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Anti Money Laundering Procedures (AMLs) and Annual AML Review

It’s that time of year again when Firms start putting together the “year end list” of things to do. One of the major items that is overlooked are the Firm’s Anti Money Laundering Procedures, (AMLs) as well as the annual review by an independent outside auditor.

A lot of compliance and operations personnel don’t fully appreciate the serious nature of preventing money laundering. A common misconception is “how is a client laundering money by risking it in the stock market” or “we got all of the paperwork.” This attitude leads to an environment where supervisors are not even paying attention to simple “patterns” that would indicate a potential violation.
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