A sound AML compliance program requires a comprehensive governance framework that addresses key elements to ensure the integrity of the financial system.
Which element forms the starting point of an effective AML compliance program?
Risk assessment is the foundation of an effective AML compliance program. It enables an organization to identify, understand, and prioritize its exposure to money laundering and terrorist financing risks, which in turn informs the development of appropriate controls, including policies, procedures, and customer due diligence measures.
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