Anti-money laundering principle

3M is committed to complying fully with all anti-money laundering and anti-terrorism laws throughout the world. Anti money laundering policy 3M will conduct business only with reputable customers involved in legitimate business activities, with funds derived from legitimate sources. Global money laundering Employees must comply with all laws, regulations and company policies, guidelines, standards, and other procedures to ensure compliance with this Principle.

The purpose of this Principle is to prevent any involvement by 3M in money laundering activity even where the involvement may be unintentional.


Acca money laundering It requires 3M employees and third parties subject to this Principle to recognize questionable financial transactions and to take steps to conduct appropriate additional due diligence. Latest money laundering news If any “Red Flag” listed in this Principle is discovered, promptly contact 3M Legal Affairs, 3M Finance, or 3M Compliance & Business Conduct personnel to facilitate any needed due diligence and to ensure 3M’s full cooperation with law enforcement and regulatory agencies enforcing anti-money laundering laws and regulations.

This Principle applies globally to all employees and may apply to those acting on behalf of 3M. Lawyer money laundering See the Compliance Principle for information on when a third party might be covered by the Code of Conduct Principles.

Money laundering is generally defined as the process of taking funds obtained through illegal activities and making those funds appear legal. Money laundering gift cards Money laundering can be used by terrorist organizations, tax evaders, drug smugglers, by those engaged in bribery, or anyone who receives money through illegal activities. Money laundering legal definition Money laundering usually consists of 3 steps:

• Placement: Funds are deposited into financial institutions or converted into negotiable instruments such as money orders or traveler’s checks. How does money laundering work For example, cash received by a drug smuggler can be taken to a bank and changed into a money order or travelers check.

• Layering: Funds are moved into other accounts in an effort to hide their origin. Money laundering ppt For example, money can be moved into and out of various offshore bank accounts through Electronic Funds Transfers (EFT).

• Integration: Funds are reintroduced into the economy and often used to purchase legitimate assets, fund legitimate businesses, or conduct other criminal activity.

Money Laundering is a global problem, and many countries and organizations have enacted laws to combat it. Drug trafficking and money laundering Compliance with anti-money laundering and anti-terrorism laws and regulations requires an awareness of possible “Red Flags,” or suspicious activities, which may arise in the course of conducting business. What is the purpose of money laundering When “Red Flags” are identified, an appropriate level of additional due diligence must be performed and additional approvals may be needed.

• Customers named as a Designated Party, Specially Designated National (SDN) or appearing on other similar lists, or connected to countries identified as non-cooperative by the Financial Action Task Force (FATF) with international efforts against money laundering.

• Customers or Suppliers who appear to be acting as an agent for another company or individual, but decline or are reluctant to provide information regarding that company or individual.

• Payments made in cash or cash equivalents, such as money orders, travelers checks, or prepaid cash cards. Integration money laundering Acceptance of cash as a form of payment by 3M is strongly discouraged. Money laundering and terrorist financing Cash payments are commonly used by money launderers, and leave very little in the way of audit trails. Money laundering documentary Alternative methods of payment which provide a stronger audit trail should be offered. Bank money laundering If no other option is available, steps must be taken to verify that payment is being received from a valid 3M business partner and that controls for handling cash are in place. Punishment for money laundering Particular care should be paid to customers who structure these payments to avoid the relevant government reporting requirements for cash and cash equivalent payments above a certain dollar amount; for example by making multiple smaller payments or payments from multiple sources.

• The purchase of products, or larger volume purchase, that appears to be inconsistent with a customer’s normal ordering pattern, without any legitimate business reason, such as a special price promotion.

• Multiple partial payments from various parties on behalf of a single customer and/or multiple partial payments from various locations. Money laundering miami Also included are “double endorsed” or “third party” checks, where a 3M customer endorses over to 3M as payment for their invoice a check that was originally made out to the 3M customer.

• Customers making a funds deposit followed by an immediate request that the money be wired out or transferred to a third party, or to another firm, without any apparent business purpose.

• Customers paying in one form of payment and then requesting a refund of the payment in another form; i.e., paying by credit card and requesting a wire transfer refund.

• Know your business partners: Where appropriate, conduct integrity assessments and other due diligence and be familiar with their business practices.

• Monitor financial activity: Observe and record payments and transactions consistent with all established Policies and Procedures. Simple meaning of money laundering Follow Global Financial Standards for acceptable forms of payment.

• Report any suspicious activity: Immediately alert your business unit’s assigned legal counsel, 3M Finance, or 3M’s Compliance & Business Conduct Department of any suspicious activity by going to the “Report Concerns or Ask Questions” section of the Compliance & Business Conduct website. Recent money laundering cases in india Be aware of and follow country legal requirements for the reporting of cash transactions.

• Cooperate fully with legal and regularity authorities charged with enforcing anti-money laundering laws: This includes cooperating with 3M Compliance & Business Conduct, 3M Internal Audit, and all law enforcement and regulatory agencies.

