AML Basics

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

Call it the Laundromat. It’s a complex system for laundering more than $20 billion in Russian money stolen from the government by corrupt politicians or earned through organized crime activity. It was designed to not only move money from Russian shell companies into EU banks through Latvia, it had...
The most direct way to hide dirty money is make small withdrawals and deposits from the bank. The method is referred to as “structuring” or “smurfing.” All banks are required to report transactions involving amounts over $10,000 to the Financial Crimes Enforcement Network( FinCEN), so criminals usually split their dirty...
A simple and informative video summarizing one of the method of money laundering. Source: click here
Record-breaking fines issued by regulators worldwide, notably in the US and UK, dominated the financial services landscape in 2012. This looks set to continue in 2013 if regulators identify further failings in firms’ compliance with money laundering, sanctions and tax requirements. Cultural changes towards compliance-driven objectives should be a...
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...