The perfect AML programme: A ten point guide
21 Feb 2019

Does the ‘perfect’ path to anti-money laundering (AML) exist?

The quest for the perfect plan can be traced back to criminals causing immeasurable damage for many economies through money laundering.

In response, governments are continuously trying to fight back, issuing a raft of rules and penalties for financial institution (FIs) – fines such as HSBC’s $1.9 billion or Commerzbank’s $1.45 billion are a sobering warning for compliance officers globally of just how important AML has become.

This in turn has triggered FIs to come up with various AML programmes to stay safe, or stay alive in some instances (some banks such as Latvia’s ABLV were completely shut down over AML issues).

Over the years, some AML programmes have proven to be effective, others, however, were so bad that they landed the bank in hot trouble with regulators – in such cases, banks were hit with the fines that their AML programmes were created to avoid.

With that in mind, it is very important to articulate a sound AML programme.

Here’s a ten step guide to achieving an effective AML programme, which could prove useful in staying compliant and warding off those petrifying fines.

Image: StartUp Stock Photos

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