1. Custom AML/CFT Manual
Businesses must draft a tailored AML Policy Manual that aligns with their business type and size.
- Purpose: Ensures compliance with Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) regulations.
- Key Components: Includes risk assessment, customer due diligence (CDD), transaction monitoring, and reporting obligations.
- Regulatory Compliance: Must adhere to local and international AML/CFT laws to prevent financial crimes.
2. Internal Controls & Escalation Matrix
Companies must define roles, responsibilities, and escalation procedures for handling suspicious activities.
- Roles & Responsibilities: Businesses must assign AML compliance officers to oversee risk management.
- Escalation Procedures: Suspicious transactions must be reported to the Financial Intelligence Unit (FIU) for investigation.
- Monitoring & Reporting: Companies must maintain detailed records and conduct regular audits to ensure compliance.