Trade Finance Forum › Forums › Market Regulations › Compliance › What are the key components of a comprehensive compliance program for financial › Reply To: What are the key components of a comprehensive compliance program for financial
January 23, 2023 at 5:09 am
#1884

Participant
Hello,
Financial institutions are required to meet five pillars to ensure an adequate Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) compliance program:
- Written policies and procedures
- A designated BSA/AML compliance office
- Independent testing of the institution’s compliance program
- Implementation of an adequate employee training program
- The establishment of a risk-based, customer due-diligence procedure
Hope this answers your question.
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