Who implements AML programs?
Anti-money laundering (AML) program of an entity regulated under the AML laws of a country is implemented by its staff and management. These include:
• Frontline staff that conducts Know Your Customer process and directly interacts with the customer
• Compliance team which ensures that the business or entity meets all its AML compliance obligations
• AML compliance officer in-charge of the entire AML compliance process and filing the required AML reports with the AML regulatory authorities
• Senior management that makes decisions related to AML compliance and oversees the general AML framework in the business or entity
To learn more, check out our blog on 12 best practices for setting up an AML compliance department: