Anti-Money Laundering

About Anti-Money Laundering

Significance of the Anti-Money Laundering Measures, Regulations and the initiatives taken to combat terrorism. Analysis of their impact on financial institutions and business . Overview ;The 9/11 terrorist attacks in the United States have led the international community to formulate new legislations and guidelines to counter the escalating risks of Money Laundering. Across nations, Anti-Money Laundering training and compliance requirements have therefore gained significance. It is in this light that the American Congress brought about new measures in the form of International Money Laundering Abatement and Anti-Terrorist Financing Act, 2001(Title III of Patriot Act, 2001) that amended the Banking Secrecy Act, 1970 and its implementing Regulation. For financial institutions today, failure to comply with these requirements entails severe penalties in addition to increased exposure to compliance, reputational, strategic and operational risks.

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