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04) Does your organisation have a documented set of policies and procedures for managing compliance with all applicable anti-money laundering (AML) laws and regulations, including anti-terrorism financing laws and regulations, within the jurisdictions that you operate?

August 19, 2021
Financial Risk
Anti-money laundering

Answer yes if your organisation has an established and documented framework for maintaining anti-money laundering compliance with all applicable laws and regulations. Please upload (as a PDF file) a document outlining the framework as evidence. Please check our knowledgebase to review this control's applicability to your organisation.

This control is a legal and regulatory requirement for organisations that fall in scope for AML regulation. This is typically:

  • credit institutions;
  • financial institutions;
  • auditors, insolvency practitioners, external accountants and tax advisers;
  • independent legal professionals;
  • trust or company service providers;
  • estate agents;
  • high value dealers;
  • casinos.

It is important that you know your organisations legal requirements for ensuring compliance with AML regulation, and we recommend seeking counsel if you are not sure about your applicability.

The term “anti-money laundering” refers to all policies and pieces of legislation that force institutions to proactively monitor their clients in order to prevent money laundering and corruption. These laws also require both that institutions report any financial crimes they find and that they do everything possible to stop them.

How to implement the control

If your company falls in scope for anti-money laundering regulation it is best you seek professional external advice on how to comply with it. We'd recommend speaking to a lawyer or regulatory consultant.

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