AML O FFICER STR working Committee

S UBJECTS Technical aspects Aspects of day-to-day compliance AML Officer duties & responsibility Challenging facing AML Officer Common mistake Management support and commitment of AML Officer Legal aspects STR statistics Where to find STR working Committee Presentations 01/11/ STR Working Committee

AML O FFICER Responsible for the day-to-day compliance duties Must possess the skills, qualifications, and expertise to effectively perform tasks 01/11/ STR Working Committee

A SPECTS OF D AY - TO -D AY C OMPLIANCE Authority Independence Expertise Communication 01/11/ STR Working Committee

AML O FFICER D UTIES AND R ESPONSIBILITIES Act as liaison between the bank and regulatory and law enforcement agencies for compliance matters and investigations Evaluate new products and services to determine the level of risk Evaluate reports of suspicious/unusual transactions from bank personnel and file Suspicious Activity Reports 01/11/ STR Working Committee

AML O FFICER D UTIES AND R ESPONSIBILITIES Report Preparation monitoring report Reports to senior management, board of directors and regulatory authorities 01/11/ STR Working Committee

AML O FFICER D UTIES AND R ESPONSIBILITIES Advise business units of proposed or pending regulatory changes Prepare and update policies and procedures and disseminate information to bank personnel 01/11/ STR Working Committee

AML O FFICER D UTIES AND R ESPONSIBILITIES Oversees administrative matters related to code of conduct and compliance with anti-money laundering and terrorist financing activities Develop training materials and coordinate anti- money laundering training 01/11/ STR Working Committee

C HALLENGES F ACING AML O FFICERS Changing the attitudes of management & staff Globalization-trying to coordinate compliance with changes in both local laws and regulations and global convention 01/11/ STR Working Committee

C OMMON M ISTAKES Not documenting work Failure to communicate internally to all lines of business in an institution 01/11/ STR Working Committee

M ANAGEMENT S UPPORT AND C OMMITMENT FOR AML O FFICERS Establish a strong compliance plan that is fully implemented and approved by the Board of Directors Stay informed of compliance efforts, audit reports and any compliance failures with corrective measures instituted Include regulation compliance within job performance evaluation of bank personnel 01/11/ STR Working Committee

L EGAL ASPECTS DAB Regulation: Responsibilities of Financial Institutions in the Fight Against Money Laundering and Terrorist Financing Part B — General obligations of financial institutions Internal controls and compliance Designate one individual as an “AML Officer” Primary responsible for development & implementation of the anti-money laundering measures contained in the regulation A different individual Responsible for auditing the implementation by the AML officers of the policies & procedures developed Audit function should directly report to the BoS or BoD or to senior management The report should include examples, of the AML officer’s failure to implement the AML or CFT measures Internal Controls Make sure that the necessary reports are filed with the FIU 01/11/ STR Working Committee

STR S TATISTICS 01/11/ STR Working Committee

W HERE TO FIND STR WORKING C OMMITTEE P RESENTATIONS FinTRACA website Section: Events Ongoing Events STR working Committee 01/11/ STR Working Committee