AML Basics

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

In March, the U.S. Treasury Department's Financial Crimes Enforcement Network imposed a corporate death sentence on Banca Privada d'Andorra by designating it as a foreign financial institution of primary money laundering concern under Section 311 of the USA PATRIOT Act. FinCEN said senior managers at BPA took bribes for several...
This joint FATF / Middle East & North Africa Financial Action Task Force (MENAFATF) report highlights that cash remains an important means of payment across the globe, with an estimated USD 4 trillion in various currencies in circulation. This, despite the availability of a range of non-cash payment methods...
WHAT: The duty drawback scheme has been designed to refund to exporters duties levied by Customs & Central Excise or tariffs paid by them on both imported and locally produced materials or inputs that go into the production of goods for export. WHY: Many countries have this scheme to ensure...
With the summer ending, football all over Europe is in full swing. The highest player transfer dealings in history have closed and this week the group stage of the UEFA Champions League, one of the world’s richest football competitions, has just kicked off. Yet transparency remains weak in this increasingly...
Chinese Structuring Scheme Under this “Chinese Structuring Scheme”, a Chinese foreign national (who I’ll call the “Evader”) pays multiple smurfs (third parties) to use their bank accounts in China temporarily and file false bank remittance application forms. The Evader transfers $50,000 into each smurf’s bank account in China. The smurf in...
The central bank's anti-money laundering arm depicted a total of ten such cases that took place last fiscal year in its latest annual report, which was unveiled yesterday by Bangladesh Bank Governor Atiur Rahman. The case studies and typologies presented in the report would work as high-quality training materials for...