What is an Anti-Money Laundering Policy?
An anti-money laundering (AML) is a document that explains policies and procedures used by a business to prevent money laundering from taking place. Having set rules can help businesses from being used for money laundering without their knowledge.
An AML agreement usually covers:
- Customer Due Diligence (CDD): Screening and monitoring customers to assess risk.
- Record Keeping: Making sure detailed records of transactions are maintained in case any suspicions or disputes arise.
- Suspicious Activity Reporting: How staff members should be trained to notice unusual or illegal behavior and the process for reporting it.
- Internal Controls: Steps to confirm employees are following procedures correctly.
Anti-money laundering agreements are often used by banks, real estate firms, casinos, and jewelry dealers. Pretty much anywhere that high-value transactions take place – which can be used to hide unlawful activity – should consider having one of these agreements in place.
You can easily draft one yourself using our free, ready-to-use legal templates instead of paying for expensive legal services. Make sure you print copies and put it in the handbook or hand it out to employees.
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What's Included in This Template
- Complete AML policy template
- Policy statement provisions
- Purpose and scope definitions
- Money laundering definitions
- Compliance procedures guidelines
- Reporting requirements framework
- Record keeping standards
- Approval signature blocks
Article written by
Legal Writer & Researcher | Licensed Attorney | 49 Articles
Rachael Goldstein is a licensed attorney and an experienced writer based in Pennsylvania. As a licensed attorney, she specializes in writing clear an accessible articles for EasyLegalDocs.com.
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