Industry training firm Strategi Group has published the key activities that it says should demand the attention of compliance officers this year.
The firm says your company’s annual report is a chance to showcase your organisation’s commitment to AML/CFT compliance, “so get ready to prepare a comprehensive overview of your activities”.
The company also says it’s time to review your risk assessment and AML/CFT programme to ensure they are up to date, and to decide if your organisation needs a third-year audit.
If your business is new to AML/CFT obligations, has undergone significant change, or has a low risk appetite, then a review may be needed.
“Whether it’s reviewing current Customer Due Diligence (CDD) processes, ensuring they are being followed correctly, or verifying vetting documents for new staff, create a simple annual plan,” states the company.
“Keep abreast of regulatory updates and the risk factors relevant to your sector.”
Full report here.