establishing an Effective AML/CFT Framework - AMLUAE
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