Anti-Money Laundering: Risk Management Framework

In this article, we propose strategies for AML where financial institutions can analyze, detect and report suspicious activity based on risk assessment. In order to support the AML Compliance risk management program, institutions must rely on data, multiple systems, and technology. Since the 2008 financial crisis link between internal audit, compliance, and risk management operations has been in light. One of our suggestions is to appoint a senior compliance officer, third-party internal audit, and give all the possible resources to the chief AML officer of the AML program. Training employees of financial institutions could be a boost.