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