AML OFFICERSTR working Committee

SUBJECTS

Technical aspects Aspects of day-to-day compliance AML Officer duties & responsibility Challenging facing AML Officer Common mistake Management support and commitment of AML

Officer Legal aspects STR statistics Where to find STR working Committee Presentations

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AML OFFICER

Responsible for the day-to-day compliance duties

Must possess the skills, qualifications, and expertise to effectively perform tasks

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ASPECTS OF DAY-TO-DAY COMPLIANCE Authority Independence Expertise Communication

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AML OFFICER DUTIES AND RESPONSIBILITIES

Act as liaison between the bank and regulatory and law enforcement agencies for compliance matters and investigations

Evaluate new products and services to determine the level of risk

Evaluate reports of suspicious/unusual transactions from bank personnel and file Suspicious Activity Reports

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AML OFFICERDUTIES AND RESPONSIBILITIES Report Preparation

monitoring report Reports to senior management, board of

directors and regulatory authorities

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AML OFFICER DUTIES AND RESPONSIBILITIES Advise business units of proposed or pending

regulatory changes Prepare and update policies and procedures

and disseminate information to bank personnel

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AML OFFICER DUTIES AND RESPONSIBILITIES Oversees administrative matters related to

code of conduct and compliance with anti-money laundering and terrorist financing activities

Develop training materials and coordinate anti-money laundering training

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CHALLENGES FACING AML OFFICERS Changing the attitudes of management &

staff Globalization-trying to coordinate compliance

with changes in both local laws and regulations and global convention

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COMMON MISTAKES

Not documenting work Failure to communicate internally to all lines

of business in an institution

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MANAGEMENT SUPPORT AND COMMITMENT FOR AML OFFICERS

Establish a strong compliance plan that is fully implemented and approved by the Board of Directors

Stay informed of compliance efforts, audit reports and any compliance failures with corrective measures instituted

Include regulation compliance within job performance evaluation of bank personnel

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LEGAL ASPECTS DAB Regulation: Responsibilities of Financial Institutions in

the Fight Against Money Laundering and Terrorist Financing Part B — General obligations of financial institutions 1.2.1. Internal controls and compliance

Designate one individual as an “AML Officer” Primary responsible for development & implementation of the anti-

money laundering measures contained in the regulation

A different individual Responsible for auditing the implementation by the AML officers of the

policies & procedures developed Audit function should directly report to the BoS or BoD or to senior

management The report should include examples, of the AML officer’s failure to

implement the AML or CFT measures

Internal Controls Make sure that the necessary reports are filed with the FIU

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STR STATISTICS 0

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WHERE TO FIND STR WORKING COMMITTEE PRESENTATIONS

FinTRACA websitewww.fintraca.gov.af

Section: EventsOngoing Events STR working Committee

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