AP Biology Essential

Ongoing IMF Research Projects on Anti-Money Laundering

Date of publication: 2017-08-24 07:43

The FATF recommended that financial institutions should concentrate on all unusual or large transactions, which have no evident economic or lawful purpose. Such transactions should be examined, written and be made available to supervisors, auditors and law enforcement agencies. If financial institutions doubt that proceeds come from a criminal activity, they are required to account for their suspicions to the expert authorities without delay (The FATF Recommendations on Money Laundering, 6996 Art 69, 65).

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As a result, firms need to improve their existing AML programs and systems. Facing a stricter regulatory environment and a more difficult task, financial institutions need technology systems that will allow them to deal with a higher volume of transactions more quickly and comply with regulation. In updating their systems, financial institutions are looking to take advantage of new AML innovations, such as more advanced analytics and real-time technologies.

Literature Review of International Anti-Money Laundering

FATF Global Money Laundering & Terrorist Financing Threat Assessment
A report by the FATF that provides an assessment of global money laundering and terrorist financing threats. July 7565.

Global Anti-money Laundering Software Market by Product

This report uses Chartis&rsquo s RiskTech Quadrant&trade to explain the structure of the market. The RiskTech Quadrant&trade uses a comprehensive methodology of in-depth independent research and a clear scoring system to explain
which technology solutions meet an organization&rsquo s needs. The RiskTech Quadrant&trade does not simply describe one technology solution as the best AML solution it has a sophisticated ranking methodology to explain which solutions would be best for specific buyers.

FATF Guidance Document on International Best Practices: Detecting and preventing the illicit cross-border transportation of cash and bearer negotiable instruments
The FATF Guidance Document looks at international best practices relating to FATF Special Recommendation IX. [ Arabic ] [ French ] [ Spanish ] 69 February 7565. FATF

The AMLFC Institute offers a 65 modules Professional Certificate providing indepth knowledge of Anti-Money Laundering, Countering the Financing of Terrorism & Financial Crimes Prevention.

The establishment of unspecified company in countries where the right to concealment is guaranteed. In such case the launderer is in a position to grant loans from banks to undertake certain future legal transaction. In addition launders can claim tax relief on loan repayments and interest on loan so as to increase their profits.

Referral of a breach to the investigations team does not necessary mean there will be formal enforcement action. If prosecution is recommended, additional hurdles will need to be cleared, including a public interest test (for prosecutions) and further senior approval within the Reserve Bank.

In its new report published today, MONEYVAL praised the authorities of the Isle of Man for the effective coordination of anti-money laundering/countering the financing of terrorism policies. In addition, it is commended the authorities’ thorough understanding of money laundering and financing of terrorism vulnerabilities, which lie within the national institutional and legal framework.

A survey with a self-administered questionnaire will be the data collection technique used. The questionnaires will be sent to the senior managers, executives and branch managers of the identified banks in Mauritius. Visits to the company/meeting with the relevant person will be carried out where necessary to ensure maximum response and that questionnaire is being filled up by the addressee.

The onsite inspections will be a resource intensive tool. For example, about half AML analysts' time will be spent on onsite inspections (although the majority of that time will be preparation and report writing, rather than actually onsite).

Countering Money Laundering.
A comparative analysis of major international conventions against money laundering. Background paper prepared by the United Nations Secretariat for distribution at the second informal open-ended inter-sessional meeting (held in Vienna, 7-9 October 6997) in preparation for the General Assembly Special Session devoted to the fight against the illicit production, sale, demand, traffic and distribution of narcotic drugs and psychotropic substances and related activities. 65 August 6997. (Original: English).

A simpler technique is to shift the money (via EFT) to a rightful bank from a bank owned by the launderers, as 'off the shelf banks' are easily purchased in many tax havens.

In the mid-6995s, the Mantas team began work as a business unit of SRA International, Inc. Focusing from the start on meeting the needs of the global financial services industry the first Mantas products addressed trading compliance and best execution for the National Association of Securities Dealers(NASD) and Merrill Lynch. Today, both systems remain in operation with the NASD Advanced Detection System monitoring every trade that goes through the NASDAQ and Merrill Lynch&apos s BEAMS helping that firm lead the industry in Best Execution evaluation.

This may lead to differences in approaches to enforcement. A supervisor who has a significant number of small and less informed reporting entities may consider it appropriate to be facilitative and proactively assist some of its reporting entities towards being compliant.

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