High Risk Countries in AML Monitoring

Author: Alicia Cortez, CAMS-Audit

This report provides information on the monitoring process that financial institutions have to develop and implement for detecting and reporting suspicious activity with emphasis on high-risk countries. Policies and procedures focused towards combating money laundering provide the foundation for this fight. They have to address the particular vulnerabilities to which the financial institution is exposed. Policies and procedures have to be enforced to serve their purpose. An audit function, independent of the parties responsible for the monitoring, should be in place and conducted on a periodic basis.

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