Handbook of Anti-Money Laundering.
Title:
Handbook of Anti-Money Laundering.
Author:
Cox, Dennis.
ISBN:
9781118940501
Personal Author:
Edition:
1st ed.
Physical Description:
1 online resource (754 pages)
Contents:
Cover -- Title Page -- Copyright -- Contents -- Introduction -- Chapter 1 What is Money Laundering? -- 1.1 The Initial Concerns -- 1.2 What is Money Laundering? -- 1.3 The Process of Money Laundering -- 1.4 The Primary Offences -- 1.5 Due Diligence -- 1.6 The Evasion of Taxation -- 1.7 Suspicion and Reporting -- 1.8 The Local Service Provider -- 1.9 Licence Payments -- Chapter 2 The Process of Money Laundering -- 2.1 The Money-Laundering Cycle -- 2.1.1 The Placement Phase -- 2.1.2 The Layering Phase -- 2.1.3 The Integration Phase -- Chapter 3 International Money-laundering Regulation - The Role of the Financial Action Task Force -- 3.1 Who are the Financial Action Task Force? -- 3.2 FATF Recommendations -- 3.3 FATF High-Risk Countries -- 3.4 Sound Management of Risks Related to Money Laundering and Financing of Terrorism -- 3.4.1 The First Line of Defence -- 3.4.2 The Second Line of Defence -- 3.4.4 Risk Assessment and Management -- 3.4.5 Policies and Procedures -- Chapter 4 The EC Money Laundering Directives -- 4.1 The Third Money Laundering Directive -- 4.1.1 Background to the Directive -- 4.1.2 Aims of the Directive -- 4.1.3 The UK Implementation of the Directive -- 4.1.4 Key Provisions of the Directive -- 4.1.5 Overview of the Directive -- 4.2 The Fourth Money Laundering Directive -- Chapter 5 UN Resolutions -- 5.1 Chapter VII of the Charter of the United Nations -- 5.2 Resolution 1267 (1999) -- 5.3 Resolution 1373 (2001) -- Chapter 6 The UK Regulatory Framework -- 6.1 Background -- 6.2 The Financial Services ACT 2012 -- 6.3 The Financial Conduct Authority Objectives -- 6.3.1 The Integrity Objective -- 6.3.2 The Protection of Consumers Objective -- 6.3.3 The Competition Objective -- 6.4 The Prudential Regulation Authority (PRA) Objectives -- 6.4.1 Insurance Objective -- 6.5 Enhancing Public Understanding of Financial Matters.
6.6 Fit and Proper Person Rules -- 6.7 FCA Regulation and Money-Laundering Deterrence -- 6.8 The Proceeds of Crime ACT 2002 -- 6.9 Terrorism Act 2000, and the Anti-Terrorism Crime and Security ACT 2001 -- 6.10 Money Laundering Regulations 2007 -- Chapter 7 How Money-laundering-deterrence Regulations are Applied in the UK - The Joint Money Laundering Steering Group -- 7.1 Membership -- 7.2 The Risk-Based Approach -- 7.3 The Regulatory Framework -- 7.3.1 Credit Cards -- 7.3.2 Electronic Money -- 7.3.3 Wealth Management -- 7.3.4 General Insurers -- 7.3.5 Execution-only Stockbrokers (ExOs) -- 7.3.6 Asset Finance -- 7.3.7 Corporate Finance -- 7.3.8 Trade Finance -- 7.3.9 Correspondent Banking -- 7.3.10 Wholesale Markets -- Chapter 8 The Wolfsberg Principles -- 8.1 Wolfsberg Standards -- 8.1.1 Wolfsberg Anti Money Laundering Principles for Correspondent Banking (2014) -- 8.1.2 Wolfsberg Private Banking Principles - May 2012 -- 8.1.3 Statement on Anti-Corruption -- 8.1.4 Wolfsberg Guidance on Mobile and Internet Payment Services (MIPS) -- Chapter 9 The US Regulatory Framework -- 9.1 The US Patriot ACT -- 9.2 The Other Key US Regulations -- 9.3 Key Issues in the us Patriot ACT -- 9.3.1 Civil Rights and Safety -- 9.3.2 Asset Seizure -- 9.3.3 Enhanced Surveillance Procedures -- 9.3.4 International Counter Money Laundering and Related Measures -- 9.3.5 Forfeiture Rules -- 9.3.6 Identification, Record and Reporting Requirements -- 9.3.7 Bank Holding Company Act -- 9.3.8 Bank Secrecy Act Amendments and Related Improvements -- 9.3.9 Penalties -- 9.3.10 Currency Crimes -- 9.3.11 Strengthening the Criminal Laws against Terrorism -- 9.4 The Bank Secrecy ACT 1970 -- 9.4.1 Independent Testing of Compliance -- 9.4.2 Compliance Officer -- 9.4.3 Training -- 9.4.4 Reporting Requirements -- 9.4.5 Record-keeping Requirements.
