Protiviti Releases New Edition of 'Guide to U.S. Anti-Money Laundering
Requirements' to Aid Financial Institutions with Compliance
MENLO PARK, Calif., Oct. 29 /CNW/ -- Amid the turmoil in today's
financial markets, money laundering remains a serious global issue that
adversely impacts financial institutions and a multitude of other companies.
To assist organizations in navigating the myriad and complex regulatory
guidelines designed to curtail money laundering activities, Protiviti has
updated and issued the third edition of its acclaimed Guide to U.S. Anti-Money
Laundering Requirements: Frequently Asked Questions.
The International Monetary Fund (IMF) estimates the worldwide volume of
money laundering to range from two percent to five percent of global gross
domestic product, or approximately US$590 billion to US$1.5 trillion annually.
To combat the problem, the United States, through such legislation as the USA
PATRIOT Act, has enacted a vast array of anti-money laundering regulations
with which financial institutions and other entities that deal with cash
frequently such as casinos and jewelers must comply. Requirements similar to
those in the U.S. have been enacted in countries across the globe.
"Global money laundering remains a critical problem for financial
institutions worldwide," said Carol Beaumier, executive vice president of
Protiviti and global leader of the firm's financial services industry
practice. "With the current upheaval in the global financial markets, this is
yet another challenge for financial institutions. Current regulations in the
United States and other parts of the world can stem the tide, but only if
organizations have a deep understanding of these laws and commit resources to
complying with them."
Money laundering is the attempt to disguise the proceeds of illegal
activity in such a way that these proceeds appear to come from legitimate
sources or activities. Its use has been linked to activities such as terrorist
financing, financial fraud, tax evasion, computer crimes, illegal arms sales,
foreign official corruption, exchange control violations and illegal gambling.
Beaumier added, "The third edition of our guide is intended to be a
valuable resource for organizations that must understand and comply with U.S.
law related to anti-money laundering requirements through daily and rigorous
tracking and reporting of potentially criminal activities."
Among the many areas addressed in Protiviti's comprehensive guide are:
-- Key elements of the Bank Secrecy Act -- Reviews of reporting
requirements related to currency transaction records (CTRs) and suspicious
activity reports (SARs), along with the vast array of recordkeeping
-- USA PATRIOT Act -- Features a detailed analysis of the sections of the
Patriot Act that apply to anti-money laundering activities.
-- Nonbank financial institutions and nonfinancial businesses -- Assesses
compliance requirements for organizations that are defined under the Bank
Secrecy Act as financial institutions, including insurance companies, money
services businesses, casinos, card clubs, telegraph companies, and futures
commission merchants, among other entities.
-- Transaction monitoring and investigations -- Includes a comprehensive
list of Suspicious Activity Red Flags related to account openings and
activity, wire transfers, certificates of deposit (CDs), mortgage and real
estate, credit cards, insurance companies, casinos, retail and consumer
products, and terrorist financing.
-- Anti-Money Laundering Technology -- Presents important considerations
that should go into a decision to purchase anti-money laundering technology,
such as vendor qualifications and capabilities; technical factors; customer
support and cost.
-- Office of Foreign Assets Control (OFAC) and International Government
Sanctions Programs -- Reviews areas including Specially Designated Nationals
and Blocked Persons lists, country- and regime-based sanctions programs, and
"Producing this third edition of our popular anti-money laundering guide
further demonstrates Protiviti's commitment to practical thought leadership to
help our clients solve complex business problems," said Joseph Tarantino,
president and CEO of Protiviti. "We're also pleased to make the guide
available to the business community at large as a way to help organizations
with their compliance efforts and potentially reduce the magnitude of money
laundering activity worldwide."
To obtain a complimentary copy of the third edition of Protiviti's Guide
to U.S. Anti-Money Laundering Requirements: Frequently Asked Questions, please
visit http://www.protiviti.com/go/amlfaq or call 1-888-556-7420.
Protiviti (http://www.protiviti.com) is a global business consulting and
internal audit firm composed of experts specializing in risk, advisory and
transaction services. The firm helps solve problems in finance and
transactions, operations, technology, litigation, governance, risk, and
compliance. Protiviti's highly trained, results-oriented professionals provide
a unique perspective on a wide range of critical business issues for clients
in the Americas, Asia-Pacific, Europe and the Middle East.
Protiviti has more than 60 locations worldwide and is a wholly owned
subsidiary of Robert Half International Inc. (NYSE: RHI). Founded in 1948,
Robert Half International is a member of the S&P 500 index.
Protiviti is not a law firm and is not licensed or registered as a public
accounting firm. The company does not issue opinions on financial statements
or offer attestation services.
For further information:
For further information: Kathy Keller of Protiviti, +1-650-234-6252,
email@example.com Web Site: http://www.protiviti.com