Originally Posted by Unregistered
(Post 77880)
I think a layman would think there is no difference.
Specifically, regulatory deals with regulators, including communication as well as reviewing regulations issued (i.e. MAS). This may includes regulatory reporting and very often, is part together with advisory.
KYC in most bigger banks is an operational role, whereby the team will review all the KYC information of the clients. In smaller banks, this is part of AML functions.
AML has a lot of by-functions, so similarly, it depends if you are looking at a bigger/smaller banks. In a smaller banks, it covers everything including regulatory, KYC, surveillance, investigations, etc. In a bigger bank, it is more specialized.
Surveillance in general, refers to transaction monitoring. If you are the team that reviews the initial transaction monitoring alerts, they are considered AML operations. If you are the team that design the monitoring scenarios, and/or review the thresholds for optimizations (usually mathematicians), you would be part of the AML functions.
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