What are the key components of a comprehensive compliance program for financial

[Rasvya Banu]

What are the key components of a comprehensive compliance program for financial institutions?

[John Babu]

Hello,
Financial institutions are required to meet five pillars to ensure an adequate Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) compliance program:

1. Written policies and procedures
2. A designated BSA/AML compliance office
3. Independent testing of the institution’s compliance program
4. Implementation of an adequate employee training program
5. The establishment of a risk-based, customer due-diligence procedure

Hope this answers your question.

[Allen Paul]

The following are the Core Elements of an Effective Compliance Program

1. Written policies and procedures
2. Designated compliance officer and compliance committee
3. Effective training and education
4. Effective lines of communication
5. Internal monitoring and auditing
6. Enforcement of standards through well-publicized disciplinary guidelines
7. Prompt response to detected problems through corrective actions

[Author]

Posts