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Anti-Money Laundering Regulation and Compliance: Key Problems and Practice Areas [Mīkstie vāki]

  • Formāts: Paperback / softback, 288 pages, height x width: 216x138 mm
  • Sērija : Elgar Compliance Guides
  • Izdošanas datums: 11-Jun-2021
  • Izdevniecība: Edward Elgar Publishing Ltd
  • ISBN-10: 1788974859
  • ISBN-13: 9781788974851
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Anti-Money Laundering Regulation and Compliance: Key Problems and Practice AreasPalielināt
  • Formāts: Paperback / softback, 288 pages, height x width: 216x138 mm
  • Sērija : Elgar Compliance Guides
  • Izdošanas datums: 11-Jun-2021
  • Izdevniecība: Edward Elgar Publishing Ltd
  • ISBN-10: 1788974859
  • ISBN-13: 9781788974851
Citas grāmatas par šo tēmu:
Permanent link: https://www.kriso.lv/db/9781788974851.html
Keywords:
Anti-Money Laundering Regulation and Compliance: Key Problems and Practice Areas is a comprehensive treatment of the anti-money laundering/combatting the financing of terrorism (AML/CFT) and sanctions compliance programs, recordkeeping and reporting requirements, and the best practices under the Bank Secrecy Act (BSA) and sanctions regulatory regimes. AML/CFT and sanctions provisions are highly interrelated. Onboarding and customer due diligence requirements generate the data entered into transaction monitoring and screening systems.This book is unique in placing the prescriptive and program elements within the 'risk-based approach'that is foundational to AML/CFT compliance and the related risk management systems. Relatedly, the book describes corporate governance best practices and the 'three lines of defense' model that hold management accountable for exposure to money laundering and terrorist financing risks created by their business strategies. The book includes practical guidance on AML/CFT and sanctions model risk management, reflecting firms' growing reliance on machine learning and AI compliance solutions and the compliance risk of firms that adhere to Federal Reserve model risk management expectations. Also unique in the literature, it identifies a 'compliance paradox' that arises from the sharp tension between firms' modes of generating revenue and the law enforcement focus of AML/CFT and sanctions regulation and explains how this tension can compromise compliance.

Anti-Money Laundering Regulation and Compliance also serves as a go-to guide for practitioners and beginners in the field or as a required text in graduate, certificate, and law school programs.

Recenzijas

'Alexander Dills Anti-Money Laundering Regulation and Compliance provides a uniquely intelligent walk through the AML system that is so often reduced to a complex web of rules: the author approaches his topic from the most challenging end, trying to make sense of that enigmatic risk based approach... This book helps, like few others, those working within the financial services industry and outside observers alike to make sense of these heavily criticized AML standards.' -- Mark Pieth, University of Basel, Switzerland

