Anti-Money Laundering Regulation and Compliance: Key Problems and Practice Areas (Elgar Compliance Guides)

Product Description
Anti-Money Laundering Regulation and Compliance: Key Problems and Practice Areas is a comprehensive treatment of the anti-money laundering/combatting the financing of terrorism (AML/CFT) and sanctions compliance programs, recordkeeping and reporting requirements, and the best practices under the Bank Secrecy Act (BSA) and sanctions regulatory regimes. AML/CFT and sanctions provisions are highly interrelated. Onboarding and customer due diligence requirements generate the data entered into transaction monitoring and screening systems.\nThis book is unique in placing the prescriptive and program elements within the 'risk-based approach'that is foundational to AML/CFT compliance and the related risk management systems. Relatedly, the book describes corporate governance best practices and the 'three lines of defense' model that hold management accountable for exposure to money laundering and terrorist financing risks created by their business strategies. The book includes practical guidance on AML/CFT and sanctions model risk management, reflecting firms' growing reliance on machine learning and AI compliance solutions and the compliance risk of firms that adhere to Federal Reserve model risk management expectations. Also unique in the literature, it identifies a 'compliance paradox' that arises from the sharp tension between firms' modes of generating revenue and the law enforcement focus of AML/CFT and sanctions regulation and explains how this tension can compromise compliance.
Anti-Money Laundering Regulation and Compliance also serves as a go-to guide for practitioners and beginners in the field or as a required text in graduate, certificate, and law school programs.\nReview
'Alexander Dill‘s Anti-Money Laundering Regulation and Compliance
provides a uniquely intelligent walk through the AML system that is so often reduced to a complex web of rules: the author approaches his topic from the most challenging end, trying to make sense of that enigmatic risk based approach... This book helps, like few others, those working within the financial services industry and outside observers alike to make sense of these heavily criticized AML standards.'\n- Mark Pieth, University of Basel, Switzerland
About the Author
Alexander Dill, Lecturer, UCLA School of Law and Anderson School of Management and Lecturer, University of Chicago’s Financial Mathematics Program, US