U.S. Anti-Money Laundering Requirements - Frequently Asked Questions (Seventh Edition)
The Guide begins by summarizing some basic principles of money laundering and terrorist financing, followed by discussions of the U.S. legal and regulatory requirements, practical considerations that companies should address in designing and maintaining effective compliance programs, and insights on the synergies and differences between AML/CFT compliance programs and other overlapping areas of compliance (e.g., fraud, offshore tax evasion, anti-corruption, cybersecurity). The Guide closes with a section on international perspectives and initiatives.
This edition of the Guide includes expanded discussions of recent changes (through June 30, 2017) to AML/CFT and sanctions laws and regulations (e.g., identification and verification of beneficial owners, country-based sanctions programs), suggested reforms to the existing AML/CFT legal and regulatory regime, AML/CFT technology (e.g., incorporation of risk and customer profiles, data analytics, model validation, regtech), and the impact of alternative value transfer systems such as virtual currency providers. It also includes a special supplement on the New York State Department of Financial Services’ first of its kind regulation requiring certification of AML/CFT and sanction screening programs.