Recommendation 18, FATF Recommendations (Internal Controls
and Foreign Branches and Subsidiaries) provides that financial institutions
should have programmes in place to combat money laundering and terrorist
financing. Financial groups’ programmes against money laundering and terrorist
financing should be applicable to all branches and majority-owned subsidiaries
of the financial group. This includes the development of internal policies,
procedures, and controls, including appropriate compliance management
arrangements, and adequate screening procedures to ensure high standards when
hiring employees.
Using examples, when considering a firm’s response to AML
and TF risk:
Explain the potential risk a regulated firm could be exposed
to, and
How a firm should approach the implementation of robust
measures to ensure they are compliant with regulatory requirements and best
practice.
Citation Should be Footnotes
https://www.oecd.org/daf/ca/Corporate-Governance-Principles-ENG.pdf
https://www.tofugu.com/japan/conformity-in-japan/
https://bit.ly/3pqTV2P
https://www.ussc.gov/guidelines/2018-guidelines-manual-annotated
https://www.pwc.ie/services/human-resource-services/insights/the-eight-key-effective-corporate-governance-practices.html#:~:text=%20The%20eight%20key%20effective%20corporate%20governance%20practices,Documenting%20processes%20and%20procedures.%20It%20is…%20More%20
https://www.intcomp.org/insight/202
1/can-a-complianceteam-change-aculture/
https://www.bis.org/publ/bcbs195.htm
https://www.int-comp.org/insight/2019/january/10-ways-to-instil-a-culture-of-compliance/
https://corporatefinanceinstitute.com/resources/knowledge/other/esg-environmental-social-governance/#:~:text=1%20ESG%20is%20the%20acronym%20for%20Environmental%2C%20Social%2C,is%20a%20major%20focus%20of%20many%20ESG%20investors.
https://www.int-comp.org/insight/2021/can-a-compliance-team-change-a-culture/
https://www.bis.org/publ/bcbs195.htm
https://www.int-comp.org/insight/2019/january/10-ways-to-instil-a-culture-of-compliance/
https://corporatefinanceinstitute.com/resources/knowledge/other/esg-environmental-social-governance/#:~:text=1%20ESG%20is%20the%20acronym%20for%20Environmental%2C%20Social%2C,is%20a%20major%20focus%20of%20many%20ESG%20investors.
