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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Anti-Money Laundering Requirements is one of the most comprehensive documents of its kind.
Concern" is not as acute, they too must undertake efforts to develop or enhance their anti-money laundering regimes.
Under the agreement, Norkom's integrated solutions, 'Anti-Money Laundering (AML), 'Sanctions and PEP Screening' and 'Customer Due Diligence/Know Your Customer' (CDD/KYC), will be implemented progressively at all the insurance companies in the CNP Assurances group.
Globally, the banks surveyed said that they expected the rate of growth in their anti-money laundering costs to slow by an average of 24 percentage points between 2007-2010.
It is also crucial to address the efficiency of their anti-money laundering systems, many of which are proving ineffective at identifying suspicious transactions."
Ignoring the fact that the book was out dated before it hit the shelves and is geared to the British marketplace, it still could be a useful primer for someone new to compliance with anti-money laundering regulations or for a CPA who has a client who has recently come under anti-money laundering regulations.
LIMRA International and the National Association of Independent Life Brokerage Agencies are joining to offer anti-money laundering training.
The Financial Action Task Force said the casinos fell outside the scope of anti-money laundering provisions in the Criminal Justice Act.
LIFE INSURANCE COMPANIES--but not agents--will be required to comply by next June with anti-money laundering roles applicable now only to other financial services industries under regulations finalized last week by the Treasury Department.
Money Laundering and Forfeiture Laws--How to Detect It and Comply and AML Controls and Bank Secrecy Act Regulations (AML stands for Anti-Money Laundering).
Every MSB is required to develop and implement an anti-money laundering compliance program designed to ensure that the business meets the Bank Secrecy Act guidelines for documentation, reporting of certain transactions, and policies and procedures to prevent use of the business to launder money.

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