Dies ist ein Forum in der Kategorie » Anti-money laundering (AML) policy

Basic Principles of AML Policy
Although AML policy may differ from bank to bank, the main principles are common customer due diligence (CDD) procedures based on know-your-client principles. The due diligence process is based on the information provided by the customer in the questionnaire. This questionnaire needs to be updated frequently. If the person transfers funds that significantly exceed the stated cash flow, the bank may ask additional questions to verify the purpose of that transfer. If the company changes the business profile, it must inform the bank. Additionally, when collaborating with a new company, the company must notify the bank to ensure a smooth transfer process. Typically, banks or other large financial institutions have a dedicated department that challenges AML. This department is called the Legal Compliance Department.

AML and customer due diligence definitely impact customer privacy. However, the purpose of the investigation is based solely on protecting public interests and preventing financial crime and supporting terrorism. Consequently, a lack of research would seriously jeopardize the internal market of the European Union.

AML policy objectives
The AML Policy was introduced with the ultimate goal of providing a general framework to combat money laundering, terrorism, corruption and other financial crimes. The other goal is to protect the community from the legalization of money and ensure that the organization is compliant with relevant laws and regulations.

By adopting an AML policy, the plan is to provide a transparent and accountable cash flow that needs to be maintained to prevent terrorist financing and control its use by suspected terrorist and criminal groups, as well as their own financial resources. Full transparency and traceability of money transfers is an important and valuable mechanism in the prevention, identification and investigation of money laundering and terrorist financing. If the bank detects a suspicious transaction, it can freeze the funds until the customer provides a reason.