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AML OFFICER

STR working Committee


SUBJECTS
 Technical aspects

01/11/2009
 Aspects of day-to-day compliance
 AML Officer duties & responsibility

STR Working Committee


 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

01/11/2009
 Responsible for the day-to-day compliance
duties

STR Working Committee


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

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ASPECTS OF DAY-TO-DAY
COMPLIANCE

01/11/2009
 Authority
 Independence

STR Working Committee


 Expertise

 Communication

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AML OFFICER DUTIES AND
RESPONSIBILITIES

01/11/2009
 Act as liaison between the bank and regulatory
and law enforcement agencies for compliance
matters and investigations

STR Working Committee


 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 OFFICER
DUTIES AND RESPONSIBILITIES

01/11/2009
 Report Preparation
 monitoring report

STR Working Committee


 Reports to senior management, board of
directors and regulatory authorities

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AML OFFICER DUTIES AND
RESPONSIBILITIES

01/11/2009
 Advise business units of proposed or pending
regulatory changes

STR Working Committee


 Prepare and update policies and procedures
and disseminate information to bank
personnel

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AML OFFICER DUTIES AND
RESPONSIBILITIES

01/11/2009
 Oversees administrative matters related to
code of conduct and compliance with anti-
money laundering and terrorist financing

STR Working Committee


activities
 Develop training materials and coordinate
anti-money laundering training

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CHALLENGES FACING AML
OFFICERS

01/11/2009
 Changing the attitudes of management &
staff

STR Working Committee


 Globalization-trying to coordinate compliance
with changes in both local laws and
regulations and global convention

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COMMON MISTAKES

01/11/2009
 Not documenting work
 Failure to communicate internally to all lines

STR Working Committee


of business in an institution

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MANAGEMENT SUPPORT AND
COMMITMENT FOR AML OFFICERS

01/11/2009
 Establish a strong compliance plan
that is fully implemented and

STR Working Committee


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 11
LEGAL ASPECTS
 DAB Regulation: Responsibilities of Financial Institutions in the
Fight Against Money Laundering and Terrorist Financing

01/11/2009
 Part B — General obligations of financial institutions
 1.2.1. Internal controls and compliance

 Designate one individual as an “AML Officer”

STR Working Committee


 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 12
01/11/2009 STR Working Committee
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STR STATISTICS
WHERE TO FIND STR WORKING COMMITTEE
PRESENTATIONS

 FinTRACA website

01/11/2009
www.fintraca.gov.af

Section: Events

STR Working Committee


Ongoing Events
STR working Committee

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