AML Basics
Laws, policies, and procedures designed to prevent criminals from disguising illegal funds as legitimate income.
What is Anti Money Laundering (AML)
All Staff,management and the Board of Directors who shares responsibility for AML/CFT/CPF compliance .
Who is responsible for AML/CFT/CPF compliance?
What is Know Your Customer (KYC)?
Drug trafficking, fraud, human trafficking, corruption, tax evasion, or smuggling.
What are some sources of illegal funds ?
The act of providing or collecting funds to support terrorist activities .
What is Terrorist Financing ?
For a period of at least seven (7) years from the date of the commencement of the account, one off transaction, or end of the business relationship.
How long must SVBLA retain records ?
For high-risk customers or transactions eg.PEP
When is Enhanced Due Diligence (EDD) required .
What is drug trafficking?
What is Customer Due Diligence (CDD) ?
Liable to imprisonment or payment of a fine up to a maximum of $500,000.00
What is the fine for tipping off ?
Unusually large cash deposits or activity inconsistent with a customer’s profile.
Examples of Suspicious activities .
Monitor transactions and report suspicious activity internally .
What is the role of the teller in AML/CFT/CPF ?
What are customer identification procedures?
To protect the association and prevent crime and terrorism .
Why is AML important ?
Fines,Penalties,reputational damage or legal action.
What happens if AML rules are not followed ?