Interesting articles talking about money laundering activities and how the AML law shares an inverse relationship with the money laundering activity. This questions the overall cost/benefit activity of the AML regulation.
What is money Laundering? Prevention of money laundering act in india brief details
Examples of money laundering
How bad is money laundering
How can get money from Hawala?
What is punishment for Hawala in India
Threads Of money Laundering. I am Introducing a very big Issue, a big problem of our Country. I have written many ways to be out of the situation. So guys If you have chosen this topic be careful and Hit like and Download my PPT.
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.
What is money Laundering? Prevention of money laundering act in india brief details
Examples of money laundering
How bad is money laundering
How can get money from Hawala?
What is punishment for Hawala in India
Threads Of money Laundering. I am Introducing a very big Issue, a big problem of our Country. I have written many ways to be out of the situation. So guys If you have chosen this topic be careful and Hit like and Download my PPT.
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.
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.
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
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.
money laundering and corruption
,
what is money laundering
,
suspicious transaction means such transaction:
,
what are some of the challenges
,
why and how to combat money laundering
,
money laundering
,
money laundering process
,
mlpa-2012
,
incentives to launder
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).
it was a project assignment by our banking teacher related to an article published in dawn news paper kindly give your suggestions fa first time try :)
Money Laundering could be explained as the process in which large amounts of money obtained from illegal activities conducted are created to be appeared as legitimate. Some examples of such illegal activities could be crimes such as drug trafficking, terrorist activities etc. Copy the link given below and paste it in new browser window to get more information on Money Laundering:- www.transtutors.com/homework-help/finance/money-laundering.aspx
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.)
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.
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
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.
money laundering and corruption
,
what is money laundering
,
suspicious transaction means such transaction:
,
what are some of the challenges
,
why and how to combat money laundering
,
money laundering
,
money laundering process
,
mlpa-2012
,
incentives to launder
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).
it was a project assignment by our banking teacher related to an article published in dawn news paper kindly give your suggestions fa first time try :)
Money Laundering could be explained as the process in which large amounts of money obtained from illegal activities conducted are created to be appeared as legitimate. Some examples of such illegal activities could be crimes such as drug trafficking, terrorist activities etc. Copy the link given below and paste it in new browser window to get more information on Money Laundering:- www.transtutors.com/homework-help/finance/money-laundering.aspx
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.)
The real cost of KYC & AML compliance for the financial sector - OndatoOndato
In this report, Ondato explores:
Compliance cost
Budget allocation
Non-compliance penalties
How KYC affects banks’ customers
A solution that cuts costs while maintaining compliance
Source: https://ondato.com/reports/the-real-cost-of-kyc-aml-compliance-for-the-financial-sector/
A presentation we did for our Accounting class at the University of San Francisco. Made by Mackenzie O'Donnell, Winsy Wong and myself - Malvika Jain. Pretty fugly but hope you can get the necessary information from it if needed.
The ppt is divided into
Major Accounting Frauds around the year 2000 - Enron, Worldcom, Tyco
SEC
Introduction and analysis of Sarbanes Oxley Act
Dodd Frank Whistleblower initiative
Introduction and benefits of the Task Force
Steps for management to take to steer clear of accounting fraud
OFAC Name Matching and False-Positive Reduction TechniquesCognizant
Exploration of Office of Foreign Asset Control (OFAC) compliance and strategies to avoid false positives (and negatives), covering watch lists such as specially designated nationals (SDN), customer due diligence,data mining, probabilistic techniques and anti-money-laundering (AML) software.
Reducing the Cost without Compromising SafetyDavid Martin
For the corrections agency executive, effectively addressing this question will be the number one objective for the balance of this decade, and likely beyond.
Delitos financieros es una gran área de investigación política y social e incluyen una variedad de conductas ilícitas que deben ser aisladas y tratadas como delitos discretos. Las operaciones financieras, sin embargo, pueden causar daño aun cuando no poseen carácter penal, como han demostrado los acontecimientos relacionados con la crisis bancaria de 2008. Este artículo se refiere a dos tipologías; es decir, con comportamientos nocivos ilícitos y lícita adoptada por los actores financieros. En la primera sección, el trabajo se centra en las medidas propuestas o adoptado en respuesta a la crisis de 2008 en el Reino Unido. Esto es seguido por la presentación de una serie de casos recientes demuestra que, a pesar de los recientes esfuerzos regulatorios, grandes lagunas todavía presentes que permiten formas de delitos financieros para prosperar.
This literature review is organized in five sections. Firstly, we begin with general ideas and continue with the origin of the fraudulent. Secondly, we discuss the struggle of the phenomena, insisting on the available mechanisms. Finally, we’ll discuss the link between audit and fraud.