About the author xv
Preface and acknowledgments xvi
List of abbreviations
xix
Table of legal sources
xxiii
1 Introduction to Anti-Money Laundering Regulation and Compliance
1(13)
A Overview
1(2)
B Book overview
3(3)
1 Book's scope, structure, and intended readership
3(1)
2
Chapter-by-chapter overview
4(2)
3 A note on sources
6(1)
C Three themes
6(5)
1 The risk-based regulatory hierarchy
6(1)
2 The law enforcement objective
7(1)
3 `Compliance paradox': factors undermining BSA/sanctions compliance
8(3)
D Anti-Money Laundering Act of 2020 and FinCEN comment request
11(2)
E Conclusion
13(1)
2 Introductory overview of money laundering and terrorist financing risks and their regulation
14(32)
A Introduction
14(1)
1
Chapter overview
15(1)
B Foundational concepts and mechanics of ML and FT
15(5)
1 ML and FT definitions and key differences
15(4)
2 ML's and FT's differing compliance and risk management implications
19(1)
3 ML's profit incentive informs law enforcement strategy and tools
20(1)
C Evolution of AML/CFT regulatory framework
20(4)
1 Evolution from a rules - to a risk-based approach
21(2)
2 Increasing number of regulated sectors and illicit financings
23(1)
D Global framework of standard-setting and national regulation
24(9)
1 FATF's standard-setting framework and other harmonizing factors
24(4)
2 Other initiatives contributing to global standardization
28(2)
3 US's implementation of FATF standards
30(3)
4 Regulatory paradox of AML/CFT regulation
33(1)
E FATF's country risk assessment methodology and application to US
33(11)
1 FATF's country risk assessment methodology
34(2)
2 Application of FATF risk assessment methodology to US
36(8)
3 Role of typologies in assessing US ML and FT vulnerabilities
44(1)
F Conclusion
44(2)
3 AML/CFT and OFAC regulatory, supervisory, and enforcement framework
46(31)
A Introduction
46(1)
1
Chapter overview
47(1)
B Objectives of AML/CFT and OFAC regulation
47(6)
1 Primacy of law enforcement objective
48(1)
2 Reasons for law enforcement focus and intensity of regulation
49(2)
3 BSA's continuous enhancement of law enforcement tools
51(2)
C AML/CFT regulatory and supervisory framework for all covered sectors
53(10)
1 FinCEN's coordinating role vis-a-vis sectors' primary regulators
54(2)
2 Three tiers of decreasing AML/CFT compliance obligations
56(6)
3 Enforcement actions by sector, 2002--2015
62(1)
D Impact on BSA compliance of US's fragmented institutional supervision
63(2)
1 US's fragmented supervisory structure
63(1)
2 Institutionally based supervisory structure
64(1)
3 Criticism of institutionally based supervision
64(1)
E Office of Foreign Assets Control
65(2)
1 OFAC background
65(1)
2 Broad scope of sanctions liability
66(1)
F Agency investigative, prosecutorial, and sanctioning powers
67(5)
1 Overview of investigative and prosecutorial authority
67(1)
2 Civil sanctioning powers and penalties for AML/CFT and sanctions violations
68(1)
3 Criminal investigations and prosecutions of AML/CFT and sanctions violations
69(1)
4 Criminal liability for AML/CFT and sanctions violations
69(1)
5 Terrorist financing criminal liability, investigation, and prosecution
70(1)
6 OF AC's enforcement authority
71(1)
G Conveyance of regulatory expectations for AML/CFT and sanctions compliance
72(3)
1 Wide array of means for conveying regulatory expectations
72(2)
2 Pyramid of regulatory expectations
74(1)
H Conclusion
75(2)
4 AML/CFT and OFAC reporting, recordkeeping, and information sharing requirements
77(15)
A Introduction
77(2)
1
Chapter overview
77(2)
B Reporting and recordkeeping requirements
79(8)
1 Currency transaction reports
79(2)
2 Form 8300: currency received in a trade or business
81(1)
3 Reports of transportation of currency or monetary instruments
82(1)
4 Reports of foreign bank and financial accounts
83(1)
5 SAR reporting and recordkeeping requirements
83(3)
6 Filing and recordkeeping requirements for OFAC reports
86(1)
C Nonreporting recordkeeping and transactional requirements
87(2)
1 Loans, transfers of monetary instruments, securities, and credits
87(1)
2 Transmittal of funds involving nonbank FIs of $3,000 or more
87(1)
3 Items required to be included in transmittal of funds of $3,000 or more
88(1)
4 Sale of monetary instruments amounting to $3,000 or more and less than $10,000
88(1)
D Information sharing
89(2)
1 Information sharing between FIs and LEAs
89(1)
2 Voluntary information sharing
90(1)
E Conclusion
91(1)
5 Regulatory expectations for AML/CFT and sanctions compliance programs
