Guide on AML Program failure: Causes & Corrective Measures

An AML Program must be customised to a business profile, be regulatory-compliant and up-to-date with the applicable laws to effectively serve the purpose of combating the money laundering and terrorism financing risks.

To avoid non-compliance penalties and ML/FT vulnerabilities, it is crucial to detect and remediate the root causes for the failure of such an AML Program.

This present guide discusses the following primary concerns that may lead to the AML Program failure:

• Reliance on inaccurate and outdated ML/FT Business Risk Assessment
• Difficulties in keeping pace with the evolving AML regulatory landscape
• Lack of Collaboration within the team and also with the authorities
• Not deploying appropriate AML tools and technologies
• Absence of positive AML compliance culture within the organization
• Inadequacy of the AML training

Not just problems, this eBook also elaborates on the solutions for handling these areas, driving the AML measures towards better quality and efficacy.

This guide will help you reassess the health of your existing AML Program, including Internal Policies, Procedures, and Controls (IPPC), detect and remediate the gaps, and strive for AML excellence.