9.4.6 Suspicious Activity Reporting Requirements -- Chapter 10 Financial Sanctions -- 10.1 What are Financial Sanctions? -- 10.2 Failing to Comply -- 10.3 Sanctions Lists -- 10.3.1 Individuals -- 10.3.2 Entities -- 10.4 Asset Freezing Unit -- 10.5 Compliance with Financial Sanctions -- 10.6 Financial Sanctions as Part of Normal Money-laundering-Deterrence Procedures -- 10.7 Difficulties Faced by Firms When Monitoring Financial Sanctions -- Chapter 11 Risk Management and Money-laundering Deterrence -- 11.1 The Risks Within Money-Laundering Deterrence -- 11.1.1 Regulatory Risk -- 11.1.2 Reputational Risk -- 11.1.3 Operational Risk -- Chapter 12 The Role of the Money Laundering Reporting Officer -- 12.1 What is a Money Laundering Reporting Officer? -- 12.2 Who can be Appointed as an Mlro? -- 12.3 The Role of the Money Laundering Reporting Officer -- 12.3.1 The Safe Harbour and its Limitations -- 12.3.2 Matrix Management -- 12.3.3 What is an MLRO's Internal Reporting Procedure? -- 12.3.4 What is Contained in the MLRO's Annual Report? -- Chapter 13 Know Your Customer -- 13.1 What is Know Your Customer? -- 13.2 Why Should Firms Carry out KYC Requirements? -- 13.3 What Does KYC Involve? -- 13.4 What are the General Issues? -- 13.4.1 Reluctance to Provide Information -- 13.4.2 Conflicting Information -- 13.4.4 Fraudulent Information -- 13.4.5 Diplomatic Passports -- 13.4.6 Financial Information -- 13.4.7 Too Fast -- 13.5 Reliance on Third Parties -- 13.6 The Third EC Directive - KYC Requirements -- 13.7 The UK KYC Requirements -- 13.7.1 Required CDD -- 13.7.2 Quality and Quantity of CDD -- 13.7.3 Documentary Evidence Used as Part of KYC -- Chapter 14 Money Laundering Training -- 14.1 The Importance of Staff Awareness and Training -- 14.2 The Core Obligations of Training -- 14.3 Legal and Regulatory Obligations -- 14.4 Staff Responsibilities.
14.4.1 Senior Management -- 14.4.2 Staff -- 14.5 Internal Training Procedures -- 14.6 Training Methods and Assessment -- Chapter 15 Retail Customer Identification -- 15.1 Who are Retail Customers? -- 15.2 Basic Retail Identification Evidence -- 15.3 Documentary Verification -- 15.4 Customer Exclusion -- 15.5 Electronic Verification -- 15.6 Impersonation Fraud -- 15.7 Family Members -- 15.8 Transaction Monitoring -- 15.9 Source of Funds -- Chapter 16 Corporate Customer Identification -- 16.1 Who is a Corporate Customer? -- 16.2 Risks Associated with Corporate Customers -- 16.3 Beneficial Owners -- 16.4 Standard Evidence for Corporate Entities -- 16.5 Private and Unlisted Companies -- 16.6 Enhanced due Diligence -- 16.7 Charities and Trusts -- Chapter 17 Politically Exposed Persons -- 17.1 What is a Politically Exposed Person? -- 17.2 The Definition of a Politically Exposed Person (PEP) -- 17.3 At What Level is Someone a PEP? -- 17.4 Prominent Public Functions -- 17.5 The Immediate Family Rules -- 17.6 The Associate Rules -- 17.7 What is the Risk-Based Approach? -- 17.8 The Risk-Based Approach to Determining PEPS -- 17.9 Transparency International -- 17.10 The Global Nature of Corruption -- Chapter 18 Non-face-to-face Customers -- 18.1 Who are Non-Face-To-Face Customers? -- 18.2 Additional Measures for Non-Face-To-Face Customers -- 18.3 Risk-Based Approach to Non-Face-To-Face Customers -- 18.4 The Problems of Buying Online -- 18.5 FATF Guidance -- Chapter 19 Suspicious Conduct and Transactions -- 19.1 Introduction -- 19.2 What is a Suspicious Transaction? -- 19.3 Avoiding a National Reporting or Record-Keeping Requirement -- 19.4 Wire or Fund Transfers -- 19.5 Insufficient or Suspicious Information by a Customer -- 19.6 Other Suspicious Customer Activity -- 19.7 The Role of Internal Audit -- Chapter 20 Unusual Transactions.
