Difference between revisions of "AML"

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(Financial Institutions)
(Financial Institutions)
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===Financial Institutions===
 
===Financial Institutions===
 
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 (betting parlors, sports book)
 
* Depository Institutions (Banks, thrifts)
 
* Depository Institutions (Banks, thrifts)
 
* Insurance Industry (health, life, annuities, property, casualty)
 
* Insurance Industry (health, life, annuities, property, casualty)

Revision as of 17:48, 21 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

  • 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

References