By Kevin Sullivan
Anti–Money Laundering in a Nutshellis a concise, obtainable, and functional consultant to compliance with anti–money laundering legislations for monetary pros, company investigators, company managers, and all team of workers of monetary associations who're required, below penalty of hefty fines, to get anti–money laundering training.
Money laundering is endemic. up to five percentage of world GDP ($3.6 trillion) is laundered by means of criminals every year. It’s no ask yourself that each bank within the United States—including banks, bank card businesses, insurers, securities brokerages, inner most money, and funds provider businesses—must conform to complicated exam, education, and reporting necessities mandated by way of a welter of federal anti–money laundering (AML) legislation. lack of know-how of crime is not any excuse earlier than the legislation. monetary associations and companies that unknowingly function conduits for funds laundering are not any much less prone to prosecution and fines than those who condone or abet it.
In Anti–Money Laundering in a Nutshell: understanding and Compliance for monetary body of workers and enterprise Managers, Kevin Sullivan attracts on a uncommon occupation as an AML agent and advisor to educate body of workers in monetary associations what funds laundering is, who does it, how they do it, how you can hinder it, tips on how to become aware of it, and the way to record it in compliance with federal legislations. He lines the dynamic interaction between staff, regulatory examiners, compliance officials, fraud and forensic accountants and technologists, legal investigators, and prosecutors in following up on experiences, catching launderers, and preserving the integrity and reputations of economic associations and companies. specifically, company investigators will achieve wealthy insights winnowed from the author's stories as a brand new York kingdom and federal investigator.
What you’ll learn
US federal and overseas AML laws
The AML measures and software that monetary associations should have in position to regulate cash laundering, resembling KYC, CIP, and AML/CFT danger assessment
the sensible steps that body of workers at each point from the teller window to the C-suite needs to recognize to make sure institutional compliance with AML laws, corresponding to filling out SARs and CTRs
Who this booklet is for
Under federal acts corresponding to the financial institution Secrecy Act of 1970, the money Laundering Suppression Act of 1994, and the Intelligence Reform and Terrorism Prevention Act of 2004, each bank within the usa should have an anti–money laundering application in position that comes with annual education of all proper staff. This brief ebook is an instructional textual content or supplemental reader for such education via anti–money laundering compliance officials, examiners, brokers, and consultants.
Table of Contents
Chapter 1. what's funds Laundering?
Chapter 2. tools of cash Laundering
Chapter three. Federal Regulations
Chapter four. development a top quality AML application for monetary Institutions
Chapter five. be aware of Your shopper and shopper id Program
Chapter 6. A SAR Is Born
Chapter 7. funds Laundering for legislation Enforcement
Chapter eight. foreign Standards
Chapter nine. FRAML
Appendix A: purple Flags
Appendix B: Code of Federal rules name 31 part 103.18
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Extra info for Anti-Money Laundering in a Nutshell: Awareness and Compliance for Financial Personnel and Business Managers
OFAC publishes a list of individuals and entities that may be operating on behalf of a targeted county and subjects that might not be country specific. This list is known as the specially designated nationals (SDN) list. S. taxpayers who have assets outside of the United States. S. S. taxpayers hold a substantial ownership interest. FATCA imposes new requirements on three primary groups. S. S. S. S. financial institutions acting as withholding agents Anti–Money Laundering in a Nutshell Summary The AML laws, as synopsized in this chapter, should provide you with adequate knowledge of the legal framework surrounding the fight against money laundering and the criminal enterprises that attempt to abuse financial institutions and our economic system.
For example, a Pakistan national decides to wire money from the United States to his homeland. (Note: It is common that this system would be used legitimately. One particular member of the Pakistan community in the United States may collect money from all the members of the community. He then sends it back to one member of his family or community in Pakistan. ) The Pakistan national contacts a member of the Hundi and gives him $10,000. The Hundi member contacts an associate in Islamabad and directs him to pay the equivalent of $10,000 (USD) minus a profit percentage to the receiver.
The following items should therefore be considered when establishing or overhauling the independent audit function: • The entire AML compliance program should be subject to an independent review every 12 to 18 months depending upon the institution’s risk profile. • Written risk assessment should be the first area to be audited. • Qualified internal auditors, outside auditors, or consultants who are not responsible for the monitoring of the program should be used to perform the audit. • Internal auditors should not be in the same management silo as the AML department.
Anti-Money Laundering in a Nutshell: Awareness and Compliance for Financial Personnel and Business Managers by Kevin Sullivan