Welcome to the
Anti Money Laundering Practitioners Association-AMLPAL
We envision a platform for AML Practitioners, linked to the AML Stakeholders, to enhance AML Compliance.
AML HELP DESK
Unbiased Q & A
aml THINK TANK
Enhancing AML Compliance
In response to the 2020 AMLA amendment to include VASPs as Accountable Persons, and in fulfilling our Objective of enhancing AML Compliance, we have sponsored a draft “AML Compliance Guidelines for the Virtual Asset Service Providers (VASP)“.
The aim of sponsoring this document is to enable Anti Money Laundering Practitioners working at VASPs to guide their organisations towards AML Compliance.
Frequently Asked Questions
AML COMPLIANCE CAUSES FRICTION
- Anti-money Laundering Compliance is difficult, complicated, and demanding.
- AML is founded on the FATF recommendations – a global best practice standard that has been enshrined in our local AML legislation.
- This situation then creates friction between the regulator (enforcing) the legislation and the practitioners as they seek to comply.
We have 4 active categories of Membership
- Association Patron – Individual Honorary Member.
- Life time Member – Corporate Members (constituted by regulators in the financial space), Lifetime member shall be responsible for the perpetual succession of the Association.
- Honorary Membership – Distinguished Individual nominated by the Ordinary Members and by Invitation Only.
- Ordinary Member – Individual (AML Practitioners/MLCOs) or Corporate Body (Accountable Persons).
- Any other category as the Executive Committee shall designate from time to time.
NO – Individual and Corporate members must satisfy the requirement in Article 5(1) (a) of the Anti -Money Laundering Practitioners Association Constitution and has made payment of one off development fees, and membership fees for the time being and subject to Article 5(2)(a)-(c).
The process of Membership Onboarding is as follows:
- You can join by sending us a request for Membership (under the specific categories of Membership listed above).
- You will be required to fill out a Know Your Member Data Form (KYM Form).
- Your Know Your Member Form will be reviewed by the Membership Committee which will advise on your eligibility or ineligibility for AMLPAL Membership.
- If the Membership Committee Approves your eligibility for Membership, you will be advised of the same.
- However, if you are not eligible for Membership, you will be advised of the reasons of ineligibility within the most appropriate timeframe (most likely via email).
- As an Individual or Corporate, you will then Receive an Invoice for your Membership Dues which should be paid to AMLPAL Bank Account and evidence of payment forwarded to our Administrators email address (firstname.lastname@example.org).
- If you are a Strategic Partner an MOU will be shared for your review and signature.
- For Individuals once your Membership Fees have been confirmed by the Accountant you will be issued a Receipt and your name forwarded to the Membership Committee who shall then authorize the printing of the Certificate of Membership based on the Membership category applied for.
- For Strategic Partners, the Membership Committee will receive your copy of the signed MOU and authorize the issue of a Certificate of Membership under the Strategic Membership category (this membership is a Perpetual Membership unless or until either associations is dissolved by their respective membership organs).
- The Minutes and Resolutions and a signed MOU and other working papers of The Membership Committee shall then be transferred to the Association Secretary for signature of the MOU and entering of eligible members into the AMLPAL Membership Register.
- Please Note that Membership to AMLPAL is Annual.
- As an Individual or Corporate member, you shall be expected to Renew your Membership annually before end of January.
- You shall receive a Membership renewal Invoice in December to enable you make payments to AMLPAL Bank Account as shall be advised.
PLATFORM – The association seeks to become the platform for AML practitioners in the country.
LINK – The association seeks to create a link between the AML stakeholders and practitioners.
ENHANCE AML COMPLIANCE – The association seeks to support practitioners comply with AML legislation.
We seek to attract both Individual and Corporate Members and promise the following benefits.
As a Voluntary Organisation, the Anti-Money Laundering Practitioners Association of (AMLPAL) has focused its efforts on three key areas.
Our Executive Committee
The affairs of the association (except as otherwise provided by these articles) shall be under the control of the executive committee elected at the annual general meeting.
The Nature of Our Association.
The association shall be a voluntary, member-based non-profit making body, and shall be geared to provide a platform for anti-money laundering practitioners, a link between anti-money laundering practitioners with stakeholders, and enhance anti-money laundering compliance.