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Federal Money Laundering Regulation: Banking, Corporate and Securities Compliance, Second Edition

Federal Money Laundering Regulation: Banking, Corporate and Securities Compliance, Second Edition

Federal Money Laundering Regulation: Banking, Corporate and Securities Compliance, Second Edition

Contributor(s)
By Steven Mark Levy
Update Frequency
Annually
Last Update
04/15/2015
Product Line
Wolters Kluwer Legal & Regulatory U.S.
Available formats

Details

Federal Money Laundering Regulation: Banking, Corporate and Securities Compliance is your complete guide to understanding and complying with all U.S. statutes, regulations and court decisions governing money laundering activity. This valuable desk reference provides in-depth analysis and guidance on recordkeeping and reporting requirements, anti- money laundering compliance programs, money laundering crimes, asset forfeitures, and state and international measures against money laundering and terrorist financing. This guide is especially aimed at law firms and corporate counsel representing banks, insurance companies, securities broker-dealers, and other financial institutions, as well as the criminal bar, public accountants, and compliance officers.

The Second Edition of Federal Money Laundering Regulation reflects a substantial reorganization and expansion of the previous edition, and adds three new chapters covering: terrorist financing (Chapter 5); OFAC compliance (Chapter 10); and special measures against foreign jurisdictions or financial institutions deemed to be “of primary money laundering concern” (Chapter 30). The remaining chapters have been extensively rewritten and reorganized to reflect major regulatory developments.

Highlights include:

  • Techniques used by federal, state, and local politicians to launder money.
  • The new role of the Federal Housing Finance Agency (FHFA) to ensure anti-money laundering compliance by Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
  • Designing an adequate Customer Identification Program (CIP) for verifying the identity of persons seeking to open an account and checking customer names against terrorist lists.
  • Responding to an information request under Section 314(a) of the Patriot Act.
  • Exercising due diligence when opening and managing correspondent accounts for foreign banks and enhanced due diligence for certain correspondent accounts.
  • Blocking (freezing) assets and property of OFAC-designated countries, entities or individuals, and reporting the blocked transactions.
  • Using automated systems to facilitate BSA reporting, including flagging suspicious activity and large currency transactions.

ISBN: 9781454859765
SKU: 10046100-7777

PART I: BACKGROUND

Chapter 1 - UNDERSTANDING MONEY LAUNDERING

  • § 1.01 Introduction
  • § 1.02 History
  • § 1.03 Definition
  • § 1.04 Scope
  • § 1.05 Why Launder Money?
  • § 1.06 Amount of Money Laundered
  • § 1.07 Why Combat Money Laundering?
  • § 1.08 Financial Institution Obligations
  • § 1.09 Regulatory Burden
  • § 1.10 Money Laundering as a Crime
  • § 1.11 Financial Investigations
  • § 1.12 National Money Laundering Strategy
  • § 1.13 Failure of Resolve?
  • § 1.14 Annual Anti-Money Laundering Conferences

Chapter 2 - MONEY LAUNDERING METHODS

  • § 2.01 How Money Is Laundered
  • § 2.02 Three Stages of Money Laundering
  • § 2.03 Bulk Cash Smuggling
  • § 2.04 Banks and Other Depositary Institutions
  • § 2.05 Gaming Industry
  • § 2.06 Money Services Businesses (MSBs)
  • § 2.07 Securities Industry
  • § 2.08 Insurance Industry
  • § 2.09 Precious Metals and Jewels
  • § 2.10 Front Companies
  • § 2.11 Trade-Based Money Laundering
  • § 2.12 Shell Companies
  • § 2.13 Lawyers
  • § 2.14 Accountants
  • § 2.15 Informal Value Transfer Systems
  • § 2.16 Money Laundering by Lawmakers

Chapter 3 - MONEY LAUNDERING LEGAL FRAMEWORK

  • § 3.01 Overview
  • § 3.02 Bank Secrecy Act (BSA)
  • § 3.03 Comprehensive Crime Control Act (CCCA) of 1984
  • § 3.04 Money Laundering Control Act (MLCA) of 1986
  • § 3.05 Money Laundering Prosecution Improvements Act of 1988
  • § 3.06 Crime Control Act of 1990
  • § 3.07 Annunzio-Wylie Anti-Money Laundering Act (1992)
  • § 3.08 Money Laundering Suppression Act (MLSA) of 1994
  • § 3.09 Money Laundering and Financial Crimes Strategy Act of 1998
  • § 3.10 Civil Asset Forfeiture Reform Act (CAFRA) of 2000
  • § 3.11 USA Patriot Act (2001)
  • § 3.12 Suppression of the Financing of Terrorism Convention Implementation Act of 2002
  • § 3.13 Intelligence Reform and Terrorism Prevention Act of 2004
  • § 3.14 USA Patriot Improvement and Reauthorization Act of 2005
  • § 3.15 Credit Card Accountability Responsibility and Disclosure Act of 2009

Chapter 4 - ROLE OF FEDERAL AGENCIES

  • § 4.01 Summary
  • § 4.02 Financial Crimes Enforcement Network (FinCEN)
  • § 4.03 Internal Revenue Service (IRS)
  • § 4.04 Banking Agencies
  • § 4.05 Securities and Exchange Commission (SEC)
  • § 4.06 Commodity Futures Trading Commission (CFTC)
  • § 4.07 Self-Regulatory Organizations (SROs)
  • § 4.08 Federal Housing Finance Agency (FHFA)
  • § 4.09 U.S. Customs and Border Protection (CBP)
  • § 4.10 U.S. Immigration and Customs Enforcement (ICE)
  • § 4.11 Department of Justice
  • § 4.12 Drug Enforcement Administration (DEA)
  • § 4.13 Office of Foreign Assets Control (OFAC)
  • § 4.14 BSA Advisory Group (BSAAG)

Chapter 5 - TERRORIST FINANCING

  • § 5.01 Mon
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