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 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.
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.
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
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 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.
With a zero tolerance level in Money Laundering and associated large regulatory penalties for non compliance, Banks and other Financial Institutes are spending immense time, effort and money to achieve compliance. Needless to say, it is still not enough. The Black Swan can enter into any Financial Institute’s Branch on any given day and sting the Bank by surprise.
The implementation of a formal and a structured AML Mitigation and oversight system and processes that effectively identify, assess, and manage such risk within acceptable levels is a challenge. Therefore, awareness about the menace of money laundering and thorough understanding of the antimony laundering process and its current trends at all levels of staff of a bank/FI are ever growing necessities.
Awaiting your valuable nominations/enquiries to make the programs mutually beneficial and successful. Please email manoj.jain@riskpro.in or contact at 98337 67114 for more details.
Program Highlights
Let the experts guide you on the best practices in Anti Money Laundering
Perspective from RBI, FIU- IND, Income Tax and more
Global regulations around AML/KYC
Indian regulations and latest reforms
How to avoid any kind of surprises
Linking AML compliance to Reputation Risk, Social Media Risk
Dodd Frank Act, US Patriot Act
What it takes to say “NO” to profitable and abundant business
Speakers and Panelist
Guest speakers from Regulatory Authorities
Risk Management and Banking Experts
Manoj Jain, Director and Co Founder, Riskpro India
Hemant Seigell, Director, Riskpro India
R Muralidharan, ex DGM - Risk Management, Bank of Maharashtra
Hemlatha Mohan, ex Country Head ORM, ING Vysya Bank
Prasanna Rath, ex Head of Risk, TAIB Bank, Bahrain
Prominent AML experts as panelist
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 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.
With a zero tolerance level in Money Laundering and associated large regulatory penalties for non compliance, Banks and other Financial Institutes are spending immense time, effort and money to achieve compliance. Needless to say, it is still not enough. The Black Swan can enter into any Financial Institute’s Branch on any given day and sting the Bank by surprise.
The implementation of a formal and a structured AML Mitigation and oversight system and processes that effectively identify, assess, and manage such risk within acceptable levels is a challenge. Therefore, awareness about the menace of money laundering and thorough understanding of the antimony laundering process and its current trends at all levels of staff of a bank/FI are ever growing necessities.
Awaiting your valuable nominations/enquiries to make the programs mutually beneficial and successful. Please email manoj.jain@riskpro.in or contact at 98337 67114 for more details.
Program Highlights
Let the experts guide you on the best practices in Anti Money Laundering
Perspective from RBI, FIU- IND, Income Tax and more
Global regulations around AML/KYC
Indian regulations and latest reforms
How to avoid any kind of surprises
Linking AML compliance to Reputation Risk, Social Media Risk
Dodd Frank Act, US Patriot Act
What it takes to say “NO” to profitable and abundant business
Speakers and Panelist
Guest speakers from Regulatory Authorities
Risk Management and Banking Experts
Manoj Jain, Director and Co Founder, Riskpro India
Hemant Seigell, Director, Riskpro India
R Muralidharan, ex DGM - Risk Management, Bank of Maharashtra
Hemlatha Mohan, ex Country Head ORM, ING Vysya Bank
Prasanna Rath, ex Head of Risk, TAIB Bank, Bahrain
Prominent AML experts as panelist
Nelito's FinCraft offers State-Of-The-Art Anti-Money Laundering and Anti-Fraud solution with real time monitoring and surveillance of operations to protect your assets.
FinCraft – AML covers a broad range of asset classes & transaction types by monitoring current transactional data, non-transactional or know your customer (KYC) data and historical data for suspicious trading patterns. Our extensive library of analytical foundation & detection models helps organization to be compliant with anti-money laundering (AML) regulations.
Features
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Anti Money Laundering regulations in Kenya and how they impact businesses especially in light of the introduction of new currency notes, especially the Kshs 1,000 note, and the CBK's Governors statement on the Launch of the new currency notes.
Prevention of Money Laundering Act 2002ramandeepjrf
Prevention of money laundering act 2002
Definitions, Obligation for Banks, Financial Institutions, Intermediaries, Attachment, Adjudication and confiscation of property, Appellate Tribunal, Special Court, Penalty and fine.
Professional services a chartered accountant can provide in preventing money ...CA. (Dr.) Rajkumar Adukia
The implementation of PMLA is conferred on several authorities as mentioned such as Director or Additional Director or Joint Director, Deputy Director, Assistant Director, and such additional directors/officers whose appointment may be deemed necessary under the provisions of the PMLA. Professionals like chartered accountants are more conversant with the business environment and hold special expertise in finances that gives them an additional advantage to fit into the role of assisting, serving such authorities.
Anti Money Laundering's regulation: current aspects and future forecastsclaudiotarulli3
Presentazione della Tesi "Anti Money Laundering's regulation: current aspects and future forecasts" presentata per il Master in "Antiriciclaggio e Compliance" presso la European School of Banking Management.
