AML Basics

If you are new to the AML area, you should start here…

The Association of the Luxembourg Fund Industry (ALFI) has released new anti-money laundering (AML) practices and recommendations aimed at reducing the risk of money laundering and terrorist financing in the Luxembourg fund industry. The document has been drafted in association with ABBL, ALCO and ALRiM and provides guidance for the customer...
Trade-based money laundering is an alternative remittance system that allows illegal organizations the opportunity to earn, move and store proceeds disguised as legitimate trade. Value can be moved through this process by false-invoicing, over-invoicing and under-invoicing commodities that are imported or exported around the world. Global trade is frequently...
1. What are money laundering and terrorist financing? 1.1 What is money laundering? Money laundering is the conversion of the proceeds of criminal activity into apparently clean funds, usually via the financial system. This is done by disguising the sources of the money, changing its form, or moving the funds to...
The problem is more pronounced in commercial real estate, Rosen says. White collar criminals turn to commercial real estate to integrate ill-begotten gains into the economy because dollar amounts can be high and transactions complex, with different corporations sometimes involved, including off-shore corporations that wire money in from accounts...
Meyer Lansky... one of the most successful money launderers in modern history. He schemed, siphoned and skimmed money from illegal gains in the casino business and filtered $1 billion through Swiss banks, Hong Kong businesses and shell companies in the Caribbean. He even bought an offshore Swiss bank to launder...
As with previous editions, the fifth edition of Protiviti’s well-received Guide to U.S. Anti-Money Laundering Requirements: Frequently Asked Questions contains questions that have surfaced in our discussions with clients, attorneys, regulators and others, both in the United States and other markets. Over the years, the number of questions and answers included...