Anti-money Laundering Training for the International Business

Meet the role players 2 lectures 16:56 The role-players who shape the environment preview The first thing we need to understand is why we have Money laundering and then we meet our role players that have shaped the AML environment. First why do we need AML and Anti terrorist financing? Terrorist groups, like any other criminal organisation, need to build up and maintain a financial infrastructure. The primary goal of individuals or entities involved in the financing of terrorism is therefore not necessarily to conceal the sources of the money but to conceal both the financing and the nature of the financed activity. Terrorist financing involves the solicitation, collection or provision of funds with the intention that they may be used to support terrorist acts or organisations. laundering. records we must keep include:•The identity of the client•The identity of the person on whose behalf the client is acting; and•The client’s authority to act on behalf of that other person;•The identity of that other person and•That other person’s authority to act on behalf of the client;•The manner in which the identity of the persons was established;•The nature of that business relationship or transaction•The parties to that transaction•All accounts that are involved in:•The name of the person who obtained the information on behalf of the accountable institution•Any document or copy or a document obtained by the Accountable institution in order to verify a person’s identity.•Records kept may be kept in an electronic form. The role players preview Starting at the beginning. Who is who and what is money laundering?´ Money laundering is a world-wide phenomenon and refers in general to any process that will or aims to hide, conceal or disguise the nature, source, location, disposition or movement of the proceeds of unlawful activities or any interest which anyone has in such proceeds. Estimates of global money laundering transactions range from 2 to 5 percent of global GDP.Uncac and FATF are the most important roleplayers! Meet the role players. 2 lectures 16:56 The role-players who shape the environment preview The first thing we need to understand is why we have Money laundering and then we meet our role players that have shaped the AML environment. First why do we need AML and Anti terrorist financing? Terrorist groups, like any other criminal organisation, need to build up and maintain a financial infrastructure. The primary goal of individuals or entities involved in the financing of terrorism is therefore not necessarily to conceal the sources of the money but to conceal both the financing and the nature of the financed activity. Terrorist financing involves the solicitation, collection or provision of funds with the intention that they may be used to support terrorist acts or organisations. laundering. records we must keep include:•The identity of the client•The identity of the person on whose behalf the client is acting; and•The client’s authority to act on behalf of that other person;•The identity of that other person and•That other person’s authority to act on behalf of the client;•The manner in which the identity of the persons was established;•The nature of that business relationship or transaction•The parties to that transaction•All accounts that are involved in:•The name of the person who obtained the information on behalf of the accountable institution•Any document or copy or a document obtained by the Accountable institution in order to verify a person’s identity.•Records kept may be kept in an electronic form. The role players preview Starting at the beginning. Who is who and what is money laundering?´ Money laundering is a world-wide phenomenon and refers in general to any process that will or aims to hide, conceal or disguise the nature, source, location, disposition or movement of the proceeds of unlawful activities or any interest which anyone has in such proceeds. Estimates of global money laundering transactions range from 2 to 5 percent of global GDP.Uncac and FATF are the most important roleplayers! The role-players who shape the environment preview The first thing we need to understand is why we have Money laundering and then we meet our role players that have shaped the AML environment. First why do we need AML and Anti terrorist financing? Terrorist groups, like any other criminal organisation, need to build up and maintain a financial infrastructure. The primary goal of individuals or entities involved in the financing of terrorism is therefore not necessarily to conceal the sources of the money but to conceal both the financing and the nature of the financed activity. Terrorist financing involves the solicitation, collection or provision of funds with the intention that they may be used to support terrorist acts or organisations. laundering. records we must keep include:•The identity of the client•The identity of the person on whose behalf the client is acting; and•The client’s authority to act on behalf of that other person;•The identity of that other person and•That other person’s authority to act on behalf of the client;•The manner in which the identity of the persons was established;•The nature of that business relationship or transaction•The parties to that transaction•All accounts that are involved in:•The name of the person who obtained the information on behalf of the accountable institution•Any document or copy or a document obtained by the Accountable institution in order to verify a person’s identity.•Records kept may be kept in an electronic form. The role-players who shape the environment preview The first thing we need to understand is why we have Money laundering and then we meet our role players that have shaped the AML environment. First why do we need AML and Anti terrorist financing? Terrorist groups, like any other criminal organisation, need to build up and maintain a financial infrastructure. The primary goal of individuals or entities involved in the financing of terrorism is therefore not necessarily to conceal the sources of the money but to conceal both the financing and the nature of the financed activity. Terrorist financing involves the solicitation, collection or provision of funds with the intention that they may be used to support terrorist acts or organisations. laundering. records we must keep include:•The identity of the client•The identity of the person on whose behalf the client is acting; and•The client’s authority to act on behalf of that other person;•The identity of that other person and•That other person’s authority to act on behalf of the client;•The manner in which the identity of the persons was established;•The nature of that business relationship or transaction•The parties to that transaction•All accounts that are involved in:•The name of the person who obtained the information on behalf of the accountable institution•Any document or copy or a document obtained by the Accountable institution in order to verify a person’s identity.