2014 Anti-Corruption Public Procurement guideDr Lendy Spires
This guide provides a basic introduction for government officials, civil society groups and the private sector on eliminating corruption risks in public procurement. It is intended to inform and guide participants in public procurement, as well as civil society groups, on what can be done to strengthen the procurement process against corruption and its damaging effects.
Procurement is a complicated and sometimes opaque process, through which a large, if not the largest, percentage of public money is spent. Worldwide, procurement spending averages between 13 per cent and 20 per cent of gross domestic product. Every year an estimated average of US$9.5 trillion of public money is spent by governments through public procurement. With such vast sums at stake, few government activities create greater temptations or offer more opportunities for corruption than public sector procurement.
Corruption in public procurement means public funds are wasted on an enormous scale, and the benefits these funds should have brought are lost. Taxpayers’ money to pay for hospital equipment, books for schools or safer roads, for example, ends up sitting in the pockets of the corrupt. The European Commission calculated that in the Member States around €120 billion3 (around US$163 billion) is lost each year to corruption – only marginally less than the European Union’s total annual budget.
This Keynote presentation on “Sanctions in competition law cases” by Professor Frederic Jenny (Chairman of the OECD Competition Committee, Professor of Economics at ESSEC Business School and former Judge on the French Supreme Court was made at the Workshop on Australian Pecuniary Penalties for Competition Law Infringements on 26 March 2018 in Sydney, Australia. More papers and presentations on the topic can be found out at oe.cd/2cw.
Digital Media Analytics Report on the Indian Health Care IndustryAnshul Wadhwa
This is our in house Digital Media Analytics report on the Indian Healthcare Industry. The report has been created using our proprietary tool, IncPot. It talks about how the Healthcare Industry in India can leverage the opportunity of using analytics to track relevant conversations happening across 500 million websites related to Healthcare, and how to cater to the needs of its customers, both existing and prospective, by identifying the necessary actionable insights.
IncPot, is Webenza's Social Listening & Analytics tool. This tool provides solutions which helps create effective branding from an Awareness, ORM or Lead Generation standpoint for our clients.
As a brand, you can now track online conversations based on an identified set of relevant keywords, analyse conversations, identify patterns and provide actionable insights.
1. MONEY LAUNDERING RESEARCH WITHIN A POSITIVIST PARADIGM PROFESSOR JACKIE HARVEY Newcastle Business School
2.
3. Source: UNODC - UN Office on Drugs and Crime : The Money Laundering Cycle http://www.unodc.org/unodc/en/money-laundering/laundrycycle.html Three Stages of Money Laundering Newcastle Business School
4. Global Scale Newcastle Business School Institution Estimate Year OECD $1.1 trillion (drug money) 1995 IBRD $300 - $500 billion 1995 IMF 2% - 5% GDP ($0.62 – 1.55 trillion) 1999 UN Up to $1.5 trillion 1999 FATF 2% global GDP up to $1.5 trillion 2001
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18. Expenditure on AML Compliance A profit maximising firm will invest in AML to the point where costs of compliance just offset ‘costs’ or losses arising from not undertaking such activity (AMLE) Expenditure Extent of AML Effort Cost of compliance ‘ Cost’ of noncompliance AMLE Total cost Newcastle Business School
28. Conviction for Money Laundering Offences Newcastle Business School Data for 2005 Number % Total Convicted 595 Of whom ‘sentenced’ 575 100% Conditional Discharge 54 9.4% Fined 53 9.2% Community Sentence 240 41.7% Suspended Sentence 29 5.0% Immediate Custody* 194 33.7% Otherwise Dealt With 5 0.9% *Average sentence length: 25.7 months
29.
30. Asset Recovery Restraints can be placed for any hypothetical value on assets ‘frozen’ in advance of investigation – key is confiscation orders imposed by court But not all of these are recovered Newcastle Business School 2006/7 2007/8 2008/9 £ £ £ Cash seizure 3.3m 8m 9.2m Restraint orders 27.2m 46.8m 128.8m Confiscation orders 14.5m 11.6m 29.7m Civil recovery n/a n/a 16.7m
31. Costs of the FIU *other agencies refers to ARA, NCS, NCIS and part of Customs and Excise. It was not possible to determine which of the costs and associated budget for HMRC was also transferred Newcastle Business School £million 2004/5 2005/6 2006/7 2007/8 2008/9 SOCA 419.4 456.5 465.3 Total for other agencies* 279.5 282.8
32. Is it entering the Financial System? US DEA seize $207 million, 200,000 Euros and 158,000 pesos in a drugs raid in Mexico http://www.washingtonpost.com/wp-dn/content/article/2007/07/24/AR2007072400150.html Newcastle Business School
33.
34.
35.
36. Major Areas of Criminal Expenditure (ARA Data) Newcastle Business School UK Property 471 houses £75.02m High value goods Cars, paintings, jewellery £ 7.05m cash £ 9.68m Financial assets Bank accounts, insurance, pensions shares £11.02m