AML Inspection Checklist - What Your Company Should Prepare
If your company falls under Law 129/2019, it's important to be prepared for a possible AML inspection. This AML checklist helps you understand which documents and measures are most frequently checked.
What Is an AML Inspection
An AML inspection verifies whether a company applies its money laundering and terrorist financing prevention obligations. See also: ONPCSB Inspection.
AML Inspection Checklist - What Your Company Should Prepare
1. Internal AML procedures - identification, verification, risk assessment, reporting. 2. AML risk assessment - customer types, services, risks, exposure level. 3. Mandatory AML documents - procedures, risk assessment, KYC policies, staff training records. 4. Customer checks (KYC) - identification, document verification, beneficial owner. 5. Records of checks performed. 6. Staff training records.
Most Common Issues Found During Inspections
Generically copied procedures, outdated risk assessments, incomplete customer checks, missing documentation, and inconsistent application of procedures.
Conclusion
An AML inspection shouldn't be treated as a mere formality. Correct documentation, up-to-date procedures, and well-documented checks reduce risk and help demonstrate compliance.
Comments