Anti-Money Laundering

(redirected from Antimoney Laundering)

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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References in periodicals archive ?
Deutsche Bank is reportedly being investigated by the US Department of Justice over whether it violated antimoney laundering laws in its work with scandal-hit Malaysian state fund 1MDB.
The threat of FATF sanctioning has sparked intense debate in the Islamic republic about how to deal with the group's demands that it joins the watchdog and significantly upgrade its legal antimoney laundering and terrorism finance infrastructure to evade being blacklisted.
Under the antimoney laundering law, bank transactions at least P500,000 must be reported to the AMLC.
ON CLAIMS As part of his ongoing dispute with the Takeover Panel, King told the Court of Session the club were aware of four shareholders who are the subjects of antimoney laundering legislation.
Council staff must adopt a new antimoney laundering policy or risk investigation by the National Crime Agency, writes Eddie Harbinson.
The report reviews all the relevant global banking standards and regulations--namely international ISO banking standards, Basel standards devised by the Basel Committee on Banking Supervision, International Financial Reporting Standards, reports on the Observance of Standards and Codes, the Financial Sector Assessment Program of the World Bank, and the AntiMoney Laundering and Combating Financing of Terrorism regulations of the Financial Action Task Force.
The house endorsed the AntiMoney Laundering and Countering Financing of Terrorism Bill 2017, Information, Communication and Media Bill 2016, Narcotic Drugs, Psychotropic Substance and substance Abuse Bill and redeliberated the Audit Bill of Bhutan 2017 and Tourism Exemption Levy Bill.
At WilmerHale, Leotta defends corporations and individuals against alleged violations of criminal and securities laws and financial statutes, such as antimoney laundering rules.
In June 2015, Guyana passed and began to enforce the AntiMoney Laundering and Countering the Financing of Terrorism (AMLCFT) Amendment Act, seeking to address remaining deficiencies in its AML regime, such as the availability of proportionate and dissuasive sanctions.
* Frameworks on internal control and enterprise risk management created by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) provide models for organizations to use in their antimoney laundering risk management.
This includes a number of multi-million pound fines related to poor mortgage practices and antimoney laundering controls, with customers also being affected by recent internet banking outages.
The bank also confirmed that a monitor - put in place by the US government to assess its antimoney laundering and sanctions compliance - had questioned its progress.