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.
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