UN Security Council Resolution on Correspondent Banking.
FATF Guidance on Terrorist Financing
USA Patriot Act.
Basel Due Diligence Principles for Banks
Protect the integrity of banking systems.
Mirror FATF’s KYC Recommendations
Meet European Union guidelines.
Protect the safety and soundness of banks
Lawful or unlawful activity that involves willful blindness, and if there is an international element to the crime, can lead to a suspicious activity report
Unlawful activity whose proceeds, if involved in the transaction, can give rise to prosecution for the crime of money laundering.
A specified unlawful activity that is committed through concentration accounts deceiving customers that are not directly related to the account.
An interface which is the underlying segment of a suspicious transaction monitoring system
That has direct signatory authority over an account, and whose name appears on the account
That is ultimately entitled to the funds in the account, even though his name may not appear on the account.
That is the originator and the destination of most (but not all) transactions conducted within the account, but who does not ultimately control such funds
That is a gatekeeper, has the legal title to the account, and typically transfers the funds to a trust.
Leadership and Staff Should Understand How Their BSA Reports are Used.
Leadership Should Be Engaged
Information Should Be Shared Throughout the Organization
The Organization must have an Appropriately Qualified Compliance Officer.
Do not limit the number of specific predicate offenses for money laundering
Criminalize conspiracy or association to engage in money laundering
Require money laundering offenses to prove that the offender has actual knowledge of a criminal connection to the funds.
Indicate whether it is relevant that a predicate offense may have been committed outside the local jurisdiction.
Updates European Community legislation to be further in line with the Financial Action Task Force (FATF) 40 Recommendations
Repeats the customer due diligence requirements of the previous Directives, but adds more detail to the requirements by, for example, including a specific requirement to identify the beneficial owner and includes ongoing monitoring requirements
Requires firms to apply the customer due diligence requirements to existing customers at appropriate times on a risk sensitive basis.
Repeats the definition of a politically exposed person in previous Directives.
Consider the feasibility of a system where banks and other financial institutions and intermediaries would report currency transactions without indicating a minimum fixed amount.
Not approve the establishment or accept the continued operation of shell banks.
Not allow bearer shares and legal persons that are able to issue bearer shares
Gather statistics on STRs; prosecutions and convictions; on property frozen, seized and confiscated; and on mutual legal assistance, but not necessarily on other international requests for co- operation
Information exchanged between FIUs may be used only for the specific purpose for which the information was sought or provided
Information which is shared under these agreements will be exempt from the local privacy laws of the countries involved
The requesting FIU may make use of the information shared by a disclosing FIU for administrative purposes without the prior consent of the disclosing FIU.
Information-sharing agreements must follow the model issued by the Egmont Group
The dirty money undergoing money laundering will not be confiscated because of privacy laws.
It is required that the institution identifies the beneficial owner(s) of the account.
Financial institutions are not responsible for money laundering or suspicious transactions taking place within their accounts until the government places the customer on a watch list
Informing customers that their accounts and/or transactions are the subject of an AML investigation is not punishable
A customer who tries to move money that is suspected of being derived from criminal activity
A customer whose account is showing transaction activities which are beyond his known financial capability.
A customer who deposits money of suspicious origins and refuses to answer questions from the financial institution’s staff
A customer who owns a large supermarket and deposits large amounts of cash several times a day.
Not open accounts for people from high risk jurisdictions.
Designate a compliance officer.
Depend solely on The State’s staff for combating money laundering
Refuse small cash deposits under the reporting threshold
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