Key Steps to a Successful Anti-Money

Laundering (AML) Program in 2022

This guide helps businesses develop an AML _____________ COMPLY
program to keep customer onboarding effective.

An _________ Anti-Money Laundering (AML) program is one of the keys EFFECT

to protecting businesses from illicit money and fines for _________ non- REGULATE
compliance.

Let’s start from the basics. Regulatory compliance is a set of _________ PROCEDE
REGULATE
that businesses must follow to comply with laws and _________. And
there are many different rules to follow. Some are international, such as
the Financial Action Task Force’s (FATF) _____________ or the RECOMMEND
European Union’s AML _________. While others are national, such as DIRECT
the Bank Secrecy and Patriot Acts in the US. Then you have country-
specific _________ that regularly amend AML guidelines in their
REGULATE
respective jurisdictions.
So, depending on the industry, businesses need to keep an eye on
dozens of AML guidelines, rules, and regulations. This mostly relates to
banks, law firms, casinos, tax advisors, forex brokers and a number of
others.

AML best practices continue to advance in order to keep such

businesses stress-free and fraud-free. However, incorporating new
measures doesn’t always come _________. Business owners have to SMOOTH
invest time and resources in renovating their Anti-Money Laundering
(AML) and Counter-Terrorist Financing (CTF) policies and building
RELY
_________ AML programs.
Match the following definitions to the words in bold from the text.

1. to watch someone or something or stay informed about the person’s behavior, esp. to keep
someone out of trouble _________________
2. to change the words of a text, especially a law or a legal document _________________
3. to include something as part of something larger _________________
4. an amount of money that has to be paid as a punishment for not obeying a rule or law
_________________
5. illegal, not allowed by law or disapproved of by society _________________
6. the process in which new members gain the knowledge and skills they need to become
effective members of an organization _________________