Money Laundering Prevention Deterring, Detecting, and Resolving Financial Fraud

ISBN-10: 0470874759
ISBN-13: 9780470874752
Edition: 2011
List price: $45.00 Buy it from $39.95
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Book details

List price: $45.00
Copyright year: 2011
Publisher: John Wiley & Sons, Limited
Publication date: 6/10/2011
Binding: Hardcover
Pages: 224
Size: 6.30" wide x 9.24" long x 0.80" tall
Weight: 0.902

Preface
Acknowledgments
Understanding the Process of Money Laundering
What Is Money Laundering?
Money Laundering Defined
Why Do People Launder Money?
The Money Laundering Cycle
Money Laundering Is a Criminal Business
Money Laundering Is Global
Money Launderers Adapt Technology
The Role of Technology
The Role of Banks
The Role of Nations
Regional Hotspots
The Birth of the Financial Action Task Force (FATF)
Conclusion
Motivations for Getting Involved
Involvement Is Personal
People Weigh the Odds of Success
Where Do Laundered Funds Come From?
The Impact of Corruption
Why Is Corruption Increasing?
Corruption Always Begins Small
Bribery and Corruption of Your Employees
Bribery and Corruption by Your Employees
Evolution of Government Attitudes
Official Corruption Impacts Individual Corruption
Tax Evasion as a Gateway to Money Laundering
Moving from Taxes to Criminal Activity
The Rise of Regional and Multinational AML Organizations
The Connection between Fraud and Money Laundering
Money Laundering as a Do-It-Yourself Activity
The Service Providers: Bankers, Accountants, and Lawyers
Conclusion
Mechanisms for Moving Money
Money Laundering Requires Movement through the System
Broken Windows Encourage Other Crimes
Look Local, Think Global
Expanding International Requirements
Financial Havens Are Expanding
Money Laundering Is a Growth Industry
Law Enforcement Gets a Big Boost
Profit Drives Criminal Activity
Structuring the Scheme to Succeed
Why Use a Bank, When You Can Own One?
Learning from the Big Fraud Schemes
Confronting the Inevitable
Balancing Security and Cost
Effective Fraud Prevention Strategies
The Fraud Triangle
Where to Start
Mitigating Improper Behavior
Conclusion
Going Global
Taking Money around the World
Moving the Money Offshore
Avoiding Detection
Historical Basis for Money Laundering
Role of Private Banking
Enhanced Regulations
The Black Market Peso Exchange
Increasing Cooperation in Regulation
Regional Distinctions
Global Efforts
The Law Enforcement Focus
Conclusion
Technology and Tomorrow
The Impact of Technology
The Next Phase of Money Laundering
Everything Old Becomes New Again
Being Anybody You Want to Be
Welcome to the Future
So What Is the AML Response?
Evolution of AML Controls
Adjusting to Rapidly Increasing Scale
A Highly Flexible Methodology Results in Processes that Are Difficult to Stop
AML Is a Process, Not a Destination
All Countries' Regulatory Programs Are Not Equal
Technology and Offshore Havens Intersect
The Cost vs. the Benefit
Consider the Pace of Change and Progress
Conclusion
Discovery and Prevention
Early Warning Is Essential to AML
Proactive Means Active
By the Numbers
Paradigm Shift
Testing Your Own AML Systems
Expanding the Business Comparison
The Regulatory Framework
High-Risk Areas
Money Laundering Meets Terror Financing
Hiding in Plain Sight
Criminalizing the Concealment Activities
Creating Financial Fronts
Keeping the Money Moving
Keeping the Tax Man Happy
Conclusion
Terror Financing
Terrorists Use Money Laundering Techniques
Similarities and Distinctions
Application of the Methodology to Terror Financing
Global Impact of Financial Crimes
Alternative Laundering Mechanisms
Regulatory Responses
Conclusion
Identifying Risk Exposures
AML Exposures: Assessing Financial Institution Risk
Language, Culture, and Ethnicity
The Legal Landscape
Geography: Distance Matters
The Goal of the Launderer Is to Hide
The United States Takes a Different Approach
Laundering Groups Seek to Evade Detection
A Fractured Enforcement and Regulatory Picture
The Regulatory Position on Cyber Risks
Simple Fraud, Still Successful
Conclusion
Investigating Money Movement
Money Laundering Is Now Transnational Organized Crime
Succeeding in the Investigative Process
Government Access to Information
Mining Data for Money Laundering
Some Products Help the Perpetrators
Investigating Virtual Payment Technologies
Looking to the Future Investigative Issues
Putting an Investigative Plan in Motion
People Are Essential to Proof
Finding Money Laundering Abroad
Money Laundering Exposure during the Financial Industry Consolidation
Conclusion
Reporting and Recovery
Reporting to Law Enforcement
Honest People Act Differently
Anticipating Challenges with Cyber Recoveries
Building Appropriate Controls into Online Payment Systems
Global Coordination on Future Issues
Weighing Access vs. Privacy
Compliance Issues
Putting Recovery Plans into Action
Conclusion
Conclusion
About the Author
Index

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