AML Basics

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

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...
March 6, 2018 The term “anticorruption” has been at the forefront of Chinese president Xi Jinping’s rule. His housecleaning campaign has targeted (paywall) Central Committee and Politburo members, political rivals and powerful tycoons. And as China’s National People’s Congress removes restrictions on presidential terms, it is also expected to shore...
JULY 29, 2016 As scandals, large fines and sanctions at financial services firms swirl in the press, what is really keeping Chief Compliance Officers awake at night? To answer that question, I asked Elin Cherry, Principal, Compliance Risk Concepts, Alma Agnotti, Managing Director, Navigant and Robert Powell, Director of Compliance,...
July 18, 2016 Financial crime investigators are facing many challenges in Pakistan. The undocumented economy; the nonexistence of wealth tax, inheritance tax, and gift tax; unchecked foreign remittances; and deposit-oriented commercial banking make it difficult to track dirty money earned by tax evaders and corrupt individuals. Because of this, the...
March 16 2018 Crypto-currencies and Digitalism's cash systems have become a key way for cyber-thieves to launder stolen funds, suggests research. Alongside its use in ransomware, virtual cash was also helping clean up other sources of stolen cash, said criminologist Dr Mike Maguire. Bitcoin's anonymity made it attractive to tech-savvy thieves, he...
October 17 2017 Starting May 11, 2018, compliance officers at broker dealers will have one more responsibility to add to their checklists. On that day, a new Financial Crimes Enforcement Network (FinCEN) rule goes into effect that requires broker dealers (and certain other financial institutions) to identify and verify the...