|
Press Release
For Immediate release
August 2, 2005
Contact: Danielle Scott
Editor, Money Laundering Alert
305-530-0500
editor@moneylaundering.com
www.moneylaundering.com
www.lavadodinero.com
U.S. money laundering manual critical to fighting criminal, terrorist funds
Interagency government efforts yield comprehensive guide on scrutiny of bank controls
The August 2005 issue of Money Laundering Alert extracts precious nuggets of knowledge
from the newly released, Bank Secrecy Act Anti-Money Laundering Examination Manual.
Extensive analysis of the manual’s interpretation of USA Patriot Act regulations,
directives on software technology and debunking of previously held myths about suspicious
activity report filings are among the issues illuminated this month.
Five government agencies pooled their resources to eliminate the ills of inconsistent
money laundering control examinations and provide a clear road-map for examiners
of banks, thrift agencies and credit unions. Money Laundering Alert makes that road-map
even clearer.
Also in MLA’s August 2005 issue…
U.S. Justice Department imposes stringent requirements on BSA cases
The U.S. Justice Department will now require U.S. Attorneys to seek its approval
before filing criminal charges against banks. Money Laundering Alert delves into
this new policy by examining its evolution, its effect on the financial industry,
and the roles other government agencies played.
FinCEN’s first penalty of 2005, thanks to four-year old referral
Reckless disregard for money laundering control regulations under the Bank Secrecy
Act can not only launch an investigation against a bank, it can also haunt it years
down the line. Four years after the fact, Money Laundering Alert explores how BSA
deficiencies at Gulf Bank, a Miami bank that no longer exists, led to the U.S. Treasury
Department’s Financial Crimes Enforcement Network’s first penalty –
$700,000 – for 2005.
Important Egmont Group grows in membership, solidifies structure
Money Laundering Alert tracks the progress of the Egmont Group, a multinational
organization of financial intelligence units from around the world whose membership
now tops 100. As the group grows so, has its plans to create a more formalized structure
with a permanent address and funding mechanisms. Find out what’s next for
this critical anti-money laundering organization.
About Money Laundering Alert:
Since 1989, Money Laundering Alert has been published by Miami, Florida-based Alert
Global Media, the leading independent authority providing news, guidance and analysis
on money laundering issues.
Money Laundering Alert is a monthly newsletter covering money laundering and terrorist
financing legislative, regulatory and enforcement developments around the world.
The publication provides practical compliance guidance and analysis of laws and
regulations, and is used as an anti-money laundering training tool by financial
institutions, broker-dealers, money services businesses, securities, lawyers, real
estate brokers, accountants, law enforcement, and government regulatory and intelligence
agencies.
About Moneylaundering.com Premium:
Produced by the editors of Money Laundering Alert, Moneylaundering.com Premium is
the ultimate reference on all things money laundering. The website provides 24-hour
access to up-to-the-minute news and essential compliance and training information
and documents in the volatile money laundering and Bank Secrecy Act fields, in addition
to a 15-year archive of proprietary news, guidance and analysis from Money Laundering
Alert.
For more information on Money Laundering Alert, Moneylaundering.com Premium, and
other Alert Global Media publications and products, please visit
www.moneylaundering.com.
|