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Anti-Money Laundering, Counter Financing Terrorism and Cybersecurity in the Banking Industry

2023-01-31 Business & Economics
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Release : 2023-01-31
Genre : Business & Economics
Kind : eBook
Book Rating : 847/5 ( reviews)

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Book Synopsis Anti-Money Laundering, Counter Financing Terrorism and Cybersecurity in the Banking Industry by : Felix I. Lessambo

Download or read book Anti-Money Laundering, Counter Financing Terrorism and Cybersecurity in the Banking Industry written by Felix I. Lessambo. This book was released on 2023-01-31. Available in PDF, EPUB and Kindle. Book excerpt: Despite massive investments in mitigation capabilities, financial crime remains a trillion-dollar global issue with impacts that extend well beyond the financial services industry. Worldwide, there are between $800 billion and $2 trillion laundered annually with the United States making up at least $300 billion of that figure. Although it is not possible to measure money laundering in the same way as legitimate economic activity, the scale of the problem is considered enormous. The cybersecurity landscape is always shifting, with threats becoming more sophisticated all the time. Managing risks in the banking and financial sectors requires a thorough understanding of the evolving risks as well as the tools and practical techniques available to address them. Cybercrime is a global problem, which requires a coordinated international response. This book outlines the regulatory requirements that come out of cyber laws and showcases the comparison in dealing with AML/CFT and cybersecurity among the G-20, which will be of interest to scholars, students and policymakers within these fields.

Finance and Security

2019-11-01 Political Science
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Release : 2019-11-01
Genre : Political Science
Kind : eBook
Book Rating : 58X/5 ( reviews)

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Book Synopsis Finance and Security by : Martin S. Navias

Download or read book Finance and Security written by Martin S. Navias. This book was released on 2019-11-01. Available in PDF, EPUB and Kindle. Book excerpt: The global financial sector is increasingly vulnerable to penetration by criminal money-launderers, financiers of terrorism, and proliferators of weapons of mass destruction. At the same time, it offers instruments that can be usefully employed to pursue foreign and security policy objectives. It is thus hardly surprising that finance has emerged as an arena of intense competition, if not conflict, between those seeking to exploit or attack this vital element of state power and those tasked with defending its integrity or harnessing it for legal purposes. Navias assesses the key threats to financial systems and shows how the public and private sectors are co-operating to contain them. He analyses the main characteristics of criminal money-laundering and terrorist financing, and reviews major multilateral and national regimes locked in the perpetual battle to shore up the financial sector against these constantly evolving security challenges. He also considers the uses of finance in support of key sanctions, counter-proliferation, and arms embargo policies. Uniquely, Finance and Security views these financial threats and weapons through a security and war studies prism. It will be equally invaluable to scholars of security and international relations and to professionals working in the legal, banking and compliance professions.

Making a Killing

2021-10-15 Law
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Release : 2021-10-15
Genre : Law
Kind : eBook
Book Rating : 020/5 ( reviews)

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Book Synopsis Making a Killing by : Ian Michael Oxnevad

Download or read book Making a Killing written by Ian Michael Oxnevad. This book was released on 2021-10-15. Available in PDF, EPUB and Kindle. Book excerpt: The international financial system is not only economic, but political. Making a Killing explores the often-overlooked world of terrorist financing and the involvement of the international banking system. In order to address the threat of terrorist organizations in a post-9/11 world – and how they are funded and financed in particular – the international community has constructed a vast architecture of counterterrorist finance laws, policies, and institutions. Connecting the fields of security studies, political economy, and finance, Ian Oxnevad argues that a bank’s institutional link to a state (as a state-owned bank or a bank with strong state connections) will protect it from any enforcement action for violations of anti-money laundering and counter-terrorism financing regulations. In the face of states blocking such enforcement actions, these regulations prove ineffective in preventing the financing of terrorism, as the state’s self-interest supersedes its interest in preventing terrorist financing. Making a Killing seeks to assess how effective new laws and regulations have been, as well as to identify best practices for future attempts to counter the financing of terrorism.

Anti-Money Laundering and Combating Terrorist Financing for Financial Institutions

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Book Rating : 412/5 ( reviews)

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Book Synopsis Anti-Money Laundering and Combating Terrorist Financing for Financial Institutions by :

Download or read book Anti-Money Laundering and Combating Terrorist Financing for Financial Institutions written by . This book was released on . Available in PDF, EPUB and Kindle. Book excerpt:

Preventing Money Laundering and Terrorist Financing

2009 Business & Economics
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Release : 2009
Genre : Business & Economics
Kind : eBook
Book Rating : 135/5 ( reviews)

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Book Synopsis Preventing Money Laundering and Terrorist Financing by :

Download or read book Preventing Money Laundering and Terrorist Financing written by . This book was released on 2009. Available in PDF, EPUB and Kindle. Book excerpt: "Money laundering and terrorist financing are serious crimes that affect not only those persons directly involved, but the economy as a whole. According to international standards, every bank has the obligation to know its customers and to report suspicious transactions. Although these obligations sound straightforward, they have proved challenging to implement. What information precisely has to be gathered? How should it be recorded? If and when does one have to file a suspicious transaction report? It is here that a supervisor can play a crucial role in helping supervised institutions; first, in understanding the full extent of the obligations of Customer Due Diligence and Suspicious Transaction Reports (STR) and, second, in ensuring that those obligations are not just words on paper but are applied in practice. Effective supervision is key to the success of a country's AML/CFT system. In this regard, field work in both developed and developing countries has shown an overall low compliance in the area of supervision of banks and other financial institutions; supervisory compliance is indeed generally lower than the average level of compliance with all Financial Action Task Force recommendations. As a result, by providing examples of good practices, this book aims to help countries better conform to international standards. In this regard, this handbook is specifically designed for bank supervisors.

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