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by Dennis Cox
Handbook of Anti-Money Laundering.
Title Page
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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
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
CHAPTER 4: THE EC MONEY LAUNDERING DIRECTIVES
4.1 THE THIRD MONEY LAUNDERING 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
6.4 THE PRUDENTIAL REGULATION AUTHORITY (PRA) OBJECTIVES
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
CHAPTER 8: THE WOLFSBERG PRINCIPLES
8.1 WOLFSBERG STANDARDS
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
9.4 THE BANK SECRECY ACT 1970
CHAPTER 10: FINANCIAL SANCTIONS
10.1 WHAT ARE FINANCIAL SANCTIONS?
10.2 FAILING TO COMPLY
10.3 SANCTIONS LISTS
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
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
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?
13.5 RELIANCE ON THIRD PARTIES
13.6 THE THIRD EC DIRECTIVE – KYC REQUIREMENTS
13.7 THE UK KYC REQUIREMENTS
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
14.5 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
21.4 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?
25.3 IN WHAT FORM SHOULD RECORDS BE KEPT?
25.4 FAILURE TO KEEP RECORDS
CHAPTER 26: MONEY-LAUNDERING-DETERRENCE SOFTWARE
26.1 WHAT IS MONEY-LAUNDERING-DETERRENCE SOFTWARE?
26.2 THE SCENARIO APPROACH
26.3 THE INFERENCE APPROACH
26.4 THE CHOICE IS YOURS!
26.5 THE EFFECTIVENESS OF MONEY-LAUNDERING-DETERRENCE SOFTWARE
26.6 TRANSACTION MONITORING
26.7 WHAT TYPES OF ACTIONS WILL BE MONITORED BY THE SOFTWARE?
26.8 THE PERCEIVED BENEFITS OF ANTI-MONEY-LAUNDERING SOFTWARE
26.9 WHAT TYPE OF SOFTWARE IS CURRENTLY ON THE MARKET?
26.10 SELECTING YOUR SOFTWARE
26.11 WHAT ABOUT THE SMALLER FIRM?
CHAPTER 27: COUNTRY PROFILES
27.1 COUNTRY PROFILE: ALBANIA
27.2 COUNTRY PROFILE: ARGENTINA
27.3 COUNTRY PROFILE: AUSTRALIA
27.4 COUNTRY PROFILE: BAHAMAS
27.5 COUNTRY PROFILE: BARBADOS
27.6 COUNTRY PROFILE: BRAZIL
27.7 COUNTRY PROFILE: BRITISH VIRGIN ISLANDS
27.8 COUNTRY PROFILE: CANADA
27.9 COUNTRY PROFILE: CAYMAN ISLANDS
27.10 COUNTRY PROFILE: CHINA
27.11 COUNTRY PROFILE: DENMARK
27.12 COUNTRY PROFILE: FINLAND
27.13 COUNTRY PROFILE: FRANCE
27.14 COUNTRY PROFILE: GERMANY
27.15 COUNTRY PROFILE: GUERNSEY
27.16 COUNTRY PROFILE: HONG KONG
27.17 COUNTRY PROFILE: INDIA
27.18 COUNTRY PROFILE: ISLE OF MAN
27.19 COUNTRY PROFILE: JAPAN
27.20 COUNTRY PROFILE: JERSEY
27.21 COUNTRY PROFILE: KENYA
27.22 COUNTRY PROFILE: LIECHTENSTEIN
27.23 COUNTRY PROFILE: MALAYSIA
27.24 COUNTRY PROFILE: MEXICO
27.25 COUNTRY PROFILE: MONACO
27.26 COUNTRY PROFILE: MOROCCO
27.27 COUNTRY PROFILE: NIGERIA
27.28 COUNTRY PROFILE: POLAND
27.29 COUNTRY PROFILE: RUSSIA
27.30 COUNTRY PROFILE: SINGAPORE
27.31 COUNTRY PROFILE: SOUTH AFRICA
27.32 COUNTRY PROFILE: SOUTH KOREA (“REPUBLIC OF Korea”)
27.33 COUNTRY PROFILE: SWITZERLAND
27.34 COUNTRY PROFILE: UAE
27.35 COUNTRY PROFILE: UKRAINE
27.36 COUNTRY PROFILE: UNITED STATES OF AMERICA
27.37 COUNTRY PROFILE: VIETNAM
APPENDIX: TRANSPARENCY INTERNATIONAL 2013 CORRUPTION PERCEPTIONS INDEX
Index
End User License Agreement
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