Mastering Anti-Money Laundering and Counter-Terrorist Financing A compliance guide for practitioners

This book offers best practice advice on how to meet anti-money laundering (AML) regulations and will help you put together an effective framework to meet your legal obligations.

It includes a comprehensive selection of example documents, checklists and an unrivalled collection of training materials.

Acknowledgements

How to use this book

Introduction

Chapter 1:  Fundamental Concepts

Background and definitions

Key processes in money laundering and terrorist financing

Money laundering

Terrorist financing

Further differences between terrorist financing and classical money laundering

Suspicion recognition

Chapter 2: The International AML and CFT Framework

Key components of the international Legal and institutional and legal framework

A developing framework to combat tax evasion

A developing framework to combat proliferation financing

The Financial Action Task Force (FATF)

FATF regional style bodies and associate members

Other relevant international bodies

Key requirements for financial institutions

Key components of a national AML/CFT framework

Chapter 3: The Role, Structure and Position of the AML/CFT Compliance Function

Structure and culture

AML/CFT best practice

Best practice in higher-risk products and services

IT systems

Training, communication and awareness

A '-pro-business' approach

Management of internal suspicion reporting

Chapter 4: CDD, KYC and the Risk-Based Approach

Background to the Risk-Based Approach

Components of the Risk-Based Approach

Mitigating controls

Regulatory environment

Special categories: PEPs

Constructing a Risk-based Approach for your organisation

The Core components of CDD

CDD processes and tools

Example risk assessment frameworks

Constructing a CDD framework for financial institutions

Constructing a CDD framework for retail/consumer banking business

Constructing a CDD framework for private banking

Chapter 5: Reputational risk

Managing a reputational risk

When banks go wrong: cases of punishment and penalties

Managing reputational risk: the experience of the Multilateral Development Banks MDBs

The integrity 'red flags' checklist and the due diligence investogation tools

Practical application

Chapter 6: Suspicion recognition

Background and general principles

Money laundering typologies

Terrorist financing typologies

Account analysis examples

'Accumulation of evidence' cases

The 21^st Century: Areas of Rising Concern

Chapter 7: International Cooperation

Background

Modern structures of organised crime and terrorism

Mechanisms and tools of international cooperation

International cooperative bodies

Chapter 8: Modern Money Laundering and Terrorist Financing: Two Case Studies

Introduction

Smoke and Mirrors: AlnaBank and the Messengers of God

Futura Capital Partners: Modern Money Laundering through “low risk” regulated OECD Financial Institutions

Index

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