Aml terms flashcards _ quizlet

Underground banking or informal value transfer system. Money laundering cases in canada Often associated with ethnic groups from the Middle East, Africa or Asia, and commonly involves the transfer of values among countries outside of the formal banking system. Money laundering mauritius The remittance entity can be an ordinary shop selling goods that has an arrangement with a correspondent business in another country. Money laundering structuring There is usually no physical movement of currency and a lack of formality in regard to verification and record-keeping.


Money laundering pdf The money transfer takes place by coded information that is passed through chits, couriers, letters or faxes, followed by telephone confirmations. Money laundering phases Almost any document that carries an identifiable number can be used by the receiver to pick up the values in the other country. Money laundering uk The systems are referred to by different names depending upon the country: Hawala (an Urdi word meaning “reference”), Hundi (a Hindi word meaning “trust”), Chiti banking (referring to the way the system operates), Chop Shop banking (China), and Poey Kuan (Thailand).

A scheme in which the use or extension of credit is obtained and increased fraudulently and the perpetrators avoid having to pay back the illegally obtained credit or goods. Money laundering terms Typically, a bust-out ring will operate a shell or front business that accepts credit purchases on stolen or fraudulently obtained credit cards. What is laundering money The criminals run the cards or numbers through credit card terminals but either do not provide any goods or services or provide stolen or non-licensed goods. Anti money laundering in india The innocent credit card company credits the account of the front business. Anti money laundering certification free Before the transactions can be reversed, the criminals have moved the funds from the accounts of the front business. Laundering money through casinos The cardholders who knowingly participate in these bust-out schemes generally refuse to pay the credit card companies for their “purchases.” These people have either obtained cards with fraudulent or stolen identification or otherwise cannot be found. Anti money laundering techniques Bust-out schemes have been very popular in creating large bankruptcy frauds in which business entities secure increasing loans in excess of the actual value of the company or property and then run with the money, leaving the lender to foreclose and take a substantial loss.

Includes forfeiture where applicable, and means the permanent deprivation of funds or other assets by order of a competent authority or a court. Examples of anti money laundering Confiscation or forfeiture takes place through a judicial or administrative procedure that transfers the ownership of specified funds or other assets to the state. Money laundering placement Upon transfer, the person(s) or entity(ies) that held an interest in the specified funds or other assets at the time of the confiscation or forfeiture lose all rights, in principle, to the confiscated or forfeited assets. Fraud and money laundering (Confiscation or forfeiture orders are usually linked to a criminal conviction or a court decision whereby the confiscated or forfeited property is determined to have been derived from or intended for use in a violation of the law.) Confiscation is a central strategic tool that is required in order to take effective action against money laundering and terrorist financing. Anti money laundering examples It is crucial that criminal justice systems make provisions for efficient and effective methods of tracing, freezing and eventually confiscating proceeds of criminal activity. Money laundering uae Mutual legal assistance treaties provide for confiscation of assets in one jurisdiction based upon prosecutions elsewhere.

In its revised 40 Recommendations of 2003, the FATF issued for the first time a list of “designated categories of offense” that enumerates crimes that may lead to money laundering prosecutions. Money laundering acca Each country may decide how it will define those offenses and their elements. Money laundering control act Many nations do not specify which crime proceeds can serve as predicates for laundering prosecutions and merely state that all serious felonies may be predicates. Uk anti money laundering legislation Others, such as the U.S., specify long lists of crimes that must be present in order for a laundering prosecution to proceed. What does money laundering accomplish Under the FATF definition, the designated categories are: • Participation in an organized criminal group and racketeering • Terrorism, including terrorist financing • Trafficking in human beings and migrant smuggling • Sexual exploitation, including sexual exploitation of • children • Illicit trafficking in narcotic drugs and psychotropic substances • Illicit arms trafficking • Illicit trafficking in stolen and other goods • Corruption and bribery • Fraud • Counterfeiting currency • Counterfeiting and piracy of products • Environmental crime • Murder, grievous bodily injury • Kidnapping, illegal restraint, and hostage-taking • Robbery or theft • Smuggling • Extortion • Forgery • Piracy • Insider trading and market manipulation

