15 years: Risk & compliance
Various jurisdictions impose differing rules as to who is affected by money laundering, and who is required to put in place measures to manage this risk. In this video, Iain explains what Anti-Money Laundering is, what regulations are in place, and how these requirements differ across regions.
Various jurisdictions impose differing rules as to who is affected by money laundering, and who is required to put in place measures to manage this risk. In this video, Iain explains what Anti-Money Laundering is, what regulations are in place, and how these requirements differ across regions.
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3 mins 2 secs
Anti-money laundering regulation essentially involves firms and other organisations having to identify and prevent handling money and other property derived from criminal activity.
Key learning objectives:
Define Anti-money laundering
Identify AML regulation, and the broader more general ruling today for regulated firms and regions
Explain the penalties if the guidelines are not followed
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The processes, rules and laws that seek to prevent the handling, depositing, exchange and any other activity relating to the proceeds of illegal activity.
The UK and the US have broader AML requirements that extend beyond regulated financial firms to other organisations that handle financial transactions. The general requirements are:
The most stringent regimes will do the following:
Each individual country and region has its own requirements, and it’s important to check what they are and make sure you're up to speed with exactly what's required of you and your firm.
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