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With 30+ years of experience, Banker's Academy is the leading global provider of training solutions to the financial community. We specialize in BSA/AML, Compliance Officer, HR Professional, Teller and Branch Manager Training. We’re proud to have partnered with over 2,500 clients worldwide in various financial services industries, with a focus on banks, credit unions, and money service businesses. Let us help you reach your target audience with an innovative, results-driven educational experience.

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Anti Money Laundering (AML) in Luxembourg

Luxembourg

 

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Anti Money Laundering (AML) By Country: Luxembourg

Anti Money Laundering (AML) in Luxembourg

Argentina
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Money laundering in Luxembourg is a fairly insignificant issue. Despite its standing as the second-smallest member of the European Union (EU), Luxembourg is one of the largest financial centers in the world and, as a result, has created a strong Anti-Money Laundering (AML) regime. Luxembourg’s strict bank secrecy laws allow international financial institutions to benefit from and operate a wide range of services and activities.

Luxembourg's financial sector laws are based, to a large extent, on EU directives. The Law of July 7, 1989, updated in 1998 and 2004, serves as Luxembourg's primary AML and terrorist financing law, criminalizing the laundering of proceeds for an extensive list of predicate offenses, including narcotics trafficking. The Law of April 5, 1993 on the Financial Sector (LoFS 93) established the foundations of the obligations of financial institutions to prevent the abuse of the financial system for money laundering purposes. A law was passed on May 23, 2005, implementing the Council of Europe's Criminal Law Convention on Corruption, an action which made private sector corruption a predicate offense for money laundering.

On November 12, 2004, in an effort to bring Luxembourg into full compliance with the requirements of the EU's Council Directive 2001/97/EC on prevention of the use of the financial system for money laundering (2nd EU Money Laundering Directive), Luxembourg's parliament approved legislation updating the nation's AML laws.

Established within Luxembourg's Ministry of Justice, the Cellule de Renseignement Financier (CRF) serves as Luxembourg's Financial Intelligence Unit (FIU). The CRF is responsible for receiving and analyzing Suspicious Transaction Reports (STRs) while also seizing and freezing assets when necessary.

All covered entities are required to file STRs with the CRF and, though not legally required, are expected to send a copy of the report to their respective oversight authorities. Financial institutions are required to retain pertinent records for a minimum of five years; additional commercial rules require that certain bank records be kept for up to ten years.

In 2008, Luxembourg implemented the EU's third AML Directive.

Other AML laws that were implemented include:

The Economy of Luxembourg

Luxembourg, benefiting from its proximity to France, Belgium, and Germany enjoys a high income economy which features solid growth, low inflation, and low unemployment.

The industrial sector has become increasingly diversified over the years and now includes steel, chemicals, rubber, and other products. The financial sector now accounts for about 28% of the Gross Domestic Product (GDP) in Luxembourg. Agriculture is based on small, family owned farms.

Although Luxemburg, like all EU members, suffered from the global economic slump in the early part of the 2000's, the country continues to enjoy an extraordinarily high standard of living; GDP per capita ranks second in the world, after Qatar.

Banking in Luxembourg

The Banque Centrale du Luxembourg (BCL) was founded in 1998, at the same time as the European Central Bank (ECB) . Its foundation represents the final outcome of long efforts in connection with the creation of the European Monetary Union (Eurosystem).

The BCL’s contributions are important for the Euro and for the country. The BCL is in charge of essential missions regarding monetary policy, the issuing of banknotes, financial stability, payment systems, and even economic analysis.

Luxembourg's Currency

The currency in Luxembourg is the Euro, which serves as the currency of the 15 members of the European Central Bank. The states that have adopted the Euro as currency make up the Eurozone. These countries are: Austria, Belgium, Cyprus, Finland, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovenia and Spain. The Euro is the single currency for more than 320 million Europeans.

The Euro was first phased into the global economy in 1999. In the beginning, participating countries had to balance the use of both Euros and former national currencies. Beginning in 2002, national currencies were withdrawn.

