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This book offers best practice advice on how to meet anti-money laundering (AML) regulations and will help you put together an effective framework to meet your legal obligations.
It includes a comprehensive selection of example documents, checklists and an unrivalled collection of training materials.
How to use this book
Chapter 1: Fundamental Concepts
Background and definitions
Key processes in money laundering and terrorist financing
Further differences between terrorist financing and classical money laundering
Chapter 2: The International AML and CFT Framework
Key components of the international Legal and institutional and legal framework
A developing framework to combat tax evasion
A developing framework to combat proliferation financing
The Financial Action Task Force (FATF)
FATF regional style bodies and associate members
Other relevant international bodies
Key requirements for financial institutions
Key components of a national AML/CFT framework
Chapter 3: The Role, Structure and Position of the AML/CFT Compliance Function
Structure and culture
AML/CFT best practice
Best practice in higher-risk products and services
Training and communication
A '-pro-business' approach
Management of internal suspicion reporting
Chapter 4: KYC and the Risk-Based Approach
Background to the Risk-Based Approach
Components of the Risk-Based Approach
Special categories: PEPs
Constructing a Risk-based Approach for your organisation
The Core components of CDD
CDD processes and tools
Example risk assessment frameworks
Constructing a CDD framework for financial institutions
Constructing a CDD framework for retail/consumer banking business
Constructing a CDD framework for private banking
Chapter 5: Reputational risk
Managing a reputational risk
When banks go wrong: cases of punishment and penalties
Managing reputational risk: the experience of the Multilateral Development Banks MDBs
The integrity 'red flags' checklist and the due diligence investogation tools
Chapter 6: Suspicion recogntion
Background and general principles
Money laundering typologies
Terrorist financing typologies
Account analysis examples
'Accumulation of evidence' cases
Chapter 7: International Cooperation
Modern structures of organised crime and terrorism
Mechanisms and tools of international cooperation
International cooperative bodies
Chapter 8: Modern Money Laundering and Terrorist Financing: Two Case Studies
Smoke and Mirrors: AlnaBank and the Messengers of God
Too Good to be True: AlnaBank and the laundering of the Kransky millions