Workflow Templates: Anti-Money Laundering Compliance Checklist

Risk Assessment

Conduct a thorough risk assessment of the business to identify potential areas of vulnerability to money laundering activities.

Update the risk assessment regularly, at least annually, or when there are significant changes to the business, its customers, or the regulatory environment.

Document the risk assessment process, including the methodology used, risk scoring, and any findings or decisions made.

Policies, Procedures, and Controls

Develop and implement written anti-money laundering (AML) policies and procedures that are compliant with applicable laws and regulations.

Establish internal controls to prevent, detect, and report suspicious activities, including the appointment of a compliance officer.

Ensure that AML policies, procedures, and controls are communicated to all employees and are easily accessible for reference.

Know Your Customer (KYC) and Customer Due Diligence (CDD)

Implement robust KYC and CDD processes to verify the identity of new customers and understand the nature of their business.

Perform enhanced due diligence (EDD) for customers presenting higher risks, such as those who are politically exposed persons (PEPs) or from high-risk countries.

Regularly review and update customer information, especially for high-risk customers, and conduct ongoing monitoring of customer transactions.

Employee Training and Awareness

Provide regular training to employees on AML policies, procedures, and the latest developments in AML regulations.

Evaluate employee understanding and adherence to AML compliance through testing and reviews.

Encourage a culture of compliance by promoting open communication and providing channels for employees to report suspicious activities.

Record Keeping and Reporting

Maintain comprehensive records of all customer identification documents, transactions, and AML compliance efforts for a minimum period as required by law.

File reports of suspicious activities to the relevant authorities in a timely manner, as mandated by applicable AML regulations.

Ensure that all AML-related records and reports are easily accessible for examination by internal auditors or regulatory inspectors.

Independent Testing and Audits

Conduct independent testing of the AML compliance program to evaluate its effectiveness and identify areas for improvement.

Engage an external auditor or a third-party professional with AML expertise to perform periodic audits of the AML compliance program.

Review and act on the findings and recommendations from independent tests and audits to enhance the AML compliance program.

Template Library Home

Anti-Money Laundering Compliance Checklist

Risk Assessment

Policies, Procedures, and Controls

Know Your Customer (KYC) and Customer Due Diligence (CDD)

Employee Training and Awareness

Record Keeping and Reporting

Independent Testing and Audits

Use this template in Manifestly

Template Library Home

Anti-Money Laundering Compliance Checklist

Risk Assessment

Policies, Procedures, and Controls

Know Your Customer (KYC) and Customer Due Diligence (CDD)

Employee Training and Awareness

Record Keeping and Reporting

Independent Testing and Audits

Use this template in Manifestly

Ready to take control of your recurring tasks?