Suriname Financial Institutions Warned Against One-Shot Approach to AML Compliance

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Suriname’s financial institutions have been cautioned against treating anti-money laundering (AML) compliance as a one-time activity, but rather as an ongoing process that requires constant attention and review.

Building an Effective AML Compliance Program

Experts emphasize that building an effective AML compliance program demands thorough planning and execution. To ensure their regulatory requirements are met, Surinamese financial institutions must incorporate the following key components into their programs:

Key Components of an Effective AML Compliance Program

• Clear Definition of Risk Appetite: Financial institutions in Suriname should establish a formal policy outlining their tolerance for risk from the outset.
• Appointment of a Chief Compliance Officer: A dedicated individual with ultimate responsibility for overseeing the AML compliance program is essential to ensure its successful implementation and maintenance.
• Staff Training and Retraining: Regular training sessions are crucial to educate employees on the latest AML policies, procedures, and regulations, thereby minimizing the risk of non-compliance.

Importance of Ongoing Review and Maintenance

Suriname’s financial institutions are advised to download a comprehensive checklist outlining these critical components and conduct regular reviews to guarantee their programs remain robust and effective. This will enable them to stay up-to-date with changing regulatory requirements and ensure their AML compliance program remains a priority.