Anti-money laundering is a general term that refers to legislation, regulations, requirements and rules on preventing terrorist financing, money laundering and criminal activities relating to money and transactions. Firms with obligations under these rules (i.e. the Money Laundering Regulations (MLR17) in the UK), are expected to put controls, tools and policies into place to identify and assess the risks associated with money laundering and utilise procedures for minimising and monitoring those risks.
An AML Policy should provide objectives, procedures and controls for the company, employees and third-parties to understand and follow and should detail how you identify, assess and monitor those risks associated with financial crime.
For those firms looking for a ready to use, fully customisable Anti Money Laundering Policy Template, our basic pack comes with a 28-page AML Policy; AML Risk Assessment Procedures and a MLRO Report Template.
If you are looking to maximise your AML compliance program or do not already have due diligence and risk assessment policies in place, our Anti Money Laundering Toolkit provides a complete approach to AML compliance.