3M is committed to complying fully with all anti-money laundering and anti-terrorism laws throughout the world. Anti money laundering act meaning 3M will conduct business only with reputable customers involved in legitimate business activities, with funds derived from legitimate sources. Money laundering regulations 2016 Employees must comply with all laws, regulations and company policies, guidelines, standards, and other procedures to ensure compliance with this Principle.

The purpose of this Principle is to prevent any involvement by 3M in money laundering activity even where the involvement may be unintentional. Money laundering cases in india It requires 3M employees and third parties subject to this Principle to recognize questionable financial transactions and to take steps to conduct appropriate additional due diligence. Money laundering stages If any “Red Flag” listed in this Principle is discovered, promptly contact 3M Legal Affairs, 3M Finance, or 3M Compliance & Business Conduct personnel to facilitate any needed due diligence and to ensure 3M’s full cooperation with law enforcement and regulatory agencies enforcing anti-money laundering laws and regulations.

This Principle applies globally to all employees and may apply to those acting on behalf of 3M. Money laundering act 2007 See the Compliance Principle for information on when a third party might be covered by the Code of Conduct Principles.

Money laundering is generally defined as the process of taking funds obtained through illegal activities and making those funds appear legal. Money laundering prevention act 2012 Money laundering can be used by terrorist organizations, tax evaders, drug smugglers, by those engaged in bribery, or anyone who receives money through illegal activities. Anti money laundering measures Money laundering usually consists of 3 steps:

• Placement: Funds are deposited into financial institutions or converted into negotiable instruments such as money orders or traveler’s checks. Penalty for money laundering For example, cash received by a drug smuggler can be taken to a bank and changed into a money order or travelers check.

• Layering: Funds are moved into other accounts in an effort to hide their origin. 3 phases of money laundering For example, money can be moved into and out of various offshore bank accounts through Electronic Funds Transfers (EFT).

• Integration: Funds are reintroduced into the economy and often used to purchase legitimate assets, fund legitimate businesses, or conduct other criminal activity.

Money Laundering is a global problem, and many countries and organizations have enacted laws to combat it. Money laundering act 2011 Compliance with anti-money laundering and anti-terrorism laws and regulations requires an awareness of possible “Red Flags,” or suspicious activities, which may arise in the course of conducting business. What is money laundering and how does it work When “Red Flags” are identified, an appropriate level of additional due diligence must be performed and additional approvals may be needed.

• Customers named as a Designated Party, Specially Designated National (SDN) or appearing on other similar lists, or connected to countries identified as non-cooperative by the Financial Action Task Force (FATF) with international efforts against money laundering.

• Customers or Suppliers who appear to be acting as an agent for another company or individual, but decline or are reluctant to provide information regarding that company or individual.

• Payments made in cash or cash equivalents, such as money orders, travelers checks, or prepaid cash cards. What is money laundering with example Acceptance of cash as a form of payment by 3M is strongly discouraged. Money laundering kenya Cash payments are commonly used by money launderers, and leave very little in the way of audit trails. Money laundering bangladesh Alternative methods of payment which provide a stronger audit trail should be offered. Cases of money laundering If no other option is available, steps must be taken to verify that payment is being received from a valid 3M business partner and that controls for handling cash are in place. Forms of money laundering Particular care should be paid to customers who structure these payments to avoid the relevant government reporting requirements for cash and cash equivalent payments above a certain dollar amount; for example by making multiple smaller payments or payments from multiple sources.

• The purchase of products, or larger volume purchase, that appears to be inconsistent with a customer’s normal ordering pattern, without any legitimate business reason, such as a special price promotion.

• Multiple partial payments from various parties on behalf of a single customer and/or multiple partial payments from various locations. Money laundering amount Also included are “double endorsed” or “third party” checks, where a 3M customer endorses over to 3M as payment for their invoice a check that was originally made out to the 3M customer.

• Customers making a funds deposit followed by an immediate request that the money be wired out or transferred to a third party, or to another firm, without any apparent business purpose.

• Customers paying in one form of payment and then requesting a refund of the payment in another form; i.e., paying by credit card and requesting a wire transfer refund.

• Know your business partners: Where appropriate, conduct integrity assessments and other due diligence and be familiar with their business practices.

• Monitor financial activity: Observe and record payments and transactions consistent with all established Policies and Procedures. Money laundering images Follow Global Financial Standards for acceptable forms of payment.

• Report any suspicious activity: Immediately alert your business unit’s assigned legal counsel, 3M Finance, or 3M’s Compliance & Business Conduct Department of any suspicious activity by going to the “Report Concerns or Ask Questions” section of the Compliance & Business Conduct website. Us anti money laundering laws Be aware of and follow country legal requirements for the reporting of cash transactions.

• Cooperate fully with legal and regularity authorities charged with enforcing anti-money laundering laws: This includes cooperating with 3M Compliance & Business Conduct, 3M Internal Audit, and all law enforcement and regulatory agencies.