What are the 3 LOD in AML?
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- Опубліковано 17 чер 2024
- In this video I discuss the 3 LOD in AML covering roles and responsibilities of the management and staff allocated to the first, second and third line of defence by banks and financial institutions.
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▬▬ CHAPTERS ▬▬
00:00 - Intro on 3 LOD in AML
00:32 - the 3 lines of defence split across AML teams
01:27 - The First line of defence in AML
03:26 - Second Line of Defence in AML
04:58 - Third Line of Defence in AML
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DISCLAIMER
This video is intended for general informational or entertainment purposes only. The information in this video is not intended to replace legal advice. The views and opinions expressed in this video are those of the speaker/s and do not necessarily reflect the original policy or position of people, institutions or organizations that the speaker/s may or may not be associated with in professional or personal capacity, unless explicitly stated. Furthermore, no endorsement of any criminal activity is expressed or implied.
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#AML
You're very helpful.God bless you my guy.👏🙏
Thank you for commenting on this video 👍🏻 I’m glad you are finding helpful the content on my channel 🙂
Thank You so much! I started as an AML analyst Junior. And Your videos have been so so helpful. I like your tone of voice, its very calming❤
Hi and thank you so much for sharing your feedback 👍🏻 I’m very glad to read that my videos are useful to you 🙂 Feel free to suggest specific topics for future content! Marco
Thank you so much for answering, it means so a lot that such a proffesional finds time to answer. ❤
I have thought (maybe that is stupid) but how are regulated taxis/courers/food couries cash transactions. If they recieve payment from cash, can there be any money laundering suspicion. Or maybe the amounts are too low?
Hi Greete,
Thank you so much for your kind words and for bringing up such an interesting question! It's definitely not a stupid thought at all. You're right in observing that sectors like taxis, couriers, and food delivery services often handle cash transactions, which could potentially raise questions about money laundering. However, as you've also rightly pointed out, from a money laundering perspective, the amounts involved in these transactions are generally quite low, which makes them less likely to be a focus for such activities. Furthermore, the trend is increasingly towards cashless transactions in these industries, which helps in reducing the risk.
Regulatory bodies typically concentrate on larger, more suspicious transactions that are more indicative of money laundering. That said, it's always important for businesses, regardless of size, to have some level of monitoring to ensure compliance with anti-money laundering regulations.
I hope this helps clarify your query. Keep those questions coming, and feel free to suggest more topics that interest you!
Warm regards,
Marco
Hey, love your videos.
There is a large audience looking for work or needing help with applications. If you provide very basic information with regards to CDD/AML/various compliance positions, and their job description, day-to-day work. The softwares they use commonly. How the job fits into the bigger bank/investment firm etc...
You will hopefully be a centre point for those looking to prepare for interviews etc.
At the moment your content is quite broad which I feel is more suitable for the generally interested, rather than those who need you, who will like your videos and subscribe which is what you deserve.
Best wishes :)
Hi and thank you so much for your constructive comment. I was already thinking to create more contents useful to viewers that are preparing for job interviews in our industry. So I am very pleased to know that my strategic idea is actually validated by your comment 🙂
The first video of this “kind of new” series, will go live on May 23rd with a PowerPoint framework example supporting those in need to do a presentation as part of their interview process. I would truly appreciate your view once that video will be published.
Lastly thank you for connecting here and for watching my videos 👍🏻 Marco
Thank you sir for the explanation of three LoD, the diagram and contents are very informative, it helped my revision alot!~
Hi Paul, thanks for leaving your positive feedback 👍🏻 I’m glad you enjoyed the video 🙂
@@FinCrimeAgent Thank you sir, will keep an eye on more of your compliance videos ^^
Thanks for watching my channel 👍🏻
Great video. we have been tasked to crititcally evaluate the 3LOD model. The responsibilities can sometimes be mixed up between 1st and 2nd line what other issues please
Thanks for reaching out! The 3 Lines of Defense model in AML typically consists of the business control functions as the 1st line, risk management and compliance as the 2nd line, and internal audit as the 3rd line. Is important to note that each has distinct roles but they must collaborate closely. Beyond the occasional overlap of responsibilities between the 1st and 2nd lines, other issues can include inadequate communication channels, a lack of clearly defined duties, or insufficient training, which might lead to gaps in the AML framework. It's essential for each LOD to have a clear understanding of their roles and for the organization they are part of to ensure there are good processes for coordination and information sharing. Let me know if this helps with your evaluation 👍🏻
Can u share any Risk evaluation form or questionare used by banks
Hi Muhammad. Happy to consider this for a future video but could you please clarify what kind of risk evaluation form you are referring to? Is it more for the identification of risks associated to a customer or more broadly the key metrics and methodology that a bank should consider for a sound company risk assessment?
how to get AML code
Hi Fatima, if you are referring to the discount code to get 20% off on the AGRC courses the code is FCA20
hi i am planning to get CAMS certificate as i want to shift into AML industry could you advise me from where i can start the first step?
Hi Mahmoud, thanks for commenting on my video. Starting with a qualification is indeed a good call if you are keen to move into the AML industry. I don’t know your background and would be difficult for me to provide detailed steps. However, I have published a video a few months back to provide some guidelines to those like you that are keen to have a career within our sector. This is the link, I let me know if you will find it useful! ua-cam.com/video/7pPv5j4B9dA/v-deo.html Thanks for watching my videos.
Please make a video on Countering terrorism funding
Hi there, thanks for suggesting new contents! I have published a few weeks ago a video to specify the key differences between AML and CTF, here is the link: ua-cam.com/video/9NKI_laCksA/v-deo.html
However, I will indeed keep your suggestion in mind and put some new contents together specifically for CTF. Thanks for watching 👍🏻
Hi, as promised here is the first video focused on the subject you have requested:
ua-cam.com/video/wTPv1-m82IM/v-deo.html
This is the first and there will be more focused also on other countries and regions. I hope you find it interesting 👍🏻
Thanks alot