Download e-book for kindle: Anti-Money Laundering in a Nutshell: Awareness and by Kevin Sullivan
By Kevin Sullivan
Anti–Money Laundering in a Nutshellis a concise, available, and sensible consultant to compliance with anti–money laundering legislation for monetary pros, company investigators, enterprise managers, and all body of workers of economic associations who're required, lower than 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 by way 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 carrier businesses—must agree to advanced exam, education, and reporting necessities mandated by means of a welter of federal anti–money laundering (AML) legislation. lack of expertise of crime is not any excuse prior to the legislation. monetary associations and companies that unknowingly function conduits for cash 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 enterprise Managers, Kevin Sullivan attracts on a distinct profession as an AML agent and advisor to educate team of workers in monetary associations what cash laundering is, who does it, how they do it, how you can hinder it, how you can discover it, and the way to record it in compliance with federal legislation. He lines the dynamic interaction between staff, regulatory examiners, compliance officials, fraud and forensic accountants and technologists, felony investigators, and prosecutors in following up on reviews, catching launderers, and maintaining the integrity and reputations of economic associations and companies. particularly, company investigators will achieve wealthy insights winnowed from the author's reviews as a brand new York nation 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 probability assessment
the sensible steps that team of workers at each point from the teller window to the C-suite needs to understand to make sure institutional compliance with AML rules, comparable to filling out SARs and CTRs
Who this booklet is for
Under federal acts resembling the financial institution Secrecy Act of 1970, the cash 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 appropriate staff. This brief publication is a tutorial 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 cash Laundering?
Chapter 2. equipment of cash Laundering
Chapter three. Federal Regulations
Chapter four. development a high quality AML software for monetary Institutions
Chapter five. recognize Your consumer and consumer id Program
Chapter 6. A SAR Is Born
Chapter 7. cash Laundering for legislation Enforcement
Chapter eight. overseas Standards
Chapter nine. FRAML
Appendix A: purple Flags
Appendix B: Code of Federal rules name 31 part 103.18
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Additional resources for Anti-Money Laundering in a Nutshell: Awareness and Compliance for Financial Personnel and Business Managers
One way to circumvent the BSA was to structure cash deposits (dividing up dirty money and making multiple cash transactions at numerous different banks all under the $10,000 report requirement limit). The MLCA made structuring a crime. The financial statute made it a crime for anyone to knowingly engage in a monetary transaction with criminally derived property of more than $10,000 with knowledge that Anti–Money Laundering in a Nutshell the property came from unlawful activity (drug dealing, credit card fraud, counterfeiting, and so on) and is used in financial transactions to accomplish one of the following purposes: • To further the criminal activity that generated the property • To conceal or hide the ownership of the property obtained from the criminal activity • To deliberately avoid a government-mandated transaction reporting requirement (CTR, for example) under state or federal law 1990: FinCEN The Financial Crimes Enforcement Network was originally developed to assist law enforcement with investigations.
Subsequently, the property is then legitimately sold, and the money has been laundered. Cash-Intense Business A cash-intense business is an actual storefront that deals in a certain amount of legitimate goods (a shell company or a front company may not have any brick or mortar). A cash-intense business is an enterprise that is almost predominately cash based (such as a bar, pizza shop, or car wash). The true ownership of the business may be cloudy because the business may have been purchased/ registered to a nominee, particularly one who has a clean track record and would not arouse suspicion.
For example, all the transactions are at the withdrawal limit. • The noticeable lack of any replenishment withdrawals. Follow the money trail. Where does the money come from that replenishes the ATM? • Surcharges that are above average. The surcharge could be the payment back to the business owner for the use of his business to place the ATM there. 29 30 Chapter 2 | Methods of Money Laundering • The times of the day that the transaction occurred. • For example, is the location a local deli that is open only during the day, yet many transactions are in the middle of the night when the location is closed?
Anti-Money Laundering in a Nutshell: Awareness and Compliance for Financial Personnel and Business Managers by Kevin Sullivan