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Essay Available:
Pages:
6 pages/β‰ˆ1650 words
Sources:
5 Sources
Style:
APA
Subject:
Law
Type:
Term Paper
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 34.99
Topic:

Bank Secrecy Act/Anti Money Laundering

Term Paper Instructions:

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 High-risk 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

Term Paper Sample Content Preview:

Bank Secrecy Act/Anti-Money Laundering Paper
Student’s Name
Department, University
Course Code: Course Name
Professor’s Name
Due Date
Bank Secrecy Act/Anti-Money Laundering Paper
Introduction
Money laundering is the activity through which vast amounts of illegally acquired finances (mainly from terrorist activity, drug trafficking, and other heinous crimes) are cleansed to create the impression that it is from a legitimate source. If completed successfully, it enables crooks to wield and enjoy their dishonest incomes, consequently offering a genuine image for their proceed sources. Money laundering can be theorized via its central contribution in fostering the objectives of the terrorist, the organized criminal gang, the insider dealer, the drug baron, and the tax evader, among other unscrupulous individuals seeking to avoid the government. Sudden wealth and money laundering schemes create a haven for illegal endeavors. Unscrupulous agencies constantly strive to gain power and money via dishonest deals and later try to penetrate a country’s financial system. The Bank Secrecy Act prompts financial system players to maintain records of the negotiable instruments cash purchases, file reports on cash transactions surpassing the $10,000 cap per day, and file suspicious activities that could indicate tax evasion, money laundering, and other criminal enterprises with the authorities. This paper offers my understanding of the legal framework and concepts inclined to address money laundering and create an increasingly sustainable financial system.
Analysis of 31 U.S. Code § 5342 - High-Risk Money Laundering and Related Financial Crime Areas
(a) In General
The Treasury secretary shall identify money laundering as well as associated economic crime areas of particular concern in collaboration with the Attorney General, the Secretary of State, and the heads of other agencies as the Treasury secretary determines to be suitable.
(b) Risk Factors
In order to conform with subsection (a), the Secretary of the Treasury must identify areas of particular concern for cash laundering and other financial criminalities as would be detailed below.
(1) The extent to which financial institutions or other enterprises governed by U.S. law are used to carry out money laundering or other associated financial crimes in such areas.
(2) The extent to which financial crimes—such as money laundering—are carried out through American financial institutions or other companies.
(3) The extent to which financial institutions or other companies that use the American banking system facilitate money laundering or other associated financial crimes in such regions.
(4) The extent to which money services companies are used in such locations to facilitate money laundering or other associated financial crimes.
(5) The degree to which money laundering or other financial crimes are carried out in these regions using unofficial value transfer channels.
(6) The extent to which shell corporations are used in such locations to launder money or commit associated financial crimes.
(7) The extent to which virtual currencies are used in such locations to facilitate money laundering or other related fin...
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