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Anti-Money Laundering (AML) Checklist
Customer Due Diligence (CDD)
Verify customer identity using government-issued identification
Collect and document customer information such as name, address, and date of birth
Assess the customer's risk level based on their profile and transaction patterns
Conduct ongoing monitoring of customer transactions to detect unusual activity
Update customer information periodically to ensure accuracy and completeness
Transaction Monitoring
Implement automated systems to flag suspicious transactions
Review flagged transactions promptly to determine if further investigation is needed
Maintain a log of all reviewed transactions and the outcomes of the reviews
Report suspicious activities to the appropriate regulatory authorities
Conduct periodic audits to ensure the effectiveness of transaction monitoring systems
Employee Training and Awareness
Provide regular AML training sessions for all employees
Ensure that training materials are up-to-date with current regulations and best practices
Test employees' understanding of AML procedures through quizzes or assessments
Encourage employees to report suspicious activities through proper channels
Document all training activities and maintain records for compliance purposes
