The document discusses money laundering and anti-money laundering (AML) laws and organizations. It defines money laundering as the process of making illegally gained money appear legal. It also discusses terrorist financing. The objective, stages, techniques, and causes of money laundering are described. Key AML laws and organizations mentioned are the Prevention of Money Laundering Act 2002 in India and the Financial Action Task Force, an intergovernmental body working to combat money laundering and terrorist financing globally.
Basics of Anti-Money Laundering : A Really Quick Primer
What is Money Laundering?
The act of concealing or disguising (laundering) of funds obtained through illegal activity
so that they appear to have been generated through legal, legitimate sources.
How is it Carried Out?
Shell companies, intermediaries and money transmitters usually transfer these funds around the world Banks and other financial institutions are the chosen medium for laundering these illegal funds
AML Regulations:
The Bank Secrecy Act is the most important Anti-Money Laundering (AML) regulation
The BSA requires financial institutions to:
Keep records of cash purchases of negotiable instruments
File reports of cash transactions exceeding $10,000 (daily aggregate amount)
Report suspicious activity that might signify money laundering, tax evasion, or other criminal activities
Implement a written, board-approved compliance monitoring program
The USA Patriot Act
Expands AML requirements to all financial institutions
Augments existing BSA framework
AML Best Practices:
In order to combat money laundering, banks should implement the following best practices:
Customer Identification Program (CIP)
Customer Due Diligence (CDD) Program
Bank Secrecy Act/Anti-Money Laundering Risk Assessment
Identification and Reporting of Suspicious Activity
Want to learn more about anti-money laundering process and best practices? ComplianceOnline webinars and seminars are a great training resource. Check out the following links:
http://www.complianceonline.com/anti-money-laundering-aml-compliance-program-seminar-training-80114SEM-prdsm?channel=amlppt
http://www.complianceonline.com/bsa-aml-ofac-risk-assessments-regulatory-requirements-seminar-training-80181SEM-prdsm?channel=ppt
http://www.complianceonline.com/bsa-aml-compliance-reporting-requirements-webinar-training-703352-prdw?channel=amlppt
http://www.complianceonline.com/bsa-aml-compliance-checklists-webinar-training-703178-prdw?channel=amlppt
http://www.complianceonline.com/bsa-aml-ofac-risk-assessments-and-evaluation-compliance-program-webinar-training-703493-prdw?channel=amlppt
http://www.complianceonline.com/best-practices-for-developing-risk-models-for-aml-bsa-monitoring-webinar-training-703628-prdw?channel=amlppt
This presented is aimed at AML/CTF practitioners who would need quick reminders of the basics of AML. Tools are not very useful if the underlying basics are unknown.
Money Laundering and Terrorist Financing in a Nutshell: Chapter OneMd. Moulude Hossain
Financial Crime is an increasing concern for all financial institutions, which is developing rapidly and equally together with technology. May be not limited to money laundering and terrorist financing, these two form of financial crime deserve to be attended with utmost care.
The evolving challenges of Money Laundering (ML) and Terrorist Financing (TF) lead the evolution of anti-money laundering and counter terrorist financing convention and regulations. These conventions give birth of several international organizations to combat the impact of ML and TF.
Presentation given for Crowe Horwath Auditor's training session on 26/03/2016.
AML regulations are applicable to professional service providers also. See the presentation for more information
This is my presentation about what is money laundering crime and what is the role of financial institutions in the fight against it. I used it during my speech for a bunch of Business School Students (ISM).
Basics of Anti-Money Laundering : A Really Quick Primer
What is Money Laundering?
The act of concealing or disguising (laundering) of funds obtained through illegal activity
so that they appear to have been generated through legal, legitimate sources.
How is it Carried Out?
Shell companies, intermediaries and money transmitters usually transfer these funds around the world Banks and other financial institutions are the chosen medium for laundering these illegal funds
AML Regulations:
The Bank Secrecy Act is the most important Anti-Money Laundering (AML) regulation
The BSA requires financial institutions to:
Keep records of cash purchases of negotiable instruments
File reports of cash transactions exceeding $10,000 (daily aggregate amount)
Report suspicious activity that might signify money laundering, tax evasion, or other criminal activities
Implement a written, board-approved compliance monitoring program
The USA Patriot Act
Expands AML requirements to all financial institutions
Augments existing BSA framework
AML Best Practices:
In order to combat money laundering, banks should implement the following best practices:
Customer Identification Program (CIP)
Customer Due Diligence (CDD) Program
Bank Secrecy Act/Anti-Money Laundering Risk Assessment
Identification and Reporting of Suspicious Activity
Want to learn more about anti-money laundering process and best practices? ComplianceOnline webinars and seminars are a great training resource. Check out the following links:
http://www.complianceonline.com/anti-money-laundering-aml-compliance-program-seminar-training-80114SEM-prdsm?channel=amlppt
http://www.complianceonline.com/bsa-aml-ofac-risk-assessments-regulatory-requirements-seminar-training-80181SEM-prdsm?channel=ppt
http://www.complianceonline.com/bsa-aml-compliance-reporting-requirements-webinar-training-703352-prdw?channel=amlppt
http://www.complianceonline.com/bsa-aml-compliance-checklists-webinar-training-703178-prdw?channel=amlppt
http://www.complianceonline.com/bsa-aml-ofac-risk-assessments-and-evaluation-compliance-program-webinar-training-703493-prdw?channel=amlppt
http://www.complianceonline.com/best-practices-for-developing-risk-models-for-aml-bsa-monitoring-webinar-training-703628-prdw?channel=amlppt
This presented is aimed at AML/CTF practitioners who would need quick reminders of the basics of AML. Tools are not very useful if the underlying basics are unknown.
