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Knowledge in AML Compliance Program

The anti-money laundering " compliance program " is built upon systematized knowledge.More knowledge means, more control of the money laundering activities and hence less

money laundering abuses.

AML/CFT principles based on knowledge; principles of knowledge based on information orthe flow of information. Nothing further than that !

Interaction and Signalling Process- Main Factors:a) Information on Human Factors b) Information on Non-Human Factors

1. Know Your Laws and Regulations on ML and TF2. Know Your Economic and Social Consequences of ML and TF3. Know Your Predicate Offences4. Know Your Liabilities on ML and TF5. Know Your Compliance Standards on AML and CFT6. Know Your Corporate Governance on AML Program7. Know Your Compliance Culture and Senior Managements Role 8. Know Your Customer9. Know Your Customer Customer(s)

10. Know Your Employee Program11. Know Your Beneficiary12. Know Your Country13. Know Your Product and Services14. Know Your AML Program Elements15. Know Your Policy, Procedures, Processes16. Know Your Reviewing and Updating- Policy, Procedures, Processes17. Know Your Customer Identification/Verification Program18. Know Your Compliance Officer-Compliance Department19. Know Your Global Risk Management Program for CDD20. Know Your Unusual Transaction Monitoring and Reporting System21. Know Your Risk Profiles22. Know Your Data and Scoring Model23. Know Your Computer Systems and Automated Compliance Solution24. Know Your Risk-Based Assessment25. Know Your Preventive Measures26. Know Your Entity-Wide Risks and Controls

27. Know Your Examination and Investigation28. Know Your Training Program

http://riskbasedaml.blogspot.com/2012/04/knowledge-in-aml-compliance-program.htmlhttp://riskbasedaml.blogspot.com/2012/04/knowledge-in-aml-compliance-program.html

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29. Know Your Documentation30. Know Your Responsibility31. Know Your Record Keeping32. Know Your Internal Reporting

33. Know Your External Reporting (SAR/STR and Cash Transaction Reporting)34. Know Your Suspicious/Unusual Transactions and Activities35. Know Your Red Flags (Indicators) of ML36. Know Your Auditing Program- Independent Testing37. Know Your Risks and Materiality38. Know Your Sanction Lists-Black Lists (National/International Black List)39. Know Your Role, Rights and Responsibilities on Sanctioning Program40. Know Your ML/TF Risks and Vulnerabilities41. Know Your Confidentiality Policy42. Know Your Financial Intelligence Unit43. Know Your Internal/External Communication and Cooperation44. Know Your Internal and External Investigations

Money Laundering is all about distorting the truth. So our task is to use knowledge anddiscover the truth.

Hakan Urem, CAMS