Workflow Templates: Anti-Money Laundering (AML) Checklist

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

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

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

Anti-Money Laundering (AML) Checklist