Get the free PREVENTION OF MONEY LAUNDERING & TERRORIST FINANCING MANUAL

MARKETS. CORP. PREVENTION OF MONEY LAUNDERING & TERRORIST FINANCING MANUAL MARKETS. CORP. Prevention of Money Laundering and Terrorist Financing Manual (revised March 2015) Page 1 TABLE OF CONTENTS

How to fill out prevention of money laundering

To fill out prevention of money laundering measures, you'll need to follow these steps:

1. Understand the legal requirements: Familiarize yourself with the relevant laws and regulations in your jurisdiction that govern prevention of money laundering. This will provide you with a clear understanding of your obligations and the specific steps you need to take.
2. Designate a compliance officer: Appoint a dedicated compliance officer within your organization who will be responsible for overseeing and implementing anti-money laundering measures. This individual should have a comprehensive understanding of the regulations and be capable of ensuring compliance at all levels.
3. Conduct risk assessments: Regularly assess the risks associated with money laundering within your business operations. Identify and evaluate potential vulnerabilities, such as high-risk customers, transactions, or geographic locations. This will help you prioritize and tailor your prevention efforts accordingly.
4. Implement customer due diligence procedures: Establish robust customer due diligence procedures to thoroughly identify and verify the identity of your customers before entering into any business relationship. This may include obtaining valid identification documents, conducting ongoing monitoring, and understanding the nature of the customer's transactions.
5. Set up internal controls and reporting mechanisms: Establish internal controls, policies, and procedures that facilitate the detection and prevention of suspicious activities. This should include a system for monitoring transactions, flagging suspicious transactions, and reporting them to the appropriate authorities in a timely manner.
6. Provide regular staff training: Educate your employees about money laundering risks and prevention techniques. Ensure that they are aware of their responsibilities and understand how to identify and report suspicious activities within your organization.
7. Maintain proper record-keeping: Keep comprehensive records of customer identification, transactions, and investigations conducted. These records should be readily accessible and retained for the required duration as mandated by relevant regulations.

Now, let's move on to who needs prevention of money laundering:

1. Financial institutions: Banks, credit unions, insurance companies, and other financial institutions are primary targets for money laundering activities due to the large volumes of transactions they handle. They are obligated to have robust anti-money laundering measures in place to safeguard their operations and protect against financial crime.
2. Non-financial businesses: Many non-financial businesses, such as real estate agencies, casinos, car dealerships, and art galleries, are also susceptible to money laundering. These businesses may be involved in high-value transactions that could be exploited by criminals to launder illicit funds. Implementing prevention measures is crucial to mitigate these risks.
3. Professionals in designated sectors: Professionals working in sectors like accounting, law, and financial advisory have a responsibility to prevent money laundering. They often handle significant amounts of money on behalf of clients and must adhere to anti-money laundering regulations to maintain the integrity of their professions.
4. Government agencies and regulators: Government agencies, including financial intelligence units and law enforcement bodies, play a crucial role in preventing and combating money laundering. They need prevention measures to investigate and enforce compliance with anti-money laundering laws within their jurisdiction.

Overall, anyone involved in financial transactions or professions that are vulnerable to money laundering should implement prevention measures to promote financial integrity and reduce the impacts of criminal activity.

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What is prevention of money laundering?

Prevention of money laundering refers to the measures taken to prevent criminals from disguising illegally obtained funds as legitimate income.

Who is required to file prevention of money laundering?

Financial institutions, including banks, credit unions, and money service businesses, are required to file prevention of money laundering reports.

How to fill out prevention of money laundering?

Prevention of money laundering reports can be filled out electronically through the Financial Crimes Enforcement Network (FinCEN) website.

What is the purpose of prevention of money laundering?

The purpose of prevention of money laundering is to detect and deter illicit activities, such as terrorism financing and drug trafficking, by monitoring financial transactions.

What information must be reported on prevention of money laundering?

Information such as the identity of the individual conducting the transaction, the nature of the transaction, and the source of the funds must be reported on prevention of money laundering.