Format:
1 online resource (304 pages)
ISBN:
9780821379134
Content:
Money laundering and terrorist financing are serious crimes that affect not only those persons directly involved, but the economy as a whole. According to international standards, every bank has the obligation to know its customers and to report suspicious transactions. Although these obligations sound straightforward, they have proved challenging to implement. What information precisely has to be gathered? How should it be recorded? If and when does one have to file a suspicious transaction report? It is here that a supervisor can play a crucial role in helping supervised institutions; first, in understanding the full extent of the obligations of Customer Due Diligence and Suspicious Transaction Reports (STR) and, second, in ensuring that those obligations are not just words on paper but are applied in practice. Effective supervision is key to the success of a country's AML/CFT system. In this regard, field work in both developed and developing countries has shown an overall low compliance in the area of supervision of banks and other financial institutions; supervisory compliance is indeed generally lower than the average level of compliance with all Financial Action Task Force recommendations. As a result, by providing examples of good practices, this book aims to help countries better conform to international standards. In this regard, this handbook is specifically designed for bank supervisors.
Content:
Contents -- Foreword -- Acknowledgments -- About the Authors -- Acronyms and Abbreviations -- Introduction -- Chapter 1 Designing an Effective AML/CFT Supervisory Framework -- 1 Overview -- 2 The Importance of AML/CFT to Policy Makers and Supervisors -- 3 Demonstrated Political Will Is the Key to Success -- 4 Importance of Collaboration and Cooperation -- 5 Organizational Approaches for Effective AML/CFT Supervision -- 6 Principles for an Effective AML/CFT Supervisory Framework -- Notes -- Chapter 2 Risk Management in Combating Money Laundering and Terrorist Financing -- 1 Overview -- 2 Introduction to Money Laundering/Terrorist Financing Risk Management -- 3 Overview of the Risks Associated with Money Laundering, Terrorist Financing, and Related Compliance Issues -- 4 The ML/FT Risk Assessment Process from the Bank Perspective -- 5 Expected Outcomes of the ML/FT Risk Assessment -- Notes -- Chapter 3 The Licensing Process and AML/CFT Due Diligence -- 1 Overview -- 2 Summary of the Licensing Requirements for Banks -- 3 Considerations for an Effective Licensing Process -- Notes -- Chapter 4 AML/CFT Off-Site Supervision -- 1 Overview -- 2 Main Features of the Off-Site Supervision System -- 3 Key Tasks to Be Performed by Off-Site Examiners -- 4 Other Responsibilities of Ongoing Supervision -- Notes -- Chapter 5 The On-Site Supervisory Process -- 1 Overview -- 2 Examination Issues and Approaches -- 3 Planning and Preparing for the AML/CFT On-Site Examination -- 4 Overview of the Key Areas to Be Assessed -- 5 Preparing the Examination Report -- Notes -- Chapter 6 Sanctions and Corrective Measures to Be Taken by Competent Authorities -- 1 Overview -- 2 General -- 3 Summary of Possible Rulings and Remedial Measures -- 4 Examples of Enforcement and Sanctions Applied in Several Countries.
Note:
Description based on publisher supplied metadata and other sources
Additional Edition:
ISBN 9780821379127
Additional Edition:
Erscheint auch als Druck-Ausgabe ISBN 9780821379127
Additional Edition:
Print version Preventing Money Laundering and Terrorism Financing : A Practical Guide for Bank Supervisors
Language:
English
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