Compliance visit tests: Introduction
Officer’s evaluation of how effective the AML/CTF policies and procedures are will be determined by:
- the degree to which the AML/CTF controls within the business have improved
- risk assessment of customers, products and services
- policies procedures and risk sensitive controls to counter Money Laundering/and Terrorist Financing
- policies and procedures to identify and report suspicious activity
- adoption of simplified procedures
The business success or failure in meeting these fundamental objectives will be evaluated by undertaking a range of tests during a compliance visit.