According to FATF, the following businesses must comply with its revised 40 Recommendations of 2003: 1. Money laundering laws uk Casinos (including Internet casinos) 2. Money laundering documents Real estate agents 3. Certification in anti money laundering Dealers in precious metals 4. Money laundering examples uk Dealers in precious stones 5. Anti money laundering organizations Lawyers, notaries, other independent legal professionals and accountants. What is trade based money laundering Refers to sole practitioners, partners and employed professionals within professional firms. Anti money laundering legislation uk It is not meant to refer to “internal” professionals that are employees of other types of businesses, nor to professionals working for government agencies who may already be subject to measures that would combat money laundering. Best money laundering schemes 6. Anti money laundering association Trust and company service providers. Money laundering red flags Refers to all persons or businesses that are not covered elsewhere under the Recommendations, and which provide any of the following services to third parties: a. What is money laundering yahoo Act as a formation agent of legal persons b. Meaning of anti money laundering Act as (or arrange for another person to act as) a director or secretary of a company, a partner of a partnership, or a similar position in relation to other legal persons c. Money laundering how to Provide a registered office, business address or accommodation, correspondence or administrative address for a company, a partnership or any other legal person or arrangement d. Money laundering regulations 2003 Act as (or arrange for another person to act as) a trustee of an express trust e. Money laundering reporting officer Act as (or arrange for another person to act as) a nominee shareholder for another person

A funds exchange system, hawala was born centuries before Western financial systems in Indian and Chinese civilizations to facilitate the secure and convenient cross-border movement of funds. Money laundering hong kong Merchant traders wishing to send funds to their homelands would deposit them with a hawala broker or hawaladar who normally owned a trading business. Money laundering definition law For a small fee the banker would arrange for the funds to be available for withdrawal from another banker, normally also a trader, in another country. Global anti money laundering The two bankers would settle accounts through the normal process of trade. Charity money laundering Today, the technique works much the same, with businesspersons in various parts of the world using their corporate accounts to move money internationally for third parties. Malaysia money laundering Deposits and withdrawals are made through hawaladars, rather than traditional financial institutions. Concept of money laundering The practice is vulnerable to terrorist financing and money laundering—funds do not actually cross borders, and transactions tend to be anonymous, as records are not stringently kept. Money laundering examples In the U.S., third parties are normally Indian immigrants who send small sums of money to their homelands to avoid bank fees for wire transfers. Money laundering how much cash can i accept In Pakistan, the system is called hundi. Money laundering scams See Alternative Remittance System.

Office of the U.S. Money laundering insurance Department of the Treasury that administers and enforces economic and trade sanctions against targeted foreign countries, terrorism-sponsoring organizations, terrorists, international narcotics traffickers, and others based on U.S. Mafia money laundering foreign policy and national security goals. Bangladesh money laundering Until 1995, OFAC had been concerned only with enforcing asset-blocking and related rules applicable to “Specially Designated Nationals.” After September 11, 2001, OFAC became a significant player in the anti-money laundering field as well. Money laundering definition pdf The office issues various lists, including “Specially Designated Narcotics Traffickers” and “Specially Designated Terrorists,” and its regulations require U.S. What is the money laundering financial institutions to block and file reports on accounts, payments or transfers in which an OFAC designated country, entity or individual has an interest. Money laundering laws in pakistan OFAC requirements have an extraterritorial reach, since they require U.S. Anti money laundering law persons and entities located outside the U.S. Money laundering in banking sector to comply. Money laundering how it works Independent of origin or final destination, if a U.S. Money laundering in uk financial institution acts as an intermediary for a transaction that involves an OFAC-designated entity, the funds must be blocked. Fight against money laundering See http://www.treas.gov/offices/enforcement/ofac/index.shtml.

The process by which terrorists fund their operations in order to perform terrorist acts. Fincen money laundering Terrorists need financial support to carry out their activities and achieve their goals. Anty money laundering There is little difference between terrorists and other criminals in their use of the financial system. Money laundering regulations A successful terrorist group, much like a criminal organization, is one that is able to build and maintain an effective financial infrastructure. Online money laundering In order to do so the group must develop sources of funding and means of obscuring the links between those sources and the activities they support. Money laundering definition and examples It needs to find a way to make sure the funds are available and can be used to purchase goods or services for terrorist acts. What is money laundering in urdu The sums needed to mount terrorist attacks are not always large, and the associated transactions are not necessarily complex. Money laundering risk There are two primary sources of financing for terrorist activities. Ctr money laundering The first involves financial support from countries, organizations, or individuals. Money laundering fines The other involves a wide variety of revenue-generating activities, some illicit, including smuggling and credit card fraud.