Anti-Money Laundering: Awareness and Compliance by Kevin SullivanThe best guess is that money laundering is a $2 trillion-dollar-a-year industry. Its no wonder that every financial institution in the U.S.including banks, insurers, and brokeragesarerequired tohave an anti-money laundering program, along with annual training sessions, to help curtail criminal activity.
Author Kevin Sullivan, formerly one of New York States leading anti-money laundering agents and now a consultant to financial institutions, explains what money laundering is, how it happens, and how to prevent it. A guide for financial personnel regulated by the Bank Secrecy Act, as well as regulatory and law enforcement agents, Anti-Money Laundering: Awareness and Compliance shows in detail the steps required to comply with the law in all regards while avoiding the hefty fines noncompliance brings.
Besides providing an understanding of the law and its requirements, as well asthe tools and processes readers will need to combat money laundering, Sullivan takes the reader on a ride along that weaves its way through the dynamics of money laundering. The ride starts with an explanation of who the bad guys are, why they do what they do, and what kind of crimes they commit that require money laundering. Next, Sullivan shows how and when various government regulations were enacted and how those laws affect the bad guys. Sullivan then reviews what makes up a quality AML program and shows how to to reason like an investigator. Finally, he completes the ride along by going behind the scenes to show what happens after the financial institutions have done their AML duties and passed the torch to law enforcement. Youll not only see how to fill out the proper paperwork but learn where it all goes and how information compiled by financial institutions lead to arrests and prosecutions.
Bottom line: If you work for a financial institution governed by the Bank Secrecy Act--or are in an industry at risk of playing a part in a money-laundering scheme--you need this book at your fingertips to help solve problems, comply with the law, and make it harder for criminals to conceal their crimes. What youll learn How money is laundered and its impact on the economy All about the laws, rules, and regulations pertaining to money laundering How to create and deliver a proper anti-money laundering program How to avoid the steep fines for noncompliance How to fill out the various forms (like the SAR, or Suspicious Activity Report) accurately and legally The investigative process and how to work with law enforcement personnel Who this book is for
Every financial institution in the U.S. must comply with the Bank Secrecy Act and, therefore, must have an Anti-Money Laundering program. This book is therefore essential reading for anyone working in organizations covered by the Bank Secrecy Act. Its also a handy guide for regulators and law-enforcement agents who need to understand anti-money laundering techniques and the specifics of the regulations in plain English as well as train employees successfully.
Anti–Money Laundering in a Nutshell
Introducing new learning courses and educational videos from Apress. Start watching. Anti—Money Laundering in a Nutshell is a concise, accessible, and practical guide to compliance with anti—money laundering law for financial professionals, corporate investigators, business managers, and all personnel of financial institutions who are required, under penalty of hefty fines, to get anti—money laundering training. Money laundering is endemic. Ignorance of crime is no excuse before the law. Financial institutions and businesses that unknowingly serve as conduits for money laundering are no less liable to prosecution and fines than those that condone or abet it. In Anti—Money Laundering in a Nutshell : Awareness and Compliance for Financial Personnel and Business Managers , Kevin Sullivan draws on a distinguished career as an AML agent and consultant to teach personnel in financial institutions what money laundering is, who does it, how they do it, how to prevent it, how to detect it, and how to report it in compliance with federal law.
Many AML personnel like to check and select a box without understanding why. You need to understand the nomenclature of AML. Understand what is causing alerts in the AML system. It is crucial to understand the Bank Secrecy Act. The major players are the financial institutions, the regulators and law enforcement. These players need to work together in a dynamic environment.