Preventing Money Laundering and Terrorist Financing

Money laundering and terrorist financing are serious crimes that affect not only those persons directly involved, but the economy as a whole. According to international standards, every bank has the obligation to know its customers and to report suspicious transactions. Although these obligations sound straightforward, they have proved challenging to implement. It is here that a supervisor can play a crucial role in helping supervised institutions; first, in understanding the full extent of the obligations of Customer Due Diligence and Suspicious Transaction Reports (STR) and, second, in ensuring that those obligations are not just words on paper but are applied in practice. Effective supervision is key to the success of a country's AML/CFT system. By providing examples of good practices, this book aims to help countries better conform to international standards. In this regard, this handbook is specifically designed for bank supervisors.

Product details

• Authors: Pierre-Laurent Chatain, John Mcdowell, Cedric Mousset
• Publisher: World Bank Group Publications
• Languages: English
• Product format: Paperback / Softback
• Released: 01.01.2009
• No. of pages: 304
• Dimensions: 178 mm x 253 mm x 23 mm
• Weight: 537 g
• Series: World Bank Publications
• Subject: Social sciences, law, business > Business > Economics