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Improving Anti-Money Laundering ComplianceBackground of the AML Environment

Improving Anti-Money Laundering Compliance: Background of the AML Environment [This chapter provides a background and context for the book. The chapter is, therefore, not meant to be a literature review of the substantive area, but a brief summary of the anti-money laundering (AML) environment. It starts with the history of AML compliance, tracing the first formal regulation on AML compliance to the current system of risk-based approach, which is the current system of operation in the United Kingdom (UK). Accordingly, the legal framework for AML in the UK is discussed. The role of international organisations in the development of AML will also be highlighted before focusing on the UK regulatory environment as the focus of the study. Finally, the role of money laundering reporting officers (MLROs) is discussed in relation to AML compliance since the book is about finding out the main concern of MLROs and how they are resolving it.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Improving Anti-Money Laundering ComplianceBackground of the AML Environment

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References (56)

Publisher
Springer International Publishing
Copyright
© The Editor(s) (if applicable) and The Author(s) 2016
ISBN
978-3-319-43263-2
Pages
25 –46
DOI
10.1007/978-3-319-43264-9_2
Publisher site
See Chapter on Publisher Site

Abstract

[This chapter provides a background and context for the book. The chapter is, therefore, not meant to be a literature review of the substantive area, but a brief summary of the anti-money laundering (AML) environment. It starts with the history of AML compliance, tracing the first formal regulation on AML compliance to the current system of risk-based approach, which is the current system of operation in the United Kingdom (UK). Accordingly, the legal framework for AML in the UK is discussed. The role of international organisations in the development of AML will also be highlighted before focusing on the UK regulatory environment as the focus of the study. Finally, the role of money laundering reporting officers (MLROs) is discussed in relation to AML compliance since the book is about finding out the main concern of MLROs and how they are resolving it.]

Published: Oct 3, 2016

Keywords: Money Laundering; Organise Crime; Risk Base Approach; Financial Service Authority; Suspicious Activity

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