AML Compliance Department Setup
In-house AML Compliance Department Setup
Government mandates businesses operating in a specific industry in India to follow the anti-money laundering regulations. Compliance with these regulations helps you save your business from being exploited by money launderers and avoid reputational loss.
One crucial step for ensuring 100% AML compliance is to have dedicated and adequate resources to manage your AML obligations, i.e., a solid in-house AML compliance department. Such a department carries out all the tasks and activities mandatory for entities to adhere to the Prevention of Money Laundering Act (PMLA), with the AML Principal Officer overseeing the AML compliance and reporting requirements of the organization.
One crucial step for ensuring 100% AML compliance is to have dedicated and adequate resources to manage your AML obligations, i.e., a solid in-house AML compliance department.
AML India helps businesses in India to set up an in-house AML Compliance Department and form a competent team of professionals to manage the AML/CFT obligations efficiently.
Such a department carries out all the tasks and activities mandatory for entities to adhere to the Prevention of Money Laundering Act (PMLA), with the AML Principal Officer overseeing the AML compliance and reporting requirements of the organization.
AML India helps businesses in India to set up an in-house AML Compliance Department and form a competent team of professionals to manage the AML/CFT obligations efficiently.
Set up an in-house AML compliance department to manage your AML compliance requirements.
Our professional approach in setting up an in-house AML compliance department
We understand your business needs and create a personalized, results-driven strategy for establishing your AML Compliance department. We ensure to build a strong AML compliance department for your business to help you with your AML compliance journey.
Our process includes the following steps:
1. Study client’s business to identify AML requirements
We study your business, processes, and transactions to understand where AML controls are needed. Based on these business and AML requirements, we plan your AML compliance department.
We explain the need for such a department to all the organisation’s stakeholders, including senior management and decision-makers. Their support is vital to give the go-ahead and get the process approved and going.
2. Hire an AML Principal Officer and a competent team
The next step is to hire an Anti-Money Laundering Principal Officer who will lead the AML compliance department. We would help you appoint the best candidate for managing your AML Department or, if needed, identify and train the existing employee to be capable of running the AML compliance show.
For the smooth functioning of the department, we will help you pool the right talent to assist the AML Principal Officer in the overall AML compliance tasks.
3. Create a set of rules and responsibilities
Now, we create an AML framework and standard operating procedures for the department to manage the ML/FT risk and reporting requirements. There will be a code of conduct for the team members of this department to ensure its smooth operations. It includes employee roles & responsibilities, a list of tasks and a compliance calendar, reporting requirements, policies, procedures, controls, etc. .
We help you adopt global best practices for AML compliance to get a competitive edge. We also suggest changes in the existing organizational policies to accommodate the fast-evolving AML regulations. Thus, you have the office, team, and rules set for the new AML compliance department.
4. Final sign-off to your in-house AML Compliance Department
The approval from senior management is there. You have an able and expert AML Principal Officer. You have a competent team of AML professionals. And the rules and responsibilities are also set.
Now, we bring all these together and set up an internal AML compliance department to handle all your AML and CFT tasks and monitor the efficiency of your AML controls and procedures. The department will handle risk identification and suspicious transaction reporting.
With this, you are one step closer to achieving 100% AML compliance without diverting your focus from your core business operations.
How can AML India’s assistance setting up the AML Compliance department boost your AML Compliance?
AML India is a prominent AML consulting services provider for Indian businesses. We help you achieve full compliance with AML regulatory requirements.
- Our professional consultants to find the right team for your AML Compliance Department
- Our experienced policymakers will efficiently implementthe AML framework
- Our domain experts to impart relevant training to your staff on AML requirements with case studies and typologies
Our AML consultancy to help you establish a robust AML compliance department to fight money laundering and similar risks. You will be able to quickly identify your business’s ML/FT risks and mitigate or eliminate them.
- Our professional consultants to find the right team for your AML Compliance Department
- Our experienced policymakers will efficiently implementthe AML framework
- Our domain experts to impart relevant training to your staff on AML requirements with case studies and typologies
Our AML consultancy to help you establish a robust AML compliance department to fight money laundering and similar risks. You will be able to quickly identify your business’s ML/FT risks and mitigate or eliminate them.