The Euro comes in both banknotes and coins. Banknotes are available in 5, 10, 20, 50, 100, 200 and 500 denominations. Coins are available in 1, 2, 5, 10, 20, 50 cent pieces, and 1 and 2 Euro coins.

Other Key Statistics of Luxembourg

Time Zone: CET (UTC+1).

Daylight Savings Time: +1hr, begins last Sunday in March; ends last Sunday in October.

Location: Western Europe, between France and Germany.

Population: 549,680 (2014 estimate.).

Capital: Luxembourgish.

Languages Spoken: Luxemburgish , German, French.

 

A Free Overview Of Anti Money Laundering (AML) For Luxembourg.

Anti Money Laundering (AML) in Kenya

Kenya

 

Anti Money Laundering (AML) By Country: Kenya

Anti Money Laundering (AML) in Kenya

Kenya
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With a long history of corruption, Kenya’s money laundering problem has grown more significant as the country has become a major financial hub for East Africa. Kenya has come under increasing pressure to implement Anti-Money Laundering (AML) laws in the face of rising crime posed by the drug traffickers, international terrorists, and illicit arms traders operating in the country.

In May of 2008, the Proceeds of Crime and Anti-Money Laundering Bill was introduced, which extends reporting requirements to legal professionals. Similar bills failed in each of the two previous sessions of Parliament review.

In 2009, the Bill was ratified and became the Proceeds of Crime and Ant-Money Laundering Act (POCAMLA). The Act is the most comprehensive piece of AML legislation in Kenya. It provides necessary details for reporting requirements, penalties, and money laundering offenses. The Act also established the Financial Reporting Centre (FRC), which is charged with receiving reports of Suspicious Transaction Reports (STRs). Requirements for the tracing, freezing, and seizing of criminal proceeds are also included in the Act.

Kenya has signed and ratified all of the United Nations (UN) Conventions on combating Money Laundering and the Financing of Terrorism. Kenya has also criminalized money laundering under the Narcotics Drugs and Psychotropic Substances (Control) Act No. 4 of 1994.

AML Training in Kenya

The POCAMLA requires Kenyan financial institutions to create and implement training programs to combat money laundering and terrorist financing activities in the country.

The Economy of Kenya

Kenya is considered the hub for trade and finance in East Africa; however, it has suffered from corruption and reliance upon several primary goods whose prices have remained low.

A severe drought from 1999 to 2000 threatened Kenya’s economy, causing water and energy rationing and reducing agricultural output. As a result, the country’s GDP experienced a downturn and the International Monetary Fund (IMF) stepped in to help provide loans during the drought. However, when the Kenyan government failed to institute several anticorruption measures, the IMF stopped lending to Kenya.

In 2006, the World Bank and the IMF delayed loans pending action by the Kenyan government on corruption. The international financial institutions and donors have since resumed lending, despite little action on the government's part to deal with corruption.

Banking in Kenya

The Central Bank of Kenya was established in 1966 through an Act of Parliament, the Central Bank of Kenya Act of 1966.

The Bank aims to achieve monetary and financial stability throughout Kenya. Among its many duties, the Bank is responsible for formulating and implementing a stable monetary policy, fostering the success of a market-based financial system, maintaining the foreign exchange reserves, and issuing currency notes and coins.

Kenya's Currency

The currency of Kenya is the Kenyan Shilling (KES) which is divided into units of 100 cents. Coins are issued in denominations of 5, 10, 50 cents and 1 and 5 shillings. Banknotes are available in denominations of 5, 10, 20, 50, 100, 200, 500 and 1,000 shillings.

Other Key Statistics of Kenya

Time Zone: EAT (UTC+3).

Location: Eastern Africa, bordering the Indian Ocean, between Somalia and Tanzania.

Population: 45,010,056 (July 2008 est.).

Capital: Nairobi.

Languages Spoken: English and Swahili.

 

A Free Overview Of Anti Money Laundering (AML) For Kenya.

