What is Anti-Money Laundering StrategiesAnti-Money Laundering is a set of Policies and practices that detect, and report money laundering.Ways to Achieve Anti-Money Laundering Strategies1. Improve Anti-money Laundering Policies
Providing a structured Anti-money Laundering policy framework should be a top priority when meeting Anti-Money Laundering obligations.2. Increase Process Controls
Increased and tailored process controls, combined with management oversight, risk assessment and fraud data, will help your organization consider and respond to the multiple risks it faces. 3. Upskill Staff
Upskill staff is crucial for ensuring anti-money laundering and combating the financing of terrorism measures are adequately implemented.4. Perform Model-Driven Validation
Erroneous anti-money laundering models may lead to expensive setbacks or regulatory fines. It is prudent to ask external compliance consultants to rigorously and regularly test and validate anti-money laundering policies and models.5. Employ Data Scientists
Automating anti-money laundering processes with data analytics and predictive modelling offers an innovative solution.
Author Joan O.
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