21 May WHAT IS THE BEST WAY/S TO INFORM YOUR WORK COLLEAGUES ABOUT THIS PROCEDURE?
Explains why the procedure is needed
Uses plain English
Clearly tells the relevant staff member what they need to do
Uses short, and clear sentences
Includes contact details for clarification
Your target audience should include staff new to a frontline role.
Start of Sample Procedure ………..
As part of Bank’s overall compliance with Anti-Money Laundering Act, it is the policy of bank to have a clear and concise understanding of all bank customer practices in order to avoid
criminal exposure to the bank by any customer who would use the bank’s resources for illicit purposes. The objective of this procedure is to attempt to ensure the immediate detection and identification of customers and any suspicious activity at the institution.
The bank recognizes that appearances can be deceiving. Potential customers of a financial institution may appear to be legitimate, but in reality could be conducting illicit activities through the financial institution.
The term “Customer” will include individuals, corporations, partnerships, trusts, and any signatory on an account.
The term “Account” will include deposit accounts, transaction or savings accounts, and credit accounts or other extensions of credit.
Accordingly, it is the policy of the bank to incorporate the following principles into its business practices:
When a customer calls to obtain account details over the phone the Operational Staff must conduct the 3 step identity confirmation process.
Failure by the customer to answer the 3 questions correctly will require them to answer a further 2 detailed questions. Failure to answer either of these means they will not be given information.
The questions will be prompted by the computer system and will include items like address, date of birth, mothers maiden name, last transaction…
Where a customer gets a question wrong that relates to their current address or phone number … Operational Staff must send the customer a change of details form. This is to be sent to the email address on system.
End of Procedure ………………….
Q2. Rewrite this procedure.
Q3. What is the best way/s to inform your work colleagues about this procedure? Why is this the best option?
Q4. What would be the best approach if you identified that you and your work colleagues had in the past misunderstood the compliance procedure and had not been applying it. Justify your choice of action.
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