Anti Money Laundering (AML) in Indonesia

Indonesia

 

Anti Money Laundering (AML) By Country: Indonesia

Anti Money Laundering (AML) in Indonesia

Indonesia
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Money laundering in Indonesia is a significant problem due to a poorly regulated financial system, a lack of effective law enforcement, and widespread corruption. Most money laundering in the country is connected to non-drug criminal activity, such as gambling, prostitution, bank fraud, piracy and counterfeiting, and illegal logging and corruption. Indonesia also has a long history of smuggling, facilitated by thousands of miles of unpatrolled coastline and a law enforcement system riddled with corruption. The proceeds of these illicit activities are easily parked offshore and only repatriated as required for commercial and personal needs.

In 2002, Indonesia established a Financial Intelligence Unit (FIU) called the Pusat Pelaporan dan Analysis Transaksi Keuangan (PPATK), also known as the Indonesian Financial Transaction Reports and Analysis Centre (INTRAC). The FIU was established by Law number 15 Year 2002 concerning the crime of Money Laundering. This has since been amended through Law of the Republic of Indonesia Number 8 Year 2010.

The following practice guidances have been issued by public authorities regarding AML requirements over the years:

  • Bank Indonesia Regulation No. 14/27/PBI/2012
  • Bank Indonesia Circular Letter No. 15/21/DPNP
  • Otoritas Jasa Keuangan (Indonesian Financial Services Authority) No. 22/POJK.04/2014
  • PPATK (Centre for Financial Transaction Reporting and Analysis) No. 07/1.02/PPATK/12/10, Appendix 17

AML Training in Indonesia

Indonesia’s Regulation Concerning Application of Know Your Customer Principles requires financial institutions in the country to train their employees on Know Your Customer (KYC) principles to help protect the financial institution against money laundering.

The Economy of Indonesia

Indonesia has a market-based economy in which the government plays a significant role. There are more than 100 state-owned enterprises and the government administers prices on several basic goods, including fuel, rice, and electricity. The Indonesian economy has seen drastic change since President Yudhoyono took office in 2004, particularly with the implementation of his “pro-growth, pro-poor, pro-employment” economic program. In 2005, the State Ministry of National Development Planning (BAPPENAS) released a Medium Term Plan focusing on four broad objectives: creating a safe and peaceful Indonesia; creating a just and democratic Indonesia; creating a prosperous Indonesia; and establishing a stable macroeconomic framework for development.

The banking landscape in Indonesia is comprised of 128 commercial banks, of which 11 are majority foreign-owned and 17 are foreign joint venture banks. Additionally, there are four state-owned banks that control about 37.4% of assets within the country.

Banking in Indonesia

Bank Indonesia is the Central Bank of Indonesia. In its capacity as Central Bank, Bank Indonesia has one single objective of achieving and maintaining stability of the Rupiah’s value. To achieve this objective, the Central Bank uses a three pillar system, which includes: formulating and implementing monetary policy; regulating and ensuring a smooth payment system; and regulating and supervising the national banking system.

Bank Indonesia is the sole institution authorized to issue and distribute Rupiah currency and to withdraw the currency from circulation. Bank Indonesia is also authorized to arrange and operate an inter-bank clearing system both in Rupiah and in foreign currency.

Indonesian Currency

The Rupiah is the currency of Indonesia and is issued by the Central Bank. Banknotes appear in 1,000, 5,000, 10,000, 20,000, 50,000 and 100,000 Rupiah denominations. Coins come in 50, 100 and 500 Rupiah denominations.

Other Key Statistics of Indonesia

Time Zone: various (UTC+7 to +9).

Location: Southeastern Asia, archipelago between the Indian Ocean and the Pacific Ocean.

Population: 252,164,800 (2014 estimate.).

Capital: Jakarta.

Languages Spoken: Indonesian.

 

A Free Overview Of Anti Money Laundering (AML) For Indonesia.

Anti Money Laundering (AML) in India

India

 

Anti Money