An AML compliance officer is essential in order for your investment firm to remain AML compliant
Whether you are a large, international financial institution, or just a boutique firm, you will have to deal with AML compliance, and that means needing an AML compliance officer. Due to this uncertain time, beginning on 9/11, 2001, anti-terrorism laws have been firmly put into place by our government, including the Patriot Act, and The Bank Secrecy Act. Since the Patriot Act was signed in 2001, almost all financial institutions have had to deal with an annual AML audit and finding an experienced AML compliance officer. The heightened risk of unspeakable terrorist activities is what has caused this stringent anti money laundering legislation and almost all financial institutions are now feeling the heat from the SEC and FINRA. Since these new anti money laundering policies were enacted, all financial institutions, including broker dealers, now have to submit to an annual AML audit, which means the need for an AML compliance officer
An AML compliance officer will be your best ally when it comes to keeping your firm compliant with the ever changing anti money laundering legislation. A compliance officer must first be registered with FINA and the NASD which means that they are then qualified to supervise an entire anti money laundering program once registration is complete. An AML compliance officer must also always keep all his employees informed on any latest developments regarding anti money laundering legislation. A compliance officer is always familiar with the constant and often sizable changes made in anti money laundering policies which will enable him to keep your firm up to date on all the latest compliance regulations. Any firm who is not prepared for their annual AML audit, with a strong AML business policy in place is subject to massive fines, stiff penalties and possible prosecution and jail time. Hiring a professional AML compliance officer is imperative to having a smooth and easy annual AML audit.
Where should I look for a reputable AML compliance officer?
A truly experienced AML compliance officer will only work for a reputable compliance firm. A strong compliance firm will always be able to guide you through the complex and often frustrating process of an annual AML audit. A good AML compliance officer will devise and execute an anti money laundering program in writing which is required for full AML compliance. Even after an AML compliance officer has created a program in writing it must then be sent to a senior member of management for final approval. This practice, followed by all experienced compliance firms, will ensure that a strict and solid AML program will be put into place and that AML compliance is certain.
If you would like to find out about an experienced AML compliance officer or a reputable outside compliance firm, fill out the form on this page and an AML compliance professional will contact you regarding your complimentary consultation. Don't delay on your search for an established compliance officer and firm. Remember, a reputable AML compliance officer is invaluable to your investment firm and will save you tremendous stress and headaches while dealing with AML compliance issues.
