I work in a large bank and have met with people in Financial Crimes, KYC, AML, CTFm Compliance and risk. To me, these are all nearly identical and interchangeable roles, but apparently there are big differences. Maybe you could do a video on how these types of positions are different? Maybe one explaining how a big organization might structure its team?
@Bold follower thanks for the suggestion, especially as smaller firms will have employees doing multiple things, bigger more established firms seem to have a more defined structure at the time of splitting the roles.
Wait... I am supposed to fill out a SAR without telling my manager? That seems kind of odd. If I work in a risk management job, would it be something I'm required to do on my own time outside of work? How does that work? Or are you talking about, if I fill out a SAR targeted at my OWN company I work for, then I would not tell them, but if I fill it our for ANOTHER company's suspicious activity, I would tell MY company I am filling it out on behalf of them.
@Bold Follower Thanks for the comments, the SAR is meant to be submitted by the MLRO or person responsible for the AML Compliance program at the firm. What employees are required to submit is the UAR (Unusual Activity Report) which is then assessed by the FIU team or MLRO team and subsequent to that if still identified following the investigation to be deem suspicious the 2nd line would submit the SAR or STR to the local authorities. in regards of the UAR yes this should be submitted without having to consult with your manager as you wouldnt know who is involved.
Great job, very descriptive.
Thank you for the support
I work in a large bank and have met with people in Financial Crimes, KYC, AML, CTFm Compliance and risk. To me, these are all nearly identical and interchangeable roles, but apparently there are big differences. Maybe you could do a video on how these types of positions are different? Maybe one explaining how a big organization might structure its team?
@Bold follower thanks for the suggestion, especially as smaller firms will have employees doing multiple things, bigger more established firms seem to have a more defined structure at the time of splitting the roles.
Thank u so much indeed
@pradeep Gupta. Thanks for the support and comment
Do you have any vedio for quantitative model in AML?
@indranilchakraborty5098 Thank you for the question. Unfortunately, we dont have a video on quantitative model in AML.
Wait... I am supposed to fill out a SAR without telling my manager? That seems kind of odd. If I work in a risk management job, would it be something I'm required to do on my own time outside of work? How does that work? Or are you talking about, if I fill out a SAR targeted at my OWN company I work for, then I would not tell them, but if I fill it our for ANOTHER company's suspicious activity, I would tell MY company I am filling it out on behalf of them.
@Bold Follower Thanks for the comments, the SAR is meant to be submitted by the MLRO or person responsible for the AML Compliance program at the firm. What employees are required to submit is the UAR (Unusual Activity Report) which is then assessed by the FIU team or MLRO team and subsequent to that if still identified following the investigation to be deem suspicious the 2nd line would submit the SAR or STR to the local authorities. in regards of the UAR yes this should be submitted without having to consult with your manager as you wouldnt know who is involved.
@@KYCLookup THANK YOU! yes, we have done UARs. That makes perfect sense that the SARS are for the top people. Thanks for clarity!
@@BoldFollower No thank you for the question and the engagement. 👍
Even If you fill a SAR, it will still require to go through your line manager before it is filed to FINCEN
The Procedure varies by organizations i want to believe