A Compliance Program (CP) is a manual that contains the internal policies and procedures of a listed business. The Know Your Customer (KYC) forms are attached as appendices to the compliance program.
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What are the key elements of a Compliance Program?
The staring point is that there must be a risk based approach in the Anti-Money Laundering (AML) Compliance Program.
The four (4) pillars of an effective Anti-Money Laundering (AML) Compliance Program are:
- The development of internal policies, procedures, and related controls;
- The designation of a competent and qualified Compliance Officer;
- Ongoing AML training for all staff, directors of the listed business;
- Independent review of the Compliance Framework by a competent and qualified AML auditor.
About the Author: Antoinette Sydney LLB LEC CAMLFC CFRMP, Bar No. SYA2015211, Attorney at Law. The author is the first Online Lawyer based in Trinidad and Tobago. SHE IS A LECTURER AT THE ARTHUR LOK JACK GLOBAL SCHOOL OF BUSINESS IN TRINIDAD. She has clients in Guyana, St Vincent, Barbados, the British Virgin Islands and North America. She specializes in Corporate Law and Anti-Money Laundering Compliance. She helps clients to start their Online Business Empire.
ANTOINETTE SYDNEY LAW OFFICE: MONTROSE MAIN ROAD CHAGUANAS, TRINIDAD AND TOBAGO
Call/Whatsapp to book an appointment 868 373-1166. Consultation fee is $300 TTD per hour.
I am a Certified Professional in the following areas:
Anti-Money Laundering and Financial Crimes;
Fraud Risk Management;
Anti-Money Laundering (AML) Training for staff, directors;
Anti-Money Laundering Audits;
Compliance Program drafting;
Consulting services and much more.
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