Importance Of AML In Banking Training Ppt
This set of slides introduces the concept of anti-money laundering and its importance in the banking industry. It also covers the consequences of money laundering for organizations, such as regulatory fines and civil and criminal lawsuits.
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Slide 1
This slide gives us he definition of anti-money laundering. Anti-Money Laundering (AML) is a system of rules, laws, and protocols that identify and prevent criminals from disguising illegal funds as legitimate income. AML guidelines help banks and other financial organizations prevent financial crimes.
Slide 2
This slide discusses the importance AML Regulation in the banking sector. Banks are considered one of the largest institutions in the field of finance. As they daily mediate millions of transactions globally, these institutions are at a higher risk of being used for financial crimes.
Instructor’s Notes: Additionally, the advent of online payments and the technological transformation of the financial sector have amplified the need for more stringent customer identity protection.
Slide 3
This slide discusses regulatory, reputational, and legal risks & damages caused to organizations due to money laundering. These risks and damages make implementing AML regulation in an organization essential.
Instructor’s Notes:
- Regulatory: Regulatory rules evolve fast, and people have higher expectations of an acceptable risk-based AML program. Enforcing the rule of law has become a high priority for regulators worldwide. As per an analysis conducted by the Encompass Corporation, US regulators imposed 25 AML-related penalties in 2019, adding up to 2.3 billion USD
- Reputational: Senior executives understand the value of their organizations' reputations. Strongly reputable companies attract better clients. Their customers are loyal and purchase a wider variety of goods and services. An inquiry into money laundering that involves clients, transactions, or business operations can have a negative impact on the reputation
- Legal: Legal liability concerns are the third factor influencing the high priority that intitutions accord to AML. This includes civil & criminal liabilities. With more civil class action lawsuits being filed regularly, the likelihood of suffering legal damages is high
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