Organisations providing designated services must ensure they have developed and implemented an AML/CTF Program, including conducting a money laundering and terrorism financing risk assessment, documenting AML policies and procedures, and establishing appropriate governance and oversight processes.
For businesses newly regulated under the reforms, understanding what needs to be done and where to begin can feel overwhelming.
There has been significant industry education and guidance available, however many organisations still underestimate the amount of work required to design, implement and maintain an effective AML/CTF Program.
To help organisations understand how prepared they are, Arctic Intelligence has developed an AML/CTF Reforms Readiness Checklist.
This checklist outlines the key activities organisations should complete when preparing for AML/CTF compliance and provides a practical framework to help assess whether your business is on track.
What’s included in the checklist
The AML/CTF Readiness Checklist provides a practical overview of the steps typically required to prepare for compliance, including:
- Executive awareness and governance preparation
- Scoping and gap analysis of AML/CTF obligations
- Designing and conducting an ML/TF risk assessment
- Developing AML policies and operational procedures
- Customer due diligence and enhanced due diligence requirements
- Reporting, record keeping and compliance monitoring processes
- AML/CTF training and assurance frameworks
Use this checklist to evaluate your organisation’s readiness and identify the key actions needed before the reforms come into effect.
