New at compliance?Don’t panic ,risk based approach ,common sense and go ahead!Tips from expert-【移投策】
New at compliance?Don’t panic ,risk based approach ,common sense and go ahead!Tips from expert-New at compliance?Don’t panic ,risk based approach ,common sense and go ahead!Tips from expert-【移投策】

New at compliance?Don’t panic ,risk based approach ,common sense and go ahead!Tips from expert

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2017-07-06

A Compliance Officer has a really wide range of duties and keep in mind its a dynamic field. You may find some useful tips from experts herein below.

In the beginning,try to gather as much information of your industry. Afterwards gather the relevant legislative documents and study them carefully and thoroughly.Then draft your Risk Based Approach, it should be approved by the  Management and then
Based on the RBA you can draft your AML program and implement this. Most of the forms used for the CDD Process, Risk Rating, Testing  you should draft them yourself ,based exclusively  on the special features of the industry. You should create friendly forms that your first line of defense can work with.

Where you can find some sample forms for KYC and CDD policies as a guide for your work?

The Basel Committee has some examples attached to the Papers, Wolfsberg as well.  Drafting the forms is something you will get more keen on along the way.

Assess the compliance knowledge within the company you work. By doing this you can work more efficient and minimize certain risks


For the STR you can check with your local FIU


 Check the FATF/GAFI site. Also, FinCEN in the U.S. has some very concise guidance on CDD

The only standard documents in CDD are the Wolfsberg Group questionnaire, the Patriot Act Document and the FATCA


and CRS/DAC2 for 2017(directive of adminstra.


A standard approach may not work as efficiently as a tailor made approach.


Use the board approved risk appetite as your starting point . KYC/CDD go hand in hand, followed by verification and the risk assessments.You should not just try to find  standard forms. It is not just a form filling exercise. It’s very important for the C.O. to understand the client’s needs, the reasons for trading ,needs of the institution, and ensure post transaction or monitoring  is appropriate.
Never forget that a standard approach may not work as efficiently as a tailor made approach.


To conclude, when completing CTFs and SARs, write them the way that would be most useful to law enforcement. Be detailed, organized, chronological, and use simple language by using key words. If you want advice on how to do them better, ask a bank investigator  how to write a report. Their advice will be the best possible advice.




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