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Foreword | p. xi |
Acknowledgments | p. xiii |
About the Authors | p. xv |
Acronyms and Abbreviations | p. xix |
Introduction | p. xxiii |
Designing an Effective AML/CFT Supervisory Framework | p. 1 |
Overview | p. 3 |
The Importance of AML/CFT to Policy Makers and Supervisors | p. 5 |
Demonstrated Political Will Is the Key to Success | p. 8 |
Importance of Collaboration and Cooperation | p. 9 |
Organizational Approaches for Effective AML/CFT Supervision | p. 11 |
Principles for an Effective AML/CFT Supervisory Framework | p. 15 |
Notes | p. 21 |
Risk Management in Combating Money Laundering and Terrorist Financing | p. 23 |
Overview | p. 25 |
Introduction to Money Laundering/Terrorist Financing Risk Management | p. 27 |
Overview of the Risks Associated with Money Laundering, Terrorist Financing, and Related Compliance Issues | p. 28 |
The ML/FT Risk Assessment Process from the Bank Perspective | p. 31 |
Expected Outcomes of the ML/FT Risk Assessment | p. 37 |
Notes | p. 41 |
The Licensing Process and AML/CFT Due Diligence | p. 43 |
Overview | p. 45 |
Summary of the Licensing Requirements for Banks | p. 46 |
Considerations for an Effective Licensing Process | p. 50 |
Notes | p. 55 |
AML/CFT Off-Site Supervision | p. 57 |
Overview | p. 59 |
Main Features of the Off-Site Supervision System | p. 60 |
Key Tasks to Be Performed by Off-Site Examiners | p. 63 |
Other Responsibilities of Ongoing Supervision | p. 69 |
Notes | p. 76 |
The On-Site Supervisory Process | p. 79 |
Overview | p. 81 |
Examination Issues and Approaches | p. 82 |
Planning and Preparing for the AML/CFT On-Site Examination | p. 89 |
Overview of the Key Areas to Be Assessed | p. 97 |
Preparing the Examination Report | p. 109 |
Notes | p. 112 |
Sanctions and Corrective Measures to Be Taken by Competent Authorities | p. 115 |
Overview | p. 117 |
General | p. 118 |
Summary of Possible Rulings and Remedial Measures | p. 121 |
Examples of Enforcement and Sanctions Applied in Several Countries | p. 126 |
General Overview of the Basic Requirements for Effective Sanction Proceedings | p. 136 |
Notes | p. 143 |
National and International Cooperation | p. 145 |
Overview | p. 147 |
The Importance of Cooperation | p. 148 |
National Cooperation | p. 149 |
International Cooperation | p. 160 |
Notes | p. 166 |
Designing an Effective AML/CFT Framework That Supports Initiatives to Broaden and Deepen Financial Access by the Poor | p. 171 |
Managing ML/FT Risks of Low-Risk Products: The Example of Branchless Banking | p. 179 |
Risk Management Principles for Low-Risk Products: Some Guidelines | p. 183 |
Preparing and Conducting an On-Site Examination for AML/CFT | p. 187 |
Key Documents to Obtain at the Outset of the Inspection | p. 221 |
List of Areas That Pose Higher Risks | p. 223 |
Example of an AML/CFT Questionnaire Used by the French Banking Commission | p. 227 |
Example of Sanctions Applied by the French Banking Commission | p. 237 |
FATF 40+9 Recommendations | p. 263 |
Index | p. 263 |
Boxes | |
Examples of Supervisory "Business Models" | p. 11 |
Example of Shared Supervision | p. 13 |
The Use of External Auditors | p. 19 |
Example from Canada | p. 20 |
Reputational Damage: The Case of Riggs Bank | p. 29 |
Example of the U.S. Guidance for High-Risk Geographic Locations | p. 34 |
Two Examples of Money Laundering Schemes in Banks Controlled by Criminals | p. 46 |
The United Kingdom Regime for Controlled Persons | p. 51 |
The U.S. Approach to Assessing Information Provided by Natural Persons-the OCC Management Review Guideline | p. 52 |
Essential Criteria (EC) Regarding the Transfer of Significant Ownership Interests | p. 54 |
Collection of Quantitative AML/CFT Information: Recordkeeping and Reporting Requirements in Italy | p. 63 |
Example of Qualification Used by Dutch Examiners | p. 71 |
Guidance and Outreach to Banks in the United States | p. 73 |
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The Used, Rental and eBook copies of this book are not guaranteed to include any supplemental materials. Typically, only the book itself is included. This is true even if the title states it includes any access cards, study guides, lab manuals, CDs, etc.