Protiviti Releases Updated Edition of its U.S. Anti-Money Laundering Guide: Frequently Asked Questions

Press Release

Sixth edition features significantly expanded Q & A and a wide range of new topics

​MENLO PARK, Calif. – Nov. 10, 2014 – Protiviti (www.protiviti.com), a global consulting firm, has published the sixth edition of its Guide to U.S. Anti-Money Laundering Requirements: Frequently Asked Questions. The sixth edition of the guide (www.protiviti.com/AML) serves as a reference tool for organizations as they continue to try to address an evolving set of regulatory expectations around anti-money laundering (AML) and sanctions compliance.

Based on input from clients, attorneys, regulators and other anti-money laundering experts as well as Protiviti’s own work with clients in the U.S. and abroad, Protiviti’s Guide to U.S. Anti-Money Laundering Requirements is one of the most comprehensive documents of its kind. With practical answers to more than 2,000 questions, the guide has become a valued resource for senior management, compliance officers, internal auditors and other AML practitioners working to address a growing body of both AML and sanction-related requirements and regulatory expectations.

“Sensitivities around money laundering and sanctions remain top-of-mind for both national and multi-national organizations across the globe,” said Carol Beaumier, an executive vice president of Protiviti and the firm’s global financial services industry leader. “As organizations continue to design and enhance existing anti-money laundering and sanctions risk management and compliance programs, there will inevitably be questions that arise throughout the process. Protiviti’s guide can help address these questions by providing a comprehensive resource and a fresh look into new and emerging issues."

The sixth edition of the Guide to U.S. Anti-Money Laundering Requirements features many new and updated sections, including:

  • Human Trafficking and Smuggling - Identifies red flags to watch for as well as the possible impact on financial institutions; the components of an effective anti-human trafficking and anti-migrant smuggling program and many others.
  • Virtual Currency – Addresses how virtual currency is defined, some of the warning signs of suspicious activity and an in-depth look at virtual currency systems and participants.
  • Marijuana-related Business – This completely new addition to the guide looks into which marijuana-related businesses are legal, which states have passed laws or proposed legalizing marijuana-related activities, and provides guidance on the conflicting federal and state marijuana-related laws.
  • AML/CFT Technology – Provides an expanded look at the selection and use of U.S. anti-money laundering technology and countering the financing of terrorism (AML/CFT) technology.
  • Risk Assessments – Elaborates on regulatory expectations and leading industry practices across various assessments including: Enterprise-wide Risk Assessment, Horizontal Risk Assessment, Line of Business/Legal Entity Risk Assessment, Geographic Risk Assessment, Product/Service Risk Assessment, Customer Risk Assessment and Sanctions Risk Assessment.
  • Sanctions Compliance - Discusses the ever-expanding and complex sanctions landscape.
  • Global Compliance Standards – Examines how U.S. AML/CFT standards compare to those issued by the Financial Action Task Force (FATF).

“It is our hope that the new guide, developed through our extensive work in AML and sanctions compliance, will continue to assist organizations to understand better and remediate the everyday challenges associated with identifying and preventing money laundering. Whether you are a CRO, an attorney, a regulator or an anti-money laundering expert, we are confident that we have addressed some of the major concerns and increasing number of questions that have come about since the development of our first AML guide,” added Beaumier.

Recognizing the international focus on money laundering and terrorist financing, the new guide also contains a section on the international aspects of AML/CFT, including guidance for multi-national institutions.

To obtain a complimentary copy of the sixth edition of Protiviti’s Guide to U.S. Anti-Money Laundering Requirements, please visit www.protiviti.com/AML.

Webinar on December 11

On Thursday, December 11, 2014 at 10:00 a.m. PST, Protiviti’s Beaumier along with John Atkinson, a director in the firm’s regulatory compliance practice, will host a complimentary webinar featuring guest speakers Stephan Becker and Deborah Thoren-Peden. Both are partners with Pillsbury Winthrop Shaw Pittman LLP.

The webinar will cover several aspects of AML, including:

  • Industry leading practices for AML and sanction risk assessments
  • Increasingly complex sanction requirements
  • Regulatory expectations for the use of enabling technology
  • New and pending regulations
  • Areas of emerging risks

Please register for the one-hour webinar at www.protiviti.com/webinars.

About Protiviti Inc.

Protiviti (www.protiviti.com) is a global consulting firm that delivers deep expertise, objective insights, a tailored approach and unparalleled collaboration to help leaders confidently face the future. Through its network of more than 80 offices in over 20 countries, Protiviti and its independently owned Member Firms provide clients with consulting solutions in finance, technology, operations, data, analytics, governance, risk and internal audit.

Named to the 2019 Fortune 100 Best Companies to Work For® list, Protiviti has served more than 60 percent of Fortune 1000® and 35 percent of Fortune Global 500® companies. The firm also works with smaller, growing companies, including those looking to go public, as well as with government agencies. Protiviti is a wholly owned subsidiary of Robert Half (NYSE: RHI). Founded in 1948, Robert Half is a member of the S&P 500 index.

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Kathy Keller
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