Aml non bank finanacial institutions
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This quick reference guide discusses the anti-money laundering requirements for non-bank financial institutions including for Money Services Business (MSB).
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This document discusses politically exposed persons (PEPs) and anti-money laundering practices related to PEPs. It defines PEPs as individuals who hold or have held prominent public positions in foreign governments. While state-owned enterprises are not considered PEPs, senior individuals who manage them could qualify as PEPs. Banks should have risk management systems to identify PEP customers and apply enhanced due diligence, such as obtaining senior management approval and assessing the source of wealth. One typically remains considered a PEP for one year after leaving a political position. Banks can do business with PEPs by applying enhanced scrutiny and monitoring the relationship. Focusing on PEPs helps combat corruption and money laundering risks.
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This document provides an overview of anti-money laundering (AML) and know your customer (KYC) practices. It defines money laundering and describes the three stages involved: placement, layering, and integration. It then lists some common illegal sources of money. The presentation explains AML regulations and why they are important to prevent, detect, monitor, and prosecute money laundering. It also defines KYC and the process of identifying and verifying customer identities. Additionally, it covers customer due diligence, including risk ratings, verification procedures, and types of due diligence for different risk levels. Cash transaction reporting and important organizations like the Financial Action Task Force are also summarized.
Money Services Businesses: Past, Present & Future
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In my honest Opinion: a frank look at client onboarding procedures
Kaluwa Maitre-Avril, FICA takes a frank look at client onboarding procedures at Financial Institutions with a view to providing solutions that add value to the process and manage risks more effectively while making money safely.
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Aml non bank finanacial institutions
- 2. NBFIs are broadly defined as institutions other than banks that offer financial services. Common examples include: Brokers or Dealers in Securities Insurance Companies Finance/Loan Companies Vehicle Dealers Pawnbrokers Casinos Travel Agents Dealers in Precious Metals, Stones, or Jewels Real Estate Closing and Settlement Services Financial Service Intermediaries such as Investment Advisors Money Service Businesses (remittance providers, cash exchange)
- 3. A Subset of the NBFI Universe Includes: ◦ Money Transmitters ◦ Currency Dealers or Exchangers ◦ Check Cashers ◦ Issuers, Sellers, or Redeemers of Traveler’s Checks Money Orders Stored Value ◦ US Postal Service (Money Orders)
- 4. There is a higher risk for potential money laundering activities with NBFIs because many NBFIs: Maintain limited or inconsistent recordkeeping on customers and transactions. Engage in frequent currency transactions. Are prone to less regulation and often unaware of regulations. Can quickly enter or exit into business. Sometimes operate without proper registration or licensing. Require minimal or no identification from customers.
- 5. NBFIs must have a written BSA/AML policy and procedures to establish: Internal controls BSA Officer Ongoing BSA training Independent testing
- 6. Must register with FinCEN (other than agents) Must be licensed in accordance with state and/or local laws Must file CTRs with no exemptions based on customer profiles Must file SARs Are subject to OFAC requirements
- 7. Want to learn more about anti-money laundering, the process, how it works 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