Anti–Money Laundering in a Nutshell

Abstract

The best guess is that money laundering is a $2 trillion-dollar-a-year industry. It's 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 State's 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. You'll 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 you'll 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. It's 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. "