Anti Money Laundering Counter Financing Terrorism And Cybersecurity In The Banking Industry
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Anti Money Laundering Counter Financing Terrorism And Cybersecurity In The Banking Industry
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Author : Felix I. Lessambo
language : en
Publisher: Springer Nature
Release Date : 2023-01-31
Anti Money Laundering Counter Financing Terrorism And Cybersecurity In The Banking Industry written by Felix I. Lessambo and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-01-31 with Business & Economics categories.
Despite massive investments in mitigation capabilities, financial crime remains a trillion-dollar global issue with impacts that extend well beyond the financial services industry. Worldwide, there are between $800 billion and $2 trillion laundered annually with the United States making up at least $300 billion of that figure. Although it is not possible to measure money laundering in the same way as legitimate economic activity, the scale of the problem is considered enormous. The cybersecurity landscape is always shifting, with threats becoming more sophisticated all the time. Managing risks in the banking and financial sectors requires a thorough understanding of the evolving risks as well as the tools and practical techniques available to address them. Cybercrime is a global problem, which requires a coordinated international response. This book outlines the regulatory requirements that come out of cyber laws and showcases the comparison in dealing with AML/CFT and cybersecurity among the G-20, which will be of interest to scholars, students and policymakers within these fields.
Financial Technology And The Law
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Author : Doron Goldbarsht
language : en
Publisher: Springer Nature
Release Date : 2022-02-04
Financial Technology And The Law written by Doron Goldbarsht and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-02-04 with Law categories.
Blockchains and cryptocurrencies, open banking, virtual assets, and artificial intelligence have become the buzzword of this decade. This book focuses on these ‘disruptive’ financial technologies that provide alternatives to the traditional financial services typically offered by regulated financial institutions. Financial technologies are characterized by the innovative ways in which they initiate, support or extend traditional financial services or offer alternative financial pathways and products. However, these financial technologies also pose money laundering and terrorist and proliferation financing as well as cyber security risks that require mitigation. This edited volume addresses a range of regulatory and enforcement challenges related to financial technology and financial crime. The book responds to the United Nations’ Sustainable Development Goals, in particular in relation to economic development, employment, national security, law enforcement and social well-being. Fostering responsible financial innovation promotes long-term economic growth, inclusion, and improved living standards. This book explores how to promote financial innovation while mitigating risks in a way that ensures financial prosperity and social inclusion.
Finance And Security
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Author : Martin S. Navias
language : en
Publisher: Hurst & Company
Release Date : 2019
Finance And Security written by Martin S. Navias and has been published by Hurst & Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with Business & Economics categories.
The global financial sector is increasingly vulnerable to penetration by criminal money-launderers, financiers of terrorism, and proliferators of weapons of mass destruction. At the same time, it offers instruments that can be usefully employed to pursue foreign and security policy objectives. It is thus hardly surprising that finance has emerged as an arena of intense competition, if not conflict, between those seeking to exploit or attack this vital element of state power and those tasked with defending its integrity or harnessing it for legal purposes. Navias assesses the key threats to financial systems and shows how the public and private sectors are co-operating to contain them. He analyses the main characteristics of criminal money-laundering and terrorist financing, and reviews major multilateral and national regimes locked in the perpetual battle to shore up the financial sector against these constantly evolving security challenges. He also considers the uses of finance in support of key sanctions, counter-proliferation, and arms embargo policies. Uniquely, Finance and Security views these financial threats and weapons through a security and war studies prism. It will be equally invaluable to scholars of security and international relations and to professionals working in the legal, banking and compliance professions.
Making A Killing
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Author : Ian Michael Oxnevad
language : en
Publisher: McGill-Queen's Press - MQUP
Release Date : 2021-10-15
Making A Killing written by Ian Michael Oxnevad and has been published by McGill-Queen's Press - MQUP this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-10-15 with Law categories.
