AML/CFT compliance program is everything a Bank/Financial Institution to prevent money laundering and terrorist financing. It may include policies, guidelines, procedures, built-in internal controls, customer acceptance policies, account monitoring and detection process, reporting of money laundering incidents, incorporating regulatory update etc. There are 5 main element of AML/CFT compliance program:
1) Internal policies, procedure and controls
2) A designated compliance functions
3) An ongoing employee training program
4) An independent audit function
5) Customer due diligence requirements