Abstract
The financial industry maturity model (FIMM) for anti-money laundering (AML) described in this paper is a governance risk and compliance (GRC) framework that describes the essential business process components that are necessary for effective implementation of AML and combating the financing of terrorism (CFT) obligations. It has been devised based on two key fundamentals; the theory of maturity models which represent growth in capability as a progression through a series of levels and the extant international legislation, regulation and best-practice information that pertains to anti-money laundering. The key objective of the FIMM (AML) model is to ensure consistent execution of AML processes by facilitating the embedding of an AML risk aware and compliance culture in financial services organisations. (Note: for the sake of brevity we will only refer to AML in the paper to cover both AML and CFT).
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
