Anti-Money Laundering – Establishing a Compliance Program

Anti-money laundering (AML) refers to the laws, regulations and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. Anti-money laundering laws cover a limited range of transactions and criminal behavior, but their implications are far-reaching.

Measuring the current scale of money laundering is extremely difficult. The World Bank (WB) and International Monetary Fund (IMF) have estimated the volume of money laundering to be between 3% and 5% global (GDP), equivalent to approximately US $2.2T to US $3.7T annually. According to the U.S. Department of the Treasury, more than US $300B is laundered in the United States annually.

In our first segment on Anti-Money Laundering – Understanding the process we focused on:

• Understanding how money laundering occurs
• The three stages of money laundering
• Reviewing legislation passed to address money laundering

In this session, we will delve further into some of the legislation and compliance needs that focus on establishing a strong Anti-Money Laundering program.