Money Laundering and Terrorist Financing in a Nutshell: Chapter OneMd. Moulude Hossain
Financial Crime is an increasing concern for all financial institutions, which is developing rapidly and equally together with technology. May be not limited to money laundering and terrorist financing, these two form of financial crime deserve to be attended with utmost care.
The evolving challenges of Money Laundering (ML) and Terrorist Financing (TF) lead the evolution of anti-money laundering and counter terrorist financing convention and regulations. These conventions give birth of several international organizations to combat the impact of ML and TF.
Presentation given for Crowe Horwath Auditor's training session on 26/03/2016.
AML regulations are applicable to professional service providers also. See the presentation for more information
This is my presentation about what is money laundering crime and what is the role of financial institutions in the fight against it. I used it during my speech for a bunch of Business School Students (ISM).
Anti-money Laundering:-
The process of disguising the proceeds of crime in an effort to conceal their illicit origins and legitimize their future use. Its main objective is to conceal true ownership and origin of the proceeds, a desire to maintain control, a need to change the form of the proceeds.Techniques used can be simple, diverse, complex, but secret.
Anti-money Laundering:-
The process of disguising the proceeds of crime in an effort to conceal their illicit origins and legitimize their future use. Its main objective is to conceal true ownership and origin of the proceeds, a desire to maintain control, a need to change the form of the proceeds.Techniques used can be simple, diverse, complex, but secret.
Money laundering is the process of concealing the origin of money obtained from illegitimate sources by passing it through complex sequence of financial transactions and making it appear to be originated from legal activity.
Illegal arm sales, terrorism funding, smuggling, drug trafficking, insider trading, fraud schemes, bribery etc. are some examples of illegal activities prohibited by law.
In simpler terms, money laundering means cleaning of dirty money.
Process of Money Laundering
Placement – Placing illegal cash proceeds with banks and other financial institutions onshore and offshore in smaller denominations.
Layering – Creating complex layers of financial transactions to make it difficult to trace the origin of money. The transactions might be channelled through purchase & sales of financial securities.
Integration – Integrating the money into legal system by investing into business, real estates and luxury assets.
Methods of Money Laundering
Structuring / Smurfing – It is a method of placement where the illegal money collected is broken into smaller deposits to place at different banks. This is done to avoid any suspicion of origin of money.
Shell Companies – This involves creation of fake companies that are registered and exist in papers but hold neither physical location nor operational activities are done.
Bulk Cash Smuggling – This involves smuggling cash to foreign countries to deposit illegal money in offshore bank which hold greater secrecy; generally countries considered as tax haven.
Round Tripping – Shipping back the money deposited in offshore financial institutions as foreign direct investment.
Act -
Financial Action Task Force – Formed in 1989 by G7 countries to develop and ensure an international response to combat money laundering. The objectives of the FATF were to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
PMLA (Prevention of Money Laundering Act) 2002 – The act passed to stop money laundering and punish those involved directly or indirectly in illegal activity. As per this act whoever commits money laundering shall be punishable with imprisonment of about 3 to 10 years and shall also be liable to pay fine.
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Money laundering is the process of transforming the proceeds of crime into ostensibly legitimate money or other assets. However, in a number of legal and regulatory systems, the term money laundering has become conflated with other forms of financial crime, and sometimes used more generally to include misuse of the financial system (involving things such as securities, digital currencies, credit cards, and traditional currency), including terrorism financing and evasion of international sanctions. This is a process whereby the origin of funds generated by illegal means is concealed (drug trafficking, fraud, gun smuggling, corruption, etc.)
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The anti-money laundering regime includes customer due diligence, transaction monitoring, and reporting suspicious activities to regulatory authorities. Financial institutions must also have policies and procedures in place to identify and manage high-risk customers and transactions.
