Guide to U.S. Anti-Money Laundering Requirements
 
 

Protiviti's Guide to U.S. Anti-Money Laundering Requirements: Frequently Asked Questions, Fifth Edition

 
 

 
 

"The World Bank and International Monetary Fund estimate that global money laundering linked to corruption, criminal activity, and tax evasion constitutes about 3 to 5 percent of the world's gross domestic product - or between roughly $2.17 and $3.61 trillion a year."

Source: Malcom Beith, July 19, 2012, THE DAILY BEAST

As with previous editions, the fifth edition of Protiviti’s well-received Guide to U.S. Anti-Money Laundering Requirements: Frequently Asked Questions contains questions that have surfaced in our discussions with clients, attorneys, regulators and others, both in the United States and other markets. Over the years, the number of questions and answers included in the Guide has expanded from 140 in the initial version to more than 1,700 in this edition. This reflects both the complexity of the topic as well as the continuing evolution of regulatory expectations and industry-leading practices.

Among the new and expanded information included in this version are questions and answers related to the intersection between anti-money laundering (AML) and the Foreign Account Tax Compliance Act (FATCA), expanded discussion of human trafficking, new and proposed regulations affecting nonbank mortgage lenders and housing government-sponsored enterprises (GSEs), recent changes to currency transaction reports (CTRs) and suspicious activity reports (SARs), updated Financial Action Task Force (FATF) recommendations and other international developments.

Other areas covered in the more than 1,700 questions and answers are:

  1. The major AML and sanction compliance requirements in the United States: the Bank Secrecy Act (BSA), the USA PATRIOT Act and the Office of Foreign Assets Control (OFAC) requirements
  2. Know Your Customer (KYC)
  3. Risk Assessments (including an expanded discussion of high-risk customers)
  4. Transaction Monitoring and Investigations
  5. Third-Party Reliance
  6. AML Technology
  7. Nonbank Financial Institutions and Nonfinancial Businesses
  8. International Perspectives and Initiatives

Although the focus of the Guide is on U.S. requirements, we have included some highlights of international requirements and believe the Guide is instructive to companies outside of the United States because of the convergence of AML requirements and industry-leading practices across the globe.

From the design and implementation of an effective AML program, to regulatory reporting and auditing AML compliance, Protiviti's updated AML resource guide will help senior management, compliance officers, internal auditors and other stakeholders make sense of the complex regulations and regulatory expectations and what is required to comply with them.