AML

Full Title or Meme

Anti-Money Laundering Rules as established first in the US and then in international banking.

Context

Banks handle people's money with more or less discretion.

Taxonomy

• AML/CFT = anti-money laundering and countering the financing of terrorism

Financial Institutions

The following institutions are recognized by the US Financial Crimes Enforcement Network (FinCEN) as needing to comply:

• Casinos (betting parlors, sports book)
• Depository Institutions (Banks, thrifts)
• Insurance Industry (health, life, annuities, property, casualty)
• Money Services Businesses (Transmittals, Pay Day Loans)
• Mortgage Co/Broker (real-estate)
• Precious Metals/Jewelry Industry (bars, coins, bling)
• Securities and Futures (seems like blockchain has been added in here - think ICO = Initial Coin Offering)

Problems

Follow the money and you will find the crooks.

Solutions

• FinCEN Issues First National AML/CFT Priorities and Accompanying Statements 2021-06-30