Full Title or Meme
Anti-Money Laundering Rules as established first in the US and then in international banking.
Banks handle people's money with more or less discretion.
- AML/CFT = anti-money laundering and countering the financing of terrorism
- 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:
- identify and verify the identity of customers,
- identify and verify the identity of the beneficial owners of companies opening accounts,
- understand the nature and purpose of customer relationships to develop customer risk profiles,
- conduct ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update customer information.
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)
Follow the money and you will find the crooks.