Anti money laundering and combating the financing of terrorism (AML/CFT) REGU...Bilal khan
UPTO DATE AND ACCORDING TO PAKISTAN'S STATE BANK REGULATIONS AND REQUIREMENTS FOR ANTI MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM WITH INTERNATIONAL STANDARDS
Lifting the Corporate Veil. Power Point Presentationseri bangash
"Lifting the Corporate Veil" is a legal concept that refers to the judicial act of disregarding the separate legal personality of a corporation or limited liability company (LLC). Normally, a corporation is considered a legal entity separate from its shareholders or members, meaning that the personal assets of shareholders or members are protected from the liabilities of the corporation. However, there are certain situations where courts may decide to "pierce" or "lift" the corporate veil, holding shareholders or members personally liable for the debts or actions of the corporation.
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Fraud or Illegality: If shareholders or members use the corporate structure to perpetrate fraud, evade legal obligations, or engage in illegal activities, courts may disregard the corporate entity and hold those individuals personally liable.
Undercapitalization: If a corporation is formed with insufficient capital to conduct its intended business and meet its foreseeable liabilities, and this lack of capitalization results in harm to creditors or other parties, courts may lift the corporate veil to hold shareholders or members liable.
Failure to Observe Corporate Formalities: Corporations and LLCs are required to observe certain formalities, such as holding regular meetings, maintaining separate financial records, and avoiding commingling of personal and corporate assets. If these formalities are not observed and the corporate structure is used as a mere façade, courts may disregard the corporate entity.
Alter Ego: If there is such a unity of interest and ownership between the corporation and its shareholders or members that the separate personalities of the corporation and the individuals no longer exist, courts may treat the corporation as the alter ego of its owners and hold them personally liable.
Group Enterprises: In some cases, where multiple corporations are closely related or form part of a single economic unit, courts may pierce the corporate veil to achieve equity, particularly if one corporation's actions harm creditors or other stakeholders and the corporate structure is being used to shield culpable parties from liability.
Synopsis On Annual General Meeting/Extra Ordinary General Meeting With Ordinary And Special Businesses And Ordinary And Special Resolutions with Companies (Postal Ballot) Regulations, 2018
Matthew Professional CV experienced Government LiaisonMattGardner52
As an experienced Government Liaison, I have demonstrated expertise in Corporate Governance. My skill set includes senior-level management in Contract Management, Legal Support, and Diplomatic Relations. I have also gained proficiency as a Corporate Liaison, utilizing my strong background in accounting, finance, and legal, with a Bachelor's degree (B.A.) from California State University. My Administrative Skills further strengthen my ability to contribute to the growth and success of any organization.
In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
Subsequently, in February, the committee successfully submitted its recommendations regarding amendments to the criminal law. These recommendations are intended to serve as a foundation for enhancing the current legal framework, promoting safety and security, and upholding the constitutional principles of justice, dignity, and the inherent worth of every individual.
How to Obtain Permanent Residency in the NetherlandsBridgeWest.eu
You can rely on our assistance if you are ready to apply for permanent residency. Find out more at: https://immigration-netherlands.com/obtain-a-permanent-residence-permit-in-the-netherlands/.
Car Accident Injury Do I Have a Case....Knowyourright
Every year, thousands of Minnesotans are injured in car accidents. These injuries can be severe – even life-changing. Under Minnesota law, you can pursue compensation through a personal injury lawsuit.
2. Agenda
What is Money Laundering?- Jino
Overview of AML Landscape in the United Arab Emirates (UAE)- Jino
Current AML issues facing Registered Auditors- Noor
HM AML Handbook and measures- Noor
3. Money Laundering is the process of transforming the proceeds of
crime into legitimate assets.
INTERPOL's definition of money laundering is: "any act or
attempted act to conceal or disguise the identity of illegally
obtained proceeds so that they appear to have originated from
legitimate sources"
Money Laundering- definition
4. Money Laundering- three stages
Placement
Layering
Integration
which involves the placement of illicit funds into the financial system.
which involves the transfer of the funds from one source to another in order
to conceal the source of funds.
which involves the placement of the proceeds of crime into use as legitimate funds by
purchasing a legitimate business or real estate.
5. Legal perspective
Federal Law No. 4 of 2002 Criminalization of Money Laundering Crimes
Federal Law No.9 of 2014 Anti Money Laundering and Combating Financing of Terrorism
(CFT)’(Amendment)
Change of title ‘Criminalization of Money Laundering Crimes’, to ‘Anti Money Laundering and
Combating Financing of Terrorism (CFT)’
Federal Law No.7 of 2014 Combating Terrorism Offences
UAE Cabinet Resolution No. 38 of 2014
International Treaties :
Vienna convention 1988; Palermo Convention 2001; Marida Convention 2005,
Regulations and instruments UN, EU, IMF, World Bank, Basel Conventions …
40 Recommendations of FATF, MENA FATF,
6. Money Laundering
Article 2, Federal Law No.9 of 2014 states that –
1)Any person, having the knowledge that the funds are the proceeds of a felony or a misdemeanor,
and who willfully commit any of the following acts, shall be considered a perpetrator of the crime of
money laundering:
a-Transferring, transporting, depositing, safekeeping, investing or transforming the proceeds of a crime or managing
the same aiming to conceal or disguise their unlawful source.
b-Concealing or disguising the true nature, source or location of the proceeds as well as the method involving their
disposition, movement, ownership of or rights with respect to said proceeds.
c-Acquiring, possessing or using the proceeds.
