Difference between revisions of "AML"
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The following institutions are recognized by the US Financial Crimes Enforcement Network (FinCEN) as needing to comply: | The following institutions are recognized by the US Financial Crimes Enforcement Network (FinCEN) as needing to comply: | ||
* Casinos | * Casinos | ||
| − | * Depository Institutions (Banks) | + | * Depository Institutions (Banks, thrifts) |
| − | * Insurance Industry (property | + | * Insurance Industry (health, life, annuities, property, casualty) |
| − | * Money Services Businesses (Pay Day Loans) | + | * Money Services Businesses (Transmittals, Pay Day Loans) |
* Mortgage Co/Broker (real-estate) | * Mortgage Co/Broker (real-estate) | ||
* Precious Metals/Jewelry Industry (bars, coins, bling) | * Precious Metals/Jewelry Industry (bars, coins, bling) | ||
Revision as of 18:44, 21 February 2022
Contents
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
- 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.
