Regulatory Issues

Regulatory Issues in Banking and Finance
Individual Assignment

Course: Banking & Finance

Management Development Institute of Singapore in Tashkent, 2015

Executive Summary
Regulation and control are main concepts and fundamental reasons for having a steady and successful ongoing framework. With the development of new technologies the products and services offered in many financial institutions altered their way. Although, it has brought so much comfort and effectiveness, it put the regulations and controlling programs at a question. Today, there is a much debate around the issue regarding money laundering practices directed to finance terrorist activities. Many institutions and money service providers have become part of the same global problem. For the past years, different rules and requirements were offered to institutions to have a stable and sounding business without AML being involved.
Thus, the research paper was prepared to evaluate the steps taken by financial institutions to detect and prevent money laundering practices at their early stages. Throughout the report, KYC program guidelines were also described in detail, placing much attention to regulatory and controlling methods. Internet sources, magazines, newspapers, books and other relevant materials were used to compile the information for the prepared report.    

Table of Contents

1.0 Introduction 2
2.0 Banking Industry against AML 3
2.1 BSA Compliance 4
2.2 Implementing Due Diligence Schemes 4
2.3 Standard for Record Keeping 5
2.4 Developing a Suspicious Activity Reporting Process 6
2.5 Working on AML Programs by Risk Categories 6
2.5.1 Products and Services with High Risk 6
2.5.2 High Risk Locations 7
3.0 Precautious Methods 7
3.1 Know Your Customer Procedure 7
4.0 Transaction Monitoring 9
Bibliography 11
Appendix A 12
Appendix B (1) 14
Appendix B (2) 15
Appendix B (3) 16

  1.0 Introduction
For the past several years the financial institutions,...