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MarkBennett Offline

Beiträge: 7

17.01.2023 19:28
AML policy core principles Antworten

Although AML policy may differ from bank to bank, the main principles are common customer due diligence (CDD) procedures based on know-your-client principles. The due diligence process is based on the information provided by the customer in the questionnaire. This questionnaire needs to be updated frequently. If the person transfers funds that significantly exceed the stated cash flow, the bank may ask additional questions to verify the purpose of that transfer. If the company changes the business profile, it must inform the bank. Additionally, when collaborating with a new company, the company must notify the bank to ensure a smooth transfer process. Typically, banks or other large financial institutions have a dedicated department that challenges AML. This department is called the Legal Compliance Department.

AML and customer due diligence definitely impact customer privacy. However, the purpose of the investigation is based solely on protecting public interests and preventing financial crime and supporting terrorism. Consequently, a lack of research would seriously jeopardize the internal market of the European Union.

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