AML compliance officers are those responsible for the implementation of AML procedures. For this reason, they are at key points in the determination of financial crimes.  In AML compliance programs, officers often follow the style set by the corporate leader. So this means that officers must have a thorough understanding of the institution and must be able to recognize in advance the areas where violations may occur. In addition, compliance officers should be people who effectively and accurately communicate the compliance regulations set by the institution. Officers are also responsible for implementing these compliance programs, which are clearly and intelligently expressed to employees. Since an AML compliance officer is an important position, people working in this field are expected to have some competencies. Among them, one of the most important details is a valid bachelor’s degree. A bachelor’s degree in fields such as law, finance, or economics is essential to becoming an AML compliance officer. In addition, it is important to obtain some training certificates that provide competence in this field. The fact that people who want to be compliance officers have experience in areas such as financial management is an important detail to be able to come to this position. Individuals with the competence to analyze financial records fully, have strong communication skills, and use compliance tools can participate in this position.

What are the Responsibilities of the AML Compliance Officer?

Policy and Procedures:

• Implementing and reviewing the company’s compliance program
• Creating internal controls and monitoring compliance
• Revisit company policies in draft when necessary
• Educating employees about regulations and industry practices
• Addressing issues or questions related to legal compliance
• To know the internal standards and business requirements of the enterprise
• Evaluate policies/procedures and ensure that they comply with all regulations
• Research existing banking laws to avoid violating federal laws
• Implementing and adapting new regulations adopted by government bodies

Internal Operations:

• Knowledge of legal requirements and AML controls
• Supervise processes, applications, and documents
• Assess business activities to assess compliance risk
• To ensure that there are plans for crisis or compliance violation
• Providing compliance advice to an organization’s risk management unit
• Cooperate with CCO to ensure that policies are implemented appropriately
• Supervise the training of newly hired staff and employees
• To detect problems in the compliance field and to conduct audits to produce solutions
• Ensuring that customers conduct their banking activities within acceptable legal limits
• Manage compliance resources for efficient operations
• Monitoring corporate activities and ensuring that staff and management comply with policies

External Liabilities:

• Support internal and external auditors
• Collaborate with external auditors when necessary
• Reporting illegal financial activities to relevant authorities

The AML compliance officer makes sure that a company complies with both legal and internal policies and procedures. Each organization determines its risk appetite – whether it wants low risk or more risk to customers. Compliance officers ensure that all actions of the entity comply with appropriate laws, regulations, and internal procedures.