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Anti-Money Laundering Regulation and Compliance

Anti-Money Laundering Regulation and Compliance

Author: Alexander Dill
Publisher: Edward Elgar Publishing
ISBN: 9781788974851
Published In: June 2021
Format: Paperback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Description
Contents

Details

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.

Preface

1. Introduction to Anti-Money Laundering Regulation and Compliance

2. Introductory overview of money laundering and terrorist financing risks and their regulation

3. AML/CFT and OFAC regulatory, supervisory, and enforcement framework

4. AML/CFT and OFAC reporting, recordkeeping, and information-sharing requirements

5. Regulatory expectations for AML/CFT and OFAC compliance programs 92

6. The role of corporate governance in mitigating AML/CFT and OFAC compliance risk

7. The role of risk management in meeting AML/CFT

and OFAC regulatory expectations

8. The risk-based approach to suspicious transaction monitoring and sanctions screening

References

Index