The international financial system is not only economic, but political. Making a Killing explores the often-overlooked world of terrorist financing and the involvement of the international banking system. In order to address the threat of terrorist organizations in a post-9/11 world – and how they are funded and financed in particular – the international community has constructed a vast architecture of counterterrorist finance laws, policies, and institutions. Connecting the fields of security studies, political economy, and finance, Ian Oxnevad argues that a bank’s institutional link to a state (as a state-owned bank or a bank with strong state connections) will protect it from any enforcement action for violations of anti-money laundering and counter-terrorism financing regulations. In the face of states blocking such enforcement actions, these regulations prove ineffective in preventing the financing of terrorism, as the state’s self-interest supersedes its interest in preventing terrorist financing. Making a Killing seeks to assess how effective new laws and regulations have been, as well as to identify best practices for future attempts to counter the financing of terrorism.
Money Laundering And Terrorism Financing In Global Financial Systems
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Author : Rafay, Abdul
language : en
Publisher: IGI Global
Release Date : 2021-04-16
Money Laundering And Terrorism Financing In Global Financial Systems written by Rafay, Abdul and has been published by IGI Global this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-04-16 with True Crime categories.
During the last few decades, corrupt financial practices were increasingly being monitored in many countries around the globe. The past few decades have been eventful for these issues. Today, tackling money laundering and terrorism financing are considered key issues in developed and developing countries alike. Eradication of money laundering and terrorism financing through a holistic approach of awareness, prevention, and enforcement is a current need. It has enabled the birth of new regulatory regimes based on strict compliance, robust processes, and technology. One of the many problems with this is the lack of general awareness about all these issues among various stakeholders including researchers and practitioners. Money Laundering and Terrorism Financing in Global Financial Systems deepens the discourse about money laundering, terrorism financing, and risk management in a modern-day environment. It provides a fascinating and invaluable guide for understanding the theory, practice, and cases of these topics. Split into two sections, the first being money laundering and terrorism financing and the second being financial governance and risk management, the chapters create comprehensive knowledge on these acts of crime in the financial industry by defining the crimes themselves, the many challenges and impacts, and potential solutions. This book is ideal for government officials, financial professionals, policymakers, academicians, business professionals, managers, IT specialists, researchers, and students.
Handbook On Anti Money Laundering And Combating The Financing Of Terrorism For Nonbank Financial Institutions
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Author : Asian Development Bank
language : en
Publisher:
Release Date : 2017
Handbook On Anti Money Laundering And Combating The Financing Of Terrorism For Nonbank Financial Institutions written by Asian Development Bank and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Money laundering categories.
This handbook provides nonbanking financial institutions guidance on how to manage risks associated with money laundering and the financing of terrorism. It reflects the requirements of the international standard setter in the fight against money laundering and terrorist financing---the Financial Action Task Force---and is intended to serve as the basis for developing internal controls and procedures by nonbanking financial institutions to combat such actions.
Suppressing Terrorist Financing And Money Laundering
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Author : Jae-myong Koh
language : en
Publisher: Springer Science & Business Media
Release Date : 2006-07-25
Suppressing Terrorist Financing And Money Laundering written by Jae-myong Koh and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-07-25 with Law categories.
The book analyses the development of international standards for countering terrorist financing from the perspective of international criminal law. It is likely to find its value for readers not only as a monograph on the financing of terrorism but also as a reference book on the operational and theoretical development of anti-money laundering strategy following 9/11. In particular, the works of main actors in this area such as the UN Security Council, Financial Action Task Force, IMF, World Bank, and APG are dealt with in depth.
The Risk Based Approach To Combating Money Laundering And Terrorist Financing
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Author : Ehi Eric Esoimeme
language : en
Publisher:
Release Date : 2015-07-21
The Risk Based Approach To Combating Money Laundering And Terrorist Financing written by Ehi Eric Esoimeme and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-07-21 with Money laundering categories.
