Latest Anti-Money Laundering Tips and Tricks
Tip 1
Because money laundering often involves transactions through one or more financial institutions, financial institutions are a prime objective for anti-currency laws and regulations. But it is obvious from a quick glance at AML's two main regulations that other industries such as money services companies.
Tip 2
AML as a career will undoubtedly offer something to poke your interest and use the skills you have perfected in your law enforcement career. Surveillance (finding the villain) is what most lay people think when AML is mentioned. The surveillance itself has several components, including, of course, the investigators. Investigators are those who decode suspect activity indicators (red flags) to detect wickedness, find people who have violated the exchange declaration requirements or are politically exposed persons (PEPs). In the jargon of law enforcement, investigators could be considered as detectives or agents. Investigators obtain an assignment, conduct an investigation and eventually make decisions, for example, file a Foreign Exchange Transaction Report (TRA) 3 or Suspicious Activity Report (SAR) 4, close one or more accounts or contact the application of the law. In addition, some institutions have financial intelligence or investigative units that can be considered as the SWAT team for investigators.
There are several components of Information Technology (IT) to a quality AML program and IT is an essential part of an effective anti-money laundering program. In short, IT makes it possible. IT is often responsible for automating the investigation process (including screening of the list), required reporting, and document retention. The IT function can be located in an organization or be an external provider.
Tip 3
Worried because you can spell AML but cannot easily set it? Do not be, there are multiple sources of information to get you up to speed, and many of them are free! Featuring the Financial Crime Network (Fin CEN) website 6. Fin CEN is the US Financial Intelligence Unit and is the recipient of SAR and CTR filings. Understand that the skills and knowledge to write an effective search and rescue report are very different from those needed to effectively use a SAR or even write a police report. The SAR activity review is a periodic publication of Fin CEN (accessible from the website) that provides well-founded information, case studies and advice on effective SAR writing. Fin CEN also publishes trends based on the NAS analysis.
Tip 4 and 5
If you are willing to spend money and time investing in your future AML career, there is a host of help available for preparation. To begin, join networks of like individuals. ACAMS is one of these groups. In addition to providing learning opportunities at the national level (webinars, live chats and conferences), ACAMS has many local chapters that provide targeted learning opportunities and networking opportunities. The certified anti-money laundering specialist designation (CAMS) is the most important certification against money laundering. Overview of AML job vacancies, the majority will require that you hold the CAMS designation or similar money laundering certification. The ACAMS website has the added benefit of highlighting open AML positions.
Tip 6
Transition from law enforcement to a position related to the AML is not only about changing your role. Each hiring organization has its own culture. A culture of law enforcement can be seen as somewhat militaristic. Most likely, the culture of the hiring organization will not be based on issuing or receiving orders. Many hiring organizations offer flexible work schedules, telecommuting, job offers, taxiing actions and many other employee-focused attributes or services. Adapting to a crop change may not be as simple as replacing a gun belt with an employee identification badge. Often in the application of the law, life and death decisions must be taken instantly. In the private sector, employees have the time to make the appropriate decisions.