Improving Anti-Money Laundering Compliance: Self-Protecting by Abdullahi Usman Bello

By Abdullahi Usman Bello

This e-book offers useful tips on the best way to enhance the effectiveness and potency of AML compliance via introducing the speculation, framework and technique for facing the troubles of cash Laundering Reporting officials (MLROs) in the united kingdom banking undefined. for this reason, Bello focusses on delivering a theoretical clarification of compliance behaviour that is inadequately lined. even supposing the study is concentrated on MLROs in the united kingdom banking undefined, the self-protecting thought stumbled on from the examine has normal software to different compliance officials inside and out of doors the united kingdom. it's also appropriate to regulatory environments in different monetary sectors. the alternative of MLROs and the united kingdom because the concentration of the learn was once simply because those everyone is arguably an important stakeholders in AML and the united kingdom is among the biggest monetary centres on the planet that offers chance for cash laundering actions. A methodological and precise examine, this e-book should be of specific curiosity to practitioners and the regulatory gurus, in addition to students of criminology and finance.

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Extra info for Improving Anti-Money Laundering Compliance: Self-Protecting Theory and Money Laundering Reporting Officers

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He should enter the pile anywhere, no matter where and pick up a memo. He/she then places the memo anywhere on a table which should be large, like a dining table so it will spatially accommodate the coming piles. Then he picks up another memo, compares it to the first memo and does a brief memo about how it relates to the first memo and start another pile. (Glaser 2012 p. 42) 18 Improving Anti-Money Laundering Compliance It is, however, important to remember that sorting is “of ideas, not data, it is a conceptual sorting, not data sorting.

328). The obligations of banks in this regard are, therefore, to immediately disclose information about which they are suspicious to NCA as soon as they become aware of it. The third offence relates to the acquisition, use or possession of criminal property as define in the law (s. 329). In summary, the UK “has a comprehensive legal structure to combat money laundering and terrorist financing” (FATF 2007c p. 4), but at the heart of it is what some consider as imposing “extensive and onerous reporting obligation” (Marshall 2004 p.

The act requires a firm to identify an “appropriate person” to receive internal reports on suspicious money laundering activities described in section 327: 329 of POCA 2002, evaluate the reports in the light of other relevant information and report it to law enforcement when the conditions of reporting are met. The term was subsequently changed from “appropriate person” to a “nominated officer” in s. 330 of POCA 2002 and the MLR 2003 in s. 7. 6, a money laundering reporting officer is the designated nominated officer that is responsible for external reporting of suspicious activities (FATF 2007c; Financial Conduct Authority 2013b).

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