•Records kept may be kept in an electronic form. The role-players who shape the environment preview The first thing we need to understand is why we have Money laundering and then we meet our role players that have shaped the AML environment. First why do we need AML and Anti terrorist financing? Terrorist groups, like any other criminal organisation, need to build up and maintain a financial infrastructure. The primary goal of individuals or entities involved in the financing of terrorism is therefore not necessarily to conceal the sources of the money but to conceal both the financing and the nature of the financed activity. Terrorist financing involves the solicitation, collection or provision of funds with the intention that they may be used to support terrorist acts or organisations. laundering. records we must keep include:•The identity of the client•The identity of the person on whose behalf the client is acting; and•The client’s authority to act on behalf of that other person;•The identity of that other person and•That other person’s authority to act on behalf of the client;•The manner in which the identity of the persons was established;•The nature of that business relationship or transaction•The parties to that transaction•All accounts that are involved in:•The name of the person who obtained the information on behalf of the accountable institution•Any document or copy or a document obtained by the Accountable institution in order to verify a person’s identity.•Records kept may be kept in an electronic form. The role-players who shape the environment preview The first thing we need to understand is why we have Money laundering and then we meet our role players that have shaped the AML environment. First why do we need AML and Anti terrorist financing? Terrorist groups, like any other criminal organisation, need to build up and maintain a financial infrastructure. The primary goal of individuals or entities involved in the financing of terrorism is therefore not necessarily to conceal the sources of the money but to conceal both the financing and the nature of the financed activity. Terrorist financing involves the solicitation, collection or provision of funds with the intention that they may be used to support terrorist acts or organisations. laundering. records we must keep include:•The identity of the client•The identity of the person on whose behalf the client is acting; and•The client’s authority to act on behalf of that other person;•The identity of that other person and•That other person’s authority to act on behalf of the client;•The manner in which the identity of the persons was established;•The nature of that business relationship or transaction•The parties to that transaction•All accounts that are involved in:•The name of the person who obtained the information on behalf of the accountable institution•Any document or copy or a document obtained by the Accountable institution in order to verify a person’s identity.•Records kept may be kept in an electronic form. The first thing we need to understand is why we have Money laundering and then we meet our role players that have shaped the AML environment. First why do we need AML and Anti terrorist financing? Terrorist groups, like any other criminal organisation, need to build up and maintain a financial infrastructure. The primary goal of individuals or entities involved in the financing of terrorism is therefore not necessarily to conceal the sources of the money but to conceal both the financing and the nature of the financed activity. Terrorist financing involves the solicitation, collection or provision of funds with the intention that they may be used to support terrorist acts or organisations. laundering. records we must keep include:•The identity of the client•The identity of the person on whose behalf the client is acting; and•The client’s authority to act on behalf of that other person;•The identity of that other person and•That other person’s authority to act on behalf of the client;•The manner in which the identity of the persons was established;•The nature of that business relationship or transaction•The parties to that transaction•All accounts that are involved in:•The name of the person who obtained the information on behalf of the accountable institution•Any document or copy or a document obtained by the Accountable institution in order to verify a person’s identity.•Records kept may be kept in an electronic form. The first thing we need to understand is why we have Money laundering and then we meet our role players that have shaped the AML environment. First why do we need AML and Anti terrorist financing? Terrorist groups, like any other criminal organisation, need to build up and maintain a financial infrastructure. The primary goal of individuals or entities involved in the financing of terrorism is therefore not necessarily to conceal the sources of the money but to conceal both the financing and the nature of the financed activity. Terrorist financing involves the solicitation, collection or provision of funds with the intention that they may be used to support terrorist acts or organisations. laundering. records we must keep include:•The identity of the client•The identity of the person on whose behalf the client is acting; and•The client’s authority to act on behalf of that other person;•The identity of that other person and•That other person’s authority to act on behalf of the client;•The manner in which the identity of the persons was established;•The nature of that business relationship or transaction•The parties to that transaction•All accounts that are involved in:•The name of the person who obtained the information on behalf of the accountable institution•Any document or copy or a document obtained by the Accountable institution in order to verify a person’s identity.•Records kept may be kept in an electronic form. The role players preview Starting at the beginning. Who is who and what is money laundering?´ Money laundering is a world-wide phenomenon and refers in general to any process that will or aims to hide, conceal or disguise the nature, source, location, disposition or movement of the proceeds of unlawful activities or any interest which anyone has in such proceeds. Estimates of global money laundering transactions range from 2 to 5 percent of global GDP.Uncac and FATF are the most important roleplayers! The role players preview Starting at the beginning. Who is who and what is money laundering?´ Money laundering is a world-wide phenomenon and refers in general to any process that will or aims to hide, conceal or disguise the nature, source, location, disposition or movement of the proceeds of unlawful activities or any interest which anyone has in such proceeds. Estimates of global money laundering transactions range from 2 to 5 percent of global GDP.Uncac and FATF are the most important roleplayers! The role players preview Starting at the beginning. Who is who and what is money laundering?´ Money laundering is a world-wide phenomenon and refers in general to any process that will or aims to hide, conceal or disguise the nature, source, location, disposition or movement of the proceeds of unlawful activities or any interest which anyone has in such proceeds. Estimates of global money laundering transactions range from 2 to 5 percent of global GDP.Uncac and FATF are the most important roleplayers! The role players preview Starting at the beginning. Who is who and what is money laundering?´ Money laundering is a world-wide phenomenon and refers in general to any process that will or aims to hide, conceal or disguise the nature, source, location, disposition or movement of the proceeds of unlawful activities or any interest which anyone has in such proceeds ongEurope and the 5AMLD ...