Category:
AML/CFT Policies Controls And Procedures PCPs
The documented PCPs should provide a clear approach on how the reporting person shall fulfil its AML/CFT obligations under the relevant Acts, Regulations and Guidelines. These include, amongst others:
- Risk Assessment, Mitigation & Monitoring;
- Customer Due Diligence, including identification of Beneficial Owners;
- Dealing with High-Risk relationships (e.g. PEPs);
- Role of Key Officers such as Compliance Officer and Money Laundering Reporting Officer (MLRO);
- Suspicious Transaction Reporting;
- UN Sanctions List Screening & Reporting;
- Employee Screening & Training;
- Record Keeping; and
- Independent Audit & Review of PCP