AML Basics

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

August 10 2018 Special council Robert Mueller’s inquiry into Russian interference in the 2016 election has led to multiple charges of financial crimes for former Trump campaign chairman Paul Manafort. As the prosecution laid out in the ongoing trial this week, Manafort’s alleged criminal activity followed a common playbook—money laundering through real...
September 29 2017 In charge of the fight against dirty money, Tracfin, the French cell of the Ministry of the Economy, recorded an unprecedented increase in its activity in 2016. This information and action service known as "the big ears of Bercy" is at the origin of most of the...
In this easy to understand guide Protiviti summarizes the basic principles of money laundering and terrorist financing, followed by sections that delve into many of the practical considerations of maintaining effective AML/CTF compliance programs. The core members of Protiviti’s AML Practice are former financial institution regulators, financial institution compliance officers,...
Trade-based money laundering defined The Financial Action Task Force (FATF) defines trade-based money laundering as the “process of disguising the proceeds of crime and moving value through the use of trade transactions in an attempt to legitimize their illicit origins.” According to the US Department of State, this practice has...
April 4 2018 As authorities spend sleepless nights in efforts to effectively monitor financial transactions, criminal enterprises have equally upgraded to beat the improved surveillance. Over the years, several regulations have been passed and regulatory bodies are also working. The Public Officer Ethics Act (2003) introduced declaration of wealth to facilitate...
September 27 2016 SAY YOU’RE A Swiss bank and you want to launder some money for high-net-worth clients.  Here’s one way: Start by placing large quantities of the funds into a brokerage account at the bank under the name of a shell corporation. Then, conduct multiple financial transactions with the funds,...