20.1 The Identification of Unusual Transactions -- 20.2 The Development of Policy -- 20.3 Money-Laundering Control -- 20.4 Compliance Risk Management Training -- 20.5 The Types of Events that Might Cause Suspicion -- 20.6 The Problems of Customer Identification -- 20.7 What Might Highlight Terrorist Activity? -- Chapter 21 Investigating Suspicions -- 21.1 The Investigation Process -- 21.2 Conducting an Investigation -- 21.3 Seeking Consent for Financial Transactions in the UK -- 21.3.1 Timeframe -- 21.3.2 Notification of Consent -- 21.3.3 Submitting a Request for Consent -- 21.3.4 Making a Report -- 21.3.5 Internal Reporting -- 21.3.6 External Referrals -- 21.3.7 The Investigation by the Nominated Officer -- 21.3.8 Reporting in the UK -- 21.4 Sanctions and Penalties for Failing to Comply -- Chapter 22 Ongoing Monitoring -- 22.1 The Importance of Ongoing Monitoring -- 22.2 The Link to Customer Relationship Management -- 22.3 What Does Ongoing Monitoring Involve? -- 22.4 Enhanced Ongoing Monitoring -- 22.5 The Risk of Dormant Accounts -- 22.6 What Type of Enhanced Monitoring is Required? -- 22.7 Automated Vs. Manual Systems of Monitoring -- 22.8 Issues to Consider When Implementing a Monitoring System -- 22.9 Staff Training -- Chapter 23 Tipping Off -- 23.1 Introduction -- 23.2 Letting the Customer Know -- 23.3 The Problems in Practice -- 23.4 Penalties for Tipping off -- 23.5 Communications with Customers Under Investigation -- Chapter 24 Correspondent Banking -- 24.1 What are the Money-Laundering Risks in Correspondent Banking? -- 24.2 How to Assess the Elements of Risk in Correspondent Banking -- 24.3 Client Visit -- 24.4 Enhanced Due Diligence -- Chapter 25 Record-keeping -- 25.1 The Purpose of Record-Keeping -- 25.2 What Records have to be Kept? -- 25.2.1 Customer Identification -- 25.2.2 Transactions -- 25.2.3 Internal and External Reports.
25.3 In What Form Should Records be Kept?.
Abstract:
Effectively implement comprehensive anti-money laundering regulations Handbook of Anti-Money Laundering details the most up-to-date regulations and provides practical guidance toward implementation. While most books focus on the regulations themselves, this useful guide goes further by explaining their meaning to bank operations, and how the rules apply to real-life scenarios. The international perspective provides a broader understanding of the anti-money laundering controls that are in place worldwide, with certain country-specific details discussed in-depth. Coverage includes the Wolfsberg Principles, Financial Action Task Force guidance, the U.S. Patriot Act, and the latest from both the EU and Bank for International Settlements. The IMF estimates that two to five per cent of the global GDP - 590 billion to 1.5 trillion - is laundered every year. Globally, banks and other financial institutions have been required to put in place specific arrangements to prevent and detect money laundering and the criminal activity that underlies it. This book provides the latest regulations and guidance toward application. Understand what money laundering regulations mean in practice Reference international and country-specific rules and regulations Get up to speed on the most current regulations and practices Implement the most effective anti-money laundering measures In response to the increased monitoring and regulation, money launderers have become more sophisticated at disguising the source of their funds. Financial institutions' employees must be ever more aware of what they're facing, and how to deal with it, making actionable guidance a critical companion to any regulatory information. For financial institutions seeking more thorough understanding and practical advice, the Handbook of Anti-Money Laundering is a comprehensive guide.
Local Note:
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
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