Difference between revisions of "AML"

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(References)
(Taxonomy)
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===Taxonomy===
 
===Taxonomy===
 
* AML/CFT = anti-money laundering and countering the financing of terrorism
 
* AML/CFT = anti-money laundering and countering the financing of terrorism
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* [https://www.fincen.gov/resources/statutes-and-regulations/cdd-final-rule Complying with the Customer Due Diligence (CDD) Final Rule] which seems to be an attempt to block some workarounds to AML. These are the goals of CDD:
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# identify and verify the identity of customers,
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# identify and verify the identity of the beneficial owners of companies opening accounts,
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# understand the nature and purpose of customer relationships to develop customer risk profiles,
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# conduct ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update customer information.
  
 
===Financial Institutions===
 
===Financial Institutions===

Revision as of 12:04, 22 February 2022

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

  1. identify and verify the identity of customers,
  2. identify and verify the identity of the beneficial owners of companies opening accounts,
  3. understand the nature and purpose of customer relationships to develop customer risk profiles,
  4. conduct ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update customer information.

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

References