92(45)
A Introduction
92(1)
1
Chapter overview
93(1)
B The five BSA compliance pillars
93(9)
1 Internal policies, procedures, and controls
94(2)
2 Designation of AML/CTL compliance officer
96(1)
3 Training program
97(2)
4 Independent testing
99(1)
5 Customer due diligence (CDD)
99(3)
C Know your customer (KYC) compliance obligations
102(14)
1 Customer identification program (CIP)
103(5)
2 Beneficial ownership rule
108(8)
D Special due diligence for foreign correspondent and private banking accounts
116(12)
1 General due diligence program for FFI correspondent accounts
116(5)
2 EDD procedures for foreign banks with specified licenses
121(4)
3 Due diligence program for foreign private banking accounts
125(2)
4 Prohibition of correspondent accounts for foreign shell banks
127(1)
E OFAC's regulatory expectations for compliance and risk management
128(8)
1 Issues in combining OFAC and AML/CFT compliance and risk management programs
128(2)
2 Compliance requirements relating to blocked and rejected transactions
130(2)
3 OFAC's framework for a sanctions compliance and risk management program
132(4)
F Conclusion
136(1)
6 The role of corporate governance in mitigating AML/CFT and sanctions compliance risk
137(38)
A Introduction
137(2)
1
Chapter overview
138(1)
B Primer on corporate governance and board of directors' risk-return decision-making
139(9)
1 Evolution of BSA compliance expectations
139(1)
2 Overview of a corporate governance system
140(4)
3 Role of board and senior management
144(2)
4 Board's risk-return optimization in pursuit of shareholder value
146(2)
C AML/CFT `compliance paradox' that skews firms' risk-return tradeoff
148(11)
1 Factors that create the compliance paradox
149(3)
2 Evidence of skewed revenue-compliance cost calculus
152(7)
D Role of BSA and sanctions compliance
159(5)
1 Compliance's key roles
160(1)
2 Attributes of the modern compliance function
160(1)
3 Factors underlying rise of modern BSA and sanctions compliance
161(1)
4 Relationship between compliance and the other control functions
162(2)
E Prosecutorial, regulatory, and state law guidance on effective BSA and sanctions compliance programs
164(10)
1 Incentives for establishing effective compliance programs
164(4)
2 General guidance on substantive elements of effective compliance programs
168(5)
3 Limited guidance provided by settlement agreements
173(1)
F Conclusion
174(1)
7 The role of risk management in meeting AML/CFT and OFAC regulatory expectations
175(64)
A Introduction
175(1)
1
Chapter overview
176(1)
B Role of risk management in AML/CFT and sanctions compliance
176(6)
1 FRB guidance on the risk management function
177(2)
2 Risk appetite framework and risk appetite statement
179(2)
3 BSA/sanctions issues in financial conglomerates' risk management
181(1)
C ML/FT and sanctions risk assessments
182(9)
1 Central role played by ML/FT and sanctions risk assessments
183(1)
2 ML/FT risk assessments and their application
183(3)
3 ML/FT risk assessment methodology
186(4)
4 Risk assessments by financial conglomerates
190(1)
5 Sanctions risk assessments
190(1)
D The 3LOD model and role of the control functions
191(4)
1 Premises of 3LOD
192(1)
2 The first line: the operating businesses
193(1)
3 The second lines: compliance, risk management, and controller
194(1)
4 The third line: internal audit
194(1)
E Conclusion
195(1)
8 The risk-based approach to suspicious transaction monitoring and sanctions screening
196(1)
A Introduction
196(2)
1
Chapter overview
198(1)
B Transaction monitoring and sanctions screening
198(23)
1 Role of machine learning in AML/CFT and sanctions compliance
199(4)
2 Customer account and transaction data-gathering and analysis
203(4)
3 Customer risk profiles and risk scoring
207(4)
4 TM alert systems and decision-making on SAR filing
211(5)
5 Sanctions screening alert systems
216(5)
C Rule 504's risk management and compliance requirements
221(5)
1 Overview of Rule 504
221(1)
2 General requirements common to TM and sanctions screening
222(2)
3 Rule 504 TM program
224(1)
4 Rule 504 sanctions filtering
225(1)
D Model risk and model risk management
226(12)
1 Overview of model risk and MRM in AML/CFT and sanctions compliance
226(4)
2 Federal Reserve Board's SR 11-7 guidance
230(8)
E Conclusion
238(1)
Appendix 239(10)
References 249(4)
Index 253
Alexander Dill, Lecturer, UCLA School of Law and Anderson School of Management and Lecturer, University of Chicagos Financial Mathematics Program, US