Queens New York Form of Anti-Money Laundering Compliance Policy

Name: Queens New York Form of Anti-Money Laundering Compliance Policy
Brand: US Legal Forms
Rating: 4.71 (455 reviews)

Category:

Partnerships - Equity Funds

State:

Multi-State

County:

Queens

Control #:

US-PE-MAM

Format:

Instant download

Description

This is a sample private equity company form, an Anti-Money Laundering Compliance Policy. Available in Word format.

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FAQ

For many years AML compliance programs were built on the four internationally known pillars: development of internal policies, procedures and controls, designation of a AML (BSA) officer responsible for the program, relevant training of employees and independent testing.

FINRA provides a template for small firms to assist them in fulfilling their responsibilities to establish the Anti-Money Laundering (AML) compliance program required by the Bank Secrecy Act (BSA) and its implementing regulations and FINRA Rule 3310.

The key 5 pillars of an AML Program are internal controls, a designated BSA officer, ongoing training, independent testing, and customer due diligence (CDD) the newest pillar.

An anti-money laundering (AML) compliance program helps businesses, including traditional financial institutionsas well as those entities identified in government regulations, such as money-service businesses and insurance companiesuncover suspicious activity associated with criminal acts, including money laundering

There are usually two or three phases to the laundering: Placement. Layering. Integration / Extraction.

What Should an AML Compliance Program Do? In practice, an AML compliance program should ensure that an institution is able to detect suspicious activities associated with money laundering, including tax evasion, fraud, and terrorist financing, and report them to the appropriate authorities.

Firms must comply with the Bank Secrecy Act and its implementing regulations ("AML rules"). The purpose of the AML rules is to help detect and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.

The basic components of a BSA/AML compliance program include: Risk Assessment. Internal Controls Review. Independent Testing (Audit) BSA/AML Compliance Officer. BSA/AML Compliance Training.

The elements include the detection of suspicious activity, risk assessment, internal practices, AML training and independent audits.

How many risk assessments are needed for a BSA Program? The core procedures in the Manual identify three key risk assessments: Anti-Money Laundering (AML) Risk Assessment, CIP Risk Assessment, and OFAC Risk Assessment.

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Queens New York Form of Anti-Money Laundering Compliance Policy

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