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Presentation on AML. 10-Mar-14. Agenda. Definition of AML Process of Money Laundering Extent of Problem Impact of Problem Key Features of AML System AML Framework Value Proposition. Gross national Income. Money Laundering.

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Agenda l.jpg
Agenda

  • Definition of AML

  • Process of Money Laundering

  • Extent of Problem

  • Impact of Problem

  • Key Features of AML System

  • AML Framework

  • Value Proposition


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Gross national Income

Money Laundering

Definition: The process whereby the origin of funds generated by illegal means is concealed

Organized/Unorganized Crime

  • Drug trafficking

  • Corruption

  • Fraud

  • Terrorist Financing

  • $1000 – $1500 b / y


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Financial Crime

Definition: A violation of law committed by a person or group of persons in the course of an otherwise respected and legitimate occupation or business enterprise."  Coleman (1989)

Fraud & Money Laundering

Money Laundering

Fraud


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Smurfing

Pizza trick

Casino

Etc.

Small

denominations

€20 €50

No Paper Trail

Money Laundering Process

  • Placement - Large volumes of small denominations

  • Layering - Moving funds to obscure paper trail

  • Integration - Reinvestment in legitimate business


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Financial Impact

  • Money Laundering

    • $ Multimillion fines

    • Closing the Institution

  • Fraud

    • FBI > $ 300 by USA

    • 5 -12 % Insurance claims

    • Individual case > $ 10 b

    • List of More fines



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Pressure on Financial Institutions

  • FATF Recommendations

  • EU AML & Terrorist Financing Legislation

  • Bank Secrecy Act

  • Local AML Legislation (Notice 626)

  • USA Patriot Act

  • Sarbanes Oxley Act

  • Basel II


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Addressing AML Requirements

  • Know Your Customer

  • Watch List Filtering

  • Risk Scoring

  • Transaction Monitoring

  • Link Analysis

  • Reports

  • Case Management


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KASTLE - AML Framework

KASTLE - AML

CONSULTING

Reports

AML FRAME WORK

ENTITYRESOLUTION

CASE

MANAGEMENT

TRANSACTION MONITORING

BUSINESS

INTELLIGENCE

Fraud

Detection

COMPLIANCE



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