The first stage of the money laundering cycle is placement, where the dirty money is introduced into the financial system. This can be done through various means, such as depositing cash into a bank account or using a money transfer service.
The second stage is layering, where the money is moved around and disguised to make it difficult to trace its origin. This can involve transferring funds between accounts, buying and selling assets, and creating fake invoices
The final stage is integration, where the laundered money is reintroduced into the economy as legitimate funds. This can be done by investing in real estate, starting a business, or simply spending the money.
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Anti Money Laundering
1. AML
Anti-Money Laundering Act
Money laundering:- Itis the process by which illegal funds and assets are
converted into legitimate funds and assets.
Terrorist Financing:- Itprovides funds for terroristactivity. Itmay involve
funds raised from legitimate sources, such as personaldonation and profits
frombusiness and charitable organizations, as well as from criminal sources, as
defines above
Objective of Money Laundering
Hide- To reflect the fact that cash is often introduced to the economy via
commercial concerns which may knowingly or not knowingly bepart of
the laundering scheme, and it is these which ultimately proveto be the
interface between the criminal and the financial sector.
Move- Clearly explains that the money launderer uses transfer, sales and
purchaseof assets, and changes the shape and size of the lump of
money so as to overshadow thetrail between money and crime or
money and criminal.
Invest- The criminal spends the money: he/ she may invest it in asset, or
in his/her lifestyles.
Criminal Activities
Kidnapping
Extortion
Bribery & Corruption
Gambling Robbery Cheating
Counterfeiting & Forgery
TerroristAct
Smuggling
Drug Trafficking
Prostitution
2. Stages of Money Laundering
Placement: - To push the dirty Money into the clean system through
series of small banking transaction, so to avoid suspicions.
Layering: - To disguisethe origin of funds for funding the property,
multiple accounts in different name setup. Objectiveis to hide the audit
trail of the transactions.
Integration:- To use the legitimate money (proceeds from options) for
conducting legitimate transactions (buying property)
AML Stages Decode
Placement
o Depositing smaller cash amounts in one or severalaccounts
o Purchasing cheques and then depositing the same into the bank
o Purchasing singlepremium insurancepolicy withoutpaying
attention to details and conditions for cancellation and
commissions
o Money smuggling over borders
o Buying precious/Valuable metals
Layering
o Buying shares and then reselling the same
o Issuing severalcomplexbank transfer
o Issuing transfersagainstgoods
o Debt repayment
Integration
o Repurchasing precious valuable assets, properties, lands
o Entering into or financing business projects
o Buying Goods
o Buying bonds, equity etc.
Money laundering Techniques
Bulk cash smuggling: - Itinvolves literally smuggling cash into another
country for deposit into offshorebanks or other type of financial
institution that client secrecy.
3. Structuring: - Italso referred to as “smurfing” is a method in which cash
is broken down smaller amount, which are then used to purchasemoney
order or other instruments to avoid detection or suspicion.
Cash-intensivebusiness: - Itoccurs when a business that legitimately
Deals with large amounts of cash uses its accounts to deposit money
obtained fromboth everyday business proceeds and money obtained
through illegal means.
Trade-basedLaundering: - Itis in which invoices are altered to show a
higher or lower amount in order to mask the movement of money.
Shell companies: - Shell companies and trusts are used to disguisethe
true owner or agent of a large amount of money.
Bank capture: - Itrefers to the useof a bank owned by money
launderers or criminals, who then funds through the bank without fear
of investigation.
Real estate laundering: - Itoccurs when someonepurchases realestate
with money obtained illegally, then sells the property. This makes it
seems as if the profits are legitimate.
Causes of Money Laundering
Absence of Money Laundering
Evasionof Tax
Increase inProfits
To make black money appear white money
Limitedrisks of exposure
PMLA (Preventionof money laundering act) 2002
Itis an act to preventmoney laundering and there causes and to punish those
who commit the offence of money laundering.
As per section 48 & 49 of the PMLA the officers of the directorate of
enforcement have been given powers to investigate cases of money
laundering. The officers havealso been authorised to initiate proceeding for
attachment of property and to launch prosecution in the designated special
court for the offence of money laundering.
4. FATF (Financial ActionTask Force) 1989
Itwas formed in 1989 by a coalition of countries. This intergovernmental
agency was designed to develop and promote international cooperation
for combating money laundering.
As of 2015 the FAFTis comprised of 34 different countries , but the
agency is always seeking to expand its membership to more regions.
Headquarter in Paris, France; the FAFTalso works to combat the
financing of terrorism.
Itmonitoring the progress of member countries in their anti-money
laundering measures.
Reviewing trends and techniques in money laundering, reporting these,
as well as new counter measures, to member countries
Promoting FAFTanti-money laundering measures and standards
globally.