With the ever strengthening regulatory environment and rise in fine, penalties and prison terms, no one can deny the importance of a strong and well articulated AML & CFT Policy.

Further, the policy should be aligned with the business and operational structure of the Company.

The AML & CFT Policy aims to safeguard the Company against money laundering (ML) and the financing of terrorism. The Policy outlines the principles and minimum standards of internal AML/CFT controls which should be adhered to by the Company to mitigate reputational, regulatory, legal and financial loss risks

A strong AML & CFT policy is also required at the time obtaining license from the regulators in case of registration of a new company.

The document will cover the following essential requirements:

A. Local AML requirements

B. Governance

C. Compliance Committee Charter

D. Roles and Responsibilities

E. Risk Based Approach to KYC & CDD

F. AML & CFT Risk Assessment

G. AML Monitoring Tools & Controls

H. Sanctions Compliance

I. Outsourcing to 3rd Party

J. Training and Awareness

K. Know Your Employee

L. Reporting

M. Records Keeping