ACA-1-EXPLAINED-PART-2.docx - ACA 1 Implement an Anti-Money Laundering Committee established by the BOD for the purpose of carrying out its mandate to

ACA-1-EXPLAINED-PART-2.docx - ACA 1 Implement an Anti-Money...

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ACA 1 : Implement an Anti-Money Laundering Committee established by the BOD for the purpose of carrying out its mandate to fully comply with the Anti-Money Laundering Act. Its specific duties and responsibilities will include reviewing of unusual transactions, client profiling, monitoring on the risk assessed and other related countermeasures in preventing money laundering. Question 1 : Bakit need ng committee na ito? How? Our proposed committee will have 7 functions 1) Client profiling 2) STR reporting 3) Alerts management 4) Disposition of Issues 5) Compliance testing and Monitoring for AML 6) Policy Manuals 7) And others Client profiling Under client profiling, the committee is tasked to review and approve changes in the risk profiles of clients kung downgrading from high risk to normal risk or upgrading ba siya from low to high risk. Risk profiles will come from the report of AMLAD Also, sila din nagrereview and approve ng changes sa watch list nila na tinatawag na BASE 60 What is BASE 60?
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  • Summer '17
  • Annabel Banez

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