The AML compliance officer has to submit the reports on the rules to the concerned authority.
The AML compliance officer needs to review the AML/CFT compliance program and processes to prevent financial crimes. He needs to align the AML/CFT framework in line with the regulatory requirements and the ML/TF risks faced by the entity.
The AML compliance officer needs to conduct training for the employees, make them aware of the AML rules and regulations, and train them in the best global practices to counter the risks of financial crimes.
The AML compliance officer needs to submit periodic reports on AML compliance with the senior management and file semi-annual reports with the Supervisory Authority.
Detect transactions in Financial Crimes
The Compliance officer needs to review and evaluate data of suspicious accounts that might be concealing money laundering. The Officers can report the data to the Financial Intelligence Unit depending on the case. The transaction might be continued, and they need to state the reasons for their research. They need to collaborate with the supervisory authority and FIU to provide all the relevant data.
The AML compliance officer reviews the internal rules and processes to prevent financial crimes. He also needs to update the relevant authorities and comply with the latest rules and regulations.
To conduct AML training for the employees and make them aware of the AML rules and regulations and train them on the best industry practices.
The AML compliance officer needs to coordinate with the Supervisory Authority and FIU, providing them with all the necessary data to help fight ML/TF risks.
