Tagged: AML risk assessment

Incorporating AML Compliance Into a Compliance Program (Part III of III)

Global companies should implement an AML program and KYC practices that follow the general outline for best practices, though it does not need to be as rigorous as a financial institution.  For most companies, AML risks can be addressed in existing policies and procedures and would not require extensive additions to a compliance program. However, a company has to document its risk assessment, mitigation strategies...

Anti-Money Laundering Risks for Global Companies (Part I of III)

Non-financial institution companies operating in the global marketplace face ever-increasing risks of money laundering. Sophisticated criminal organizations have developed their own mechanisms and strategies to skirt money laundering rules and regulations. The Justice Department has targeted transnational organized crime for investigation and prosecution. As a consequence, non-financial institutions have to examine their policies and procedures to protect against handling proceeds of criminal activity or otherwise...