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Anti-Money Laundering in a Nutshell: Awareness and by Kevin Sullivan

By Kevin Sullivan

Anti–Money Laundering in a Nutshellis a concise, available, and useful consultant to compliance with anti–money laundering legislations for monetary execs, company investigators, company managers, and all group of workers of economic associations who're required, below penalty of hefty fines, to get anti–money laundering training.

Money laundering is endemic. up to five percentage of worldwide GDP ($3.6 trillion) is laundered via criminals every year. It’s no ask yourself that each bank within the United States—including banks, bank card businesses, insurers, securities brokerages, deepest money, and funds carrier businesses—must agree to advanced exam, education, and reporting specifications mandated via a welter of federal anti–money laundering (AML) legislation. lack of understanding of crime isn't any excuse prior to the legislations. monetary associations and companies that unknowingly function conduits for funds laundering are not any much less vulnerable to prosecution and fines than those who condone or abet it.

In Anti–Money Laundering in a Nutshell: information and Compliance for monetary group of workers and company Managers, Kevin Sullivan attracts on a amazing occupation as an AML agent and advisor to coach body of workers in monetary associations what cash laundering is, who does it, how they do it, how one can hinder it, find out how to realize it, and the way to document it in compliance with federal legislation. He strains the dynamic interaction between staff, regulatory examiners, compliance officials, fraud and forensic accountants and technologists, legal investigators, and prosecutors in following up on reviews, catching launderers, and keeping the integrity and reputations of monetary associations and companies. specifically, company investigators will achieve wealthy insights winnowed from the author's reports 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 funds laundering, equivalent to KYC, CIP, and AML/CFT possibility assessment
the sensible steps that group of workers at each point from the teller window to the C-suite needs to comprehend to make sure institutional compliance with AML rules, reminiscent of filling out SARs and CTRs

Who this booklet is for

Under federal acts similar 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 correct staff. This brief booklet is an instructional textual content or supplemental reader for such education by way of 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. construction a high quality AML application for monetary Institutions

Chapter five. comprehend Your consumer and buyer identity Program

Chapter 6. A SAR Is Born

Chapter 7. funds Laundering for legislation Enforcement

Chapter eight. overseas Standards

Chapter nine. FRAML


Appendix A: purple Flags

Appendix B: Code of Federal laws name 31 part 103.18

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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. There are plenty of other guidelines, rules, and regulations that various regulating bodies have enacted.

New federal regulations now require an AML program to be in place for the nonbank financial institutions that are involved with an ATM. There are guidelines for the independent service operator (ISO) to perform due diligence on the individual merchant, for the sponsoring financial institution to “know your customer” with reference to the ISO and/or merchant accounts, and for the networks to know who is using their systems. Until recent media attention, those guidelines were loosely maintained. Further hampering the system is the fact that the networks, processors, and ISOs are not considered financial institutions.

As long as the reward is worth the risk, someone will always take a chance. ■■Deferred prosecution An easy analogy is to think of a person who commits a crime. After he goes to court, the system may find him guilty, and the judge sentences him to probation. That means he gets a probation officer, and for a certain period of time he cannot run afoul of the law or he will be sent to the jail. Deferred prosecution means that the financial institution does not admit any wrongdoing; however, they agree to the terms of deferment.

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