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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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Presentation Transcript
agenda
Agenda
  • Definition of AML
  • Process of Money Laundering
  • Extent of Problem
  • Impact of Problem
  • Key Features of AML System
  • AML Framework
  • Value Proposition
money laundering

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
financial crime
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

money laundering process

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
financial impact
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
pressure on financial institutions
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
addressing aml requirements
Addressing AML Requirements
  • Know Your Customer
  • Watch List Filtering
  • Risk Scoring
  • Transaction Monitoring
  • Link Analysis
  • Reports
  • Case Management
kastle aml framework
KASTLE - AML Framework

KASTLE - AML

CONSULTING

Reports

AML FRAME WORK

ENTITYRESOLUTION

CASE

MANAGEMENT

TRANSACTION MONITORING

BUSINESS

INTELLIGENCE

Fraud

Detection

COMPLIANCE

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