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Preparation of AML/CFT Reports
for financial institutions, and not only for them...
What reports are required to comply with AML/CFT regulations?
Although the number and frequency of reports depend on the specific regulations in each jurisdiction, companies are generally required to prepare and submit several types of reports. The main types of reporting include:
- Notification of Suspicious Financial Transactions: Companies must submit a report to the local FIU if they identify financial transactions that may be related to the laundering of criminal proceeds or the financing of terrorism. This should be done immediately upon detecting suspicion.
- Reports on Measures to Stop Suspicious Transactions: If an entity halts a financial transaction subject to AML measures, it is obliged to notify the local FIU, specifying the circumstances and reasons for the stoppage.
- Internal Reporting on Risk Assessment: Entities must document and retain the results of internal risk assessments of customers, operations, and products to provide them to regulators or conduct internal controls if necessary.
- Reporting on Staff Training and Education: Entities are required to document and report on the measures taken to train and improve the skills of employees in the field of AML/CFT.
- Sanctions and Control Measures Reporting: If asset freezes or other sanctions have been applied, entities must report this to regulators.
How can we help with reporting?
We will prepare the annual AML/CFT report, reflecting the fulfillment of legislative requirements in the field of preventing money laundering and terrorist financing. The report will evaluate key aspects of the year’s activities, including:
- General Results of AML/CFT Activities: This section of the report outlines the measures taken to identify and verify customers and their activities, as well as assess risks related to customers and operations.
- Identified Suspicious Transactions: A report on the number and nature of suspicious transactions detected during the year, along with the measures taken, including notifications to the local FIU.
- Compliance with Internal Policies and Procedures: This section includes information on the implementation of internal policies, instructions, and financial monitoring procedures, as well as their updates in line with legislative changes.
- Staff Training: A report on the training provided to your employees in the field of AML/CFT, including the number of training sessions and advanced training initiatives.
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