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5 pages/≈1375 words
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Style:
APA
Subject:
Law
Type:
Coursework
Language:
English (U.S.)
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Topic:

Bank Secrecy Act and Anti-Money Laundering Compliance

Coursework Instructions:

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Bank Secrecy Act/Anti-Money Laundering Final Assignment 1. Explain the Law a. The purpose of this portion of the assignment is to assess your understanding of the legal concepts and framework explored in this course. b. Look up Money Laundering and Financial Crimes Strategy Act of 1998 and read it fully. c. The assignment is specifically for the section under Part 1 that begins with SS 5342 Highrisk money laundering and related financial crime areas d. Conduct a detailed analysis of the above subsection and provisions. Using a process similar to one you may have used in your high school English classes, dissect each sentence to explore the meaning of each of the requirements and phrases, and the intent of the specific language. e. The assignment requires a sentence-by-sentence or even phrase-by-phrase (sometimes word-by-word) analysis to demonstrate a clear understanding of the law and its requirements. f. Understanding what the law means and how to read it is an essential foundation for compliance and crafting an appropriate AML program. 2. Draft a new section of the Law a. The purpose of this portion of the assignment is to assess your understanding of the current status of the Bank Secrecy Act. b. Draft a new section to propose to congress for amending the BSA. c. Write in legal language and provide an accompanying brief explanatory note describing the intent of your proposed legislative language. d. This reflects your understanding of the legal framework and process from the opposite direction from 1 above. 3. Draft an Anti-Money Laundering Procedure a. The purpose of this portion of the assignment is to test your ability to put the legal and regulatory concepts covered in this course to use in a practical way. b. Leaving the name of your employer out, draft a procedure that you think would benefit your organization (if employed, use a hypothetical construct if not) that specifically addresses an area of risk that you learned about in this course and feel is not adequately controlled in your current processes. 4. Propose a Money Laundering Scheme a. The purpose of this portion of the assignment is to test your knowledge of how money launderers corrupt the system and where they could be successful. b. You will use the information in this course and from your outside experience to put yourself in the shoes of a money launderer and propose a hypothetical money laundering exercise with the following parameters: i. It must successfully move more than $1 Million through the financial institution ii. It must last longer than 2 years in duration iii. It must be reasonable likely to succeed in the current regulatory framework

Coursework Sample Content Preview:

Bank Secrecy Act & Anti-Money Laundering Compliance
Name
Course
Institution
Date
SS 5342 High- risk money laundering and related financial crime areas
In finding part A, the US code first mentions “Money laundering and related financial crimes,” which implies moving illicit cash and cash equivalent into, through, or out of the US or relying on the US financial institutions to facilitate this. The Secretary of the Treasury is expected to ensure the financial system is vital to weather against money laundering at the local, state, national, and global levels. The purpose and objective highlight the goals of the code to ensure there is a system that deals with money laundering and other related financial crimes. 
Illicit cash or cash equivalent proceeds. To achieve this, the secretary has to adopt a “comprehensive” approach, which means there are broad and well-integrated policies and practices, where there is collaboration and cooperation among different law enforcement agencies. Law enforcement action implies some agencies enforce the law at the local, state police, and federal levels.
High-risk money laundering implies there is a high likelihood or probability of engaging or being used in money laundering and related financial crimes. The code identifies the factors associated with high-risk money laundering by identifying common features in such areas. Anti-money laundering risk assessment is required to determine the risk exposure, and the secretary singles out factors such as certain areas having unusually high rates of suspicious, illegal, and money laundering activities
The factor “the number of stock or commodities transactions which originate in such area or involve institutions located in such area” indicates there are suspicious transactions if they originate from certain areas or financial institutions operate from the area. Stocks are sold over financial markers, and commodity markets sell products and there is both investment in stocks and commodities. A huge volume of stock or commodities transactions in areas associated with money laundering activities would attract suspicious, and especially when there is no clarity on the source of the money.
2. Draft a new section of the Law
Banking institutions to improve Customer Due Diligence (CDD)
There are relevant people to conduct CDD when
* There are complex and unusual transactions
* Large and complex transactions that lack legal or/ and economic purpose 
Monitor large business transactions with companies or persons in high-risk third country, where a business is incorporated in the third country, or based in that country or the main person doing business resides in the country.
Use electronic identification in completing CDD when there is assurance that the customer accounts are free from fraud, suspicious activities and the person identifies themselves.
The institutions need to apply CDD measures to evaluate risk assessment and determine the beneficial ownership of the customers.
CDD and electronic money 
* Low-risk electronic money needs to comply more with the CDD requirements to reduce the risk
* Identify businesses that need frequent amounts within ...
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