Governments around the world have made the fight against money laundering and the financing of terrorism a priority. Among its effort is the implementation of the Financial Action Task Force Recommendations, specifically Recommendation 1. The FATF Recommendations (Recommendation 1) requires that countries mandate financial institutions and designated non-financial businesses and professions (DNFBPs), to adopt a risk-based approach to combating money laundering and terrorist financing. This book aims to provide a clear understanding of what the risk-based approach involves. In addition to this, it differentiates the risk-based approach from the rule-based approach and determines if the risk-based approach interferes with the human rights of high-risk customers.Internationally, this book would be the first comprehensive book on the subject of the Risk-Based Approach. This book would help financial institutions and designated non-financial institutions with any problem regarding the application of the risk-based approach.Financial institutions/DNFBPs who implement the risk-based approach, in line with the guidance given in this book, will be well-placed to avoid the consequences of inappropriate de-risking behaviour. Although there are quite a number of reference guides provided by the Financial Action Task Force to assist firms with the implementation of the risk-based approach. Those publications focus mainly on the risk assessment principles. This book is focused on both the principles and the practical aspect of its application.This book is a must read for every professional specializing in the field of Anti-Money Laundering Compliance. It is also a must read for every individual who intends to know more about the money laundering subject.
Anti Money Laundering What You Need To Know Uk Banking Edition
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Author : Susan Grossey
language : en
Publisher: CreateSpace
Release Date : 2014-03-29
Anti Money Laundering What You Need To Know Uk Banking Edition written by Susan Grossey and has been published by CreateSpace this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-03-29 with Business & Economics categories.
Anti-money laundering and countering the financing of terrorism (AML/CFT) have never been more important. Criminals and terrorists are desperate to move their money around the world and protect it from seizure, and you and your bank form a vital part of the UK's defences against the contamination of the world's financial system by this dirty money. By reading this concise guide, anyone working in the banking sector in the UK will learn about their personal and institutional AML/CFT obligations. The key elements of the UK's AML/CFT regime are explained, and you are encouraged to read this guide alongside your own bank's AML/CFT procedures in order to get the very best from both.
Illicit Finance Risk Assessment Of Decentralized Finance
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Author : Department of Treasury
language : en
Publisher: Nimble Books
Release Date : 2023-04-11
Illicit Finance Risk Assessment Of Decentralized Finance written by Department of Treasury and has been published by Nimble Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-04-11 with categories.
The Illicit Finance Risk Assessment of Decentralized Finance report by the U.S. Department of the Treasury examines the risks associated with decentralized finance (DeFi) services and their potential use for illicit finance activities such as money laundering, terrorism financing, and acquisition of materials for weapons of mass destruction (WMD) programs. The report identifies key factors such as non-compliant DeFi services, disintermediation, a lack of implementation of international anti-money laundering/counter-financing of terrorism (AML/CFT) standards in foreign countries, and cybersecurity weaknesses in DeFi services that continue to pose vulnerabilities that enable criminal use of DeFi services. The report highlights the vulnerabilities and potential exploits in open-source code, which can lead to widespread exploits if code reused in multiple DeFi services contains vulnerabilities. The public availability of many DeFi services' source code also presents the opportunity for other persons to reuse the code in smart contracts for a separate DeFi service. The document emphasizes that it is critical that the DeFi service identifies and addresses vulnerabilities and potential exploits in open-source code. Color interior. The report recommends several actions to address these risks, including strengthening AML/CFT supervision of virtual asset activities, assessing possible enhancements to the U.S. AML/CFT regulatory regime as applied to DeFi services, continuing research and private sector engagement to support understanding of developments in the DeFi ecosystem, continuing to engage with foreign partners, advocating for cyber resilience in virtual asset firms, testing of code, and robust threat information sharing, and promoting responsible innovation of mitigation measures. Overall, the report concludes that DeFi poses significant illicit finance risks and calls for increased regulatory oversight and collaboration between government agencies and the private sector to address these risks. The report also poses several questions for consideration, such as what factors should be considered to determine whether DeFi services are a financial institution under the Bank Secrecy Act (BSA), how can the U.S. government encourage the adoption of measures to mitigate illicit finance risks, and how should AML/CFT obligations vary based on the different types of services offered by DeFi services.