2) The Crime of money laundering is considered as a separate crime and the punishment of the
perpetrator for the commission of the original crime shall not prevent that he shall be punished
for the crime of money laundering.
3) In order to prove the property is the proceeds of crime, it shall not be necessary that there be a
conviction for the crime.
7. Funds
Assets of every kind whether tangible or intangible, movable or immovable including national
currency, foreign currencies, documents or deeds, in any form, including electronic or digital,
evidencing title to, or interest in, such assets:
the meaning of ‘funds’ which refers not only to money but any assets including assets in “ digital or electronic form”.
the offences to which money laundering related (the so called “predicate offences”), are no longer identified by reference to a list ,but buy
by the catch-all; any offence or a misdemeanor” (See additional information)
activities carried out with respect to assets now include: saving, investing, exchanging or managing;
a conviction for the “predicate” offence is not a condition to proving the illicit source of funds.
Proceeds
Any funds derived from or obtained, directly or indirectly through the commission of a
felony or a misdemeanor.
8. MENA FATF Recommendation
REPORTING OF SUSPICIOUS TRANSACTIONS
20. Reporting of suspicious transactions * If a financial institution suspects or has reasonable grounds to suspect
that funds are the proceeds of a criminal activity, or are related to terrorist financing, it should be required, by
law, to report promptly its suspicions to the financial intelligence unit (FIU).
21. Tipping-off and confidentiality Financial institutions, their directors, officers and employees should be: (a)
protected by law from criminal and civil liability for breach of any restriction on disclosure of information
imposed by contract or by any legislative, regulatory or administrative provision, if they report their suspicions in
good faith to the FIU, even if they did not know precisely what the underlying criminal activity was, and
regardless of whether illegal activity actually occurred; and (b) prohibited by law from disclosing (“tipping-off”)
the fact that a suspicious transaction report (STR) or related information is being filed with the FIU.
9. Conti…
DESIGNATED NON-FINANCIAL BUSINESSES AND PROFESSIONS
22. DNFBPs: The customer due diligence and record-keeping requirements set out in
Recommendations 10, 11, 12, 15, and 17, apply to designated non-financial businesses and
professions (DNFBPs) in the following situations:
(a) Casinos – when customers engage in financial transactions equal to or above the applicable
designated threshold.
(b) Real estate agents – when they are involved in transactions for their client concerning the buying
and selling of real estate.
(c) Dealers in precious metals and dealers in precious stones – when they engage in any cash
transaction with a customer equal to or above the applicable designated threshold;
MENA FATF Recommendation
10. Conti….
(d) Lawyers, notaries, other independent legal professionals and accountants – when they
prepare for or carry out transactions for their client concerning the following activities:
buying and selling of real estate;
managing of client money, securities or other assets;
management of bank, savings or securities accounts;
organisation of contributions for the creation, operation or management of companies;
creation, operation or management of legal persons or arrangements, and buying and selling
of business entities.
11. (e) Trust and company service providers – when they prepare for or carry out transactions for a client
concerning the following activities:
acting as a formation agent of legal persons;
acting as (or arranging for another person to act as) a director or secretary of a company, a partner of a
partnership, or a similar position in relation to other legal persons;
providing a registered office, business address or accommodation, correspondence or administrative
address for a company, a partnership or any other legal person or arrangement;
acting as (or arranging for another person to act as) a trustee of an express trust or performing the
equivalent function for another form of legal arrangement;
acting as (or arranging for another person to act as) a nominee shareholder for another person
12. 23. DNFBPS: OTHER MEASURES
The requirements set out in Recommendations 18 to 21 apply to all designated non-financial
businesses and professions, subject to the following qualifications:
(a) Lawyers, notaries, other independent legal professionals and accountants should be required to report
suspicious transactions when, on behalf of or for a client, they engage in a financial transaction in relation to the
activities described in paragraph (d) of Recommendation 22. Countries are strongly encouraged to extend the
reporting requirement to the rest of the professional activities of accountants, including auditing.
13. For information
Previous provision Art 2 of Fed. Law 4 of 2002
2. For the purpose of this law, Property shall mean those derived from the
following offences:
Narcotics and Psychotropic substances.
Kidnapping, piracy and terrorism.
Offences committed in violation of the environmental laws.
Illicit dealing in fire- arms and ammunition.
Bribery , embezzlement, and damage to public property.
Fraud, breach of trust and related offences.
Any other related offences referred to in international conventions to
which the State is a party.