Description
Elevate your fintech or digital banking startup’s approach to combating financial crime with our comprehensive Anti-Money Laundering (AML) Policy template. This detailed document provides a transparent and thorough framework for implementing effective AML and Counter-Terrorist Financing (CTF) measures.
Key features of this policy template include:
- Clear Roles and Governance Structure: Defines responsibilities from the Managing Board to the Compliance Operations team, ensuring accountability at all levels.
- Risk Appetite Statement: Articulates the company’s stance on compliance and user acceptance, setting clear boundaries for business operations.
- Systematic Integrity Risk Analysis (SIRA): Outlines a process for identifying, analyzing, managing, and monitoring integrity risks.
- Risk Classification Models: Describes both onboarding and dynamic risk scoring models for personal and company users, ensuring ongoing risk assessment.
- Detailed Onboarding Procedures: Covers processes for both individual and company users, emphasizing identity verification and beneficial ownership identification.
- Comprehensive AML Measures: Includes country and industry risk rankings, transaction monitoring (both pre- and post-transaction), source of funds verification, and screening processes.
- Enhanced Due Diligence and Periodic Reviews: Provides guidelines for applying additional measures to high-risk relationships and keeping user files up-to-date.
- Off-boarding Procedures: Outlines the approach to terminating relationships with users suspected of misusing services.
- Policy Deviation Process: Describes the procedure for requesting and approving exceptions to the policy in extraordinary circumstances.
This template is ideal for fintech startups and digital banks aiming to implement a transparent, user-friendly, yet robust AML framework. It emphasizes an ‘inside=outside’ approach, promoting transparency with users while maintaining strong compliance standards.
Customizable to fit your company’s specific risk profile and regulatory environment, this template provides a solid foundation for creating an AML policy that balances regulatory compliance with user experience. Download now to strengthen your fintech’s commitment to financial integrity while maintaining transparency with your users.
