Preventing Money Laundering and Terrorist Financing

A Practical Guide for Bank Supervisors

By: Pierre-Laurent Chatain, John McDowell, Cedric Mousset, Paul Allan Schott

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Paperback | 11 May 2009

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The current financial crisis poses many challenges to all countries and is having a significant impact on economies and societies throughout the world. The need for funds might lower financial institutions' vigilance as to the provenance of those funds. Supervisors also might prudently be focusing on coping with the crisis, affecting their supervision of measures for anti-money laundering and combating the financing of terrorism (AML/CFT). It will take increased efforts to ensure that AML/CFT concerns remain a priority for both banks and their supervisors. Effective supervision is central to the success of a country's AML/CFT system. However, fieldwork in both developed and developing countries has shown an overall low compliance in the supervision of banks and other financial institutions. In fact, supervisory compliance with AML/CFT recommendations is generally lower than the average level of compliance with other recommendations of the Financial Action Task Force (FATF). By providing examples of good practices, ""Preventing Money Laundering and Terrorist Financing"" will help countries improve AML/CFT supervision in the banking sector. This practical guide supports the implementation of international standards established by the FATF and other bodies by providing examples of AML/CFT supervisory regimes in both developed and developing countries, describing the implementation of good practices in AML/CFT supervision and enforcement, and giving practical advice on how a particular jurisdiction might incorporate AML/CFT into its supervisory regime. Designed specifically for bank supervisors, this guide will also be of interest to readers working in the areas of finance, corruption prevention, law, accounting, and corporate governance.

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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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Preventing Money Laundering and Terrorist Financing

A Practical Guide for Bank Supervisors

At a Glance

Paperback

Shipping

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Defective items

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