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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Those with pending cases filed in court involving violation of the Antimoney Laundering Act; and
The Committee was of the view that NAB is the only department which can take action against any Pakistan under AntiMoney Laundering Act and hoped that NAB will investigate the case of purchase of properties by Pakistanis in Dubai.
For the international standards and cooperation indication, antimoney laundering scored 58 percent; automatic information exchange, 50 percent; bilateral treaties, 70 percent; and international legal cooperation, 30 percent.
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.
The end-December 2014 structural benchmark (SB) on amendments to the relevant tax laws and submission of the AntiMoney Laundering Act (AMLA) was met, as were the end-February SBs on enhancing internal operations and risk management of the State Bank of Pakistan (SBP) and improving monetary policy operations.
Model Ayyan Ali, who was intending to travel to Dubai via a private flight, was detained under the antimoney laundering law after she was found in possession of such huge amount.