Internal Reporting

An effective internal reporting system is crucial for AML compliance. It ensures that any employee who encounters suspicious activity can report it promptly to the appropriate person for assessment. For accountancy firms, this typically involves creating clear procedures for staff to report concerns to the MLRO or designated person. The internal reporting process should be confidential and non-punitive to encourage staff to report genuine concerns without fear of repercussions. Regular training on red flags and the internal reporting process is essential to ensure all staff understand their responsibilities in this regard.

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