Anti-Money Laundering

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Anti-Money Laundering

Any law or regulation requiring an institution to perform due diligence on potential clients to ensure that it is not aiding in a money laundering scheme. If the institution does not conduct due diligence properly, it may be held legally liable for the money laundering activities. These regulations were an important part of the USA PATRIOT Act.
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The financial services industry worldwide and in the UAE is making significant changes in response to regulatory action and increasingly far-reaching global anti money laundering regulations, changing the anti money laundering efforts from a stand-alone function under compliance, to a complex and overarching function cutting across legal, risk, operations and tax.
6m for failures over anti money laundering controls
ISLAMABAD, February 24, 2010 (Frontier Star): Senate standing committee on finance and economic affairs has approved conditionally anti money laundering and Pakistan Institute of Development Economic bills.
Michael Zeldin, global leader of the anti money laundering and economic and trade sanctions practice of accountancy group Deloitte, likens it to spending on security or health insurance and the difficulty of knowing what might have happened without such expenditure.
The finance minister, Njeru Githae, released the draft, known as Proceeds of crime and anti money laundering regulations 2012.
The bank said that officials of anti money laundering activities from 106 branches of the bank and 20 executives at various positions in the bank participated in the workshop.