Anti-Money Laundering: Awareness and Compliance by Kevin Sullivan

By Kevin Sullivan

the easiest wager is that cash laundering is a $2 trillion-dollar-a-year undefined. It’s no ask yourself that each bank within the U.S.—including banks, insurers, and brokerages—are required to have an anti–money laundering application, in addition to annual education periods, to assist curtail criminality.

Author Kevin Sullivan, previously one in every of manhattan State’s top anti–money laundering brokers and now a expert to monetary associations, explains what funds laundering is, the way it occurs, and the way to avoid it. A consultant for monetary group of workers regulated by means of the financial institution Secrecy Act, in addition to regulatory and legislation enforcement brokers, AntiMoney Laundering: wisdom and Compliance indicates intimately the stairs required to conform with the legislations in all regards whereas heading off the hefty fines noncompliance brings.

Besides delivering an knowing of the legislation and its necessities, in addition to the instruments and strategies readers might want to strive against funds laundering, Sullivan takes the reader on a "ride alongside" that weaves its method during the dynamics of cash laundering. The journey starts off with a proof of who the undesirable men are, why they do what they do, and how much crimes they devote that require cash laundering. subsequent, Sullivan indicates how and whilst a number of executive rules have been enacted and the way these legislation impact the undesirable men. Sullivan then experiences what makes up a high quality AML software and indicates easy methods to to cause like an investigator. eventually, he completes the journey alongside by means of going behind the curtain to teach what occurs after the monetary associations have performed their AML tasks and handed the torch to legislation enforcement. You’ll not just see tips to fill out the right kind forms yet research the place all of it is going and the way details compiled via monetary associations bring about arrests and prosecutions.

Bottom line: for those who paintings for a bank ruled by way of the financial institution Secrecy Act—or are in an susceptible to taking part in a component in a money-laundering scheme—you desire this ebook at your fingertips to assist clear up difficulties, agree to the legislations, and make it more durable for criminals to hide their crimes.

What you’ll learn

  • How funds is laundered and its influence at the financial system
  • All in regards to the legislation, ideas, and laws relating cash laundering
  • How to create and carry a formal anti-money laundering software
  • How to prevent the steep fines for noncompliance
  • How to fill out a few of the kinds (like the SAR, or Suspicious task record) competently and legally
  • The investigative approach and the way to paintings with legislations enforcement body of workers

Who this publication is for

Every bank within the U.S. needs to agree to the financial institution Secrecy Act and, consequently, should have an Anti-Money Laundering application. This e-book is consequently crucial studying for a person operating in corporations coated via the financial institution Secrecy Act. It’s additionally a convenient consultant for regulators and law-enforcement brokers who have to comprehend anti-money laundering recommendations and the specifics of the laws in simple English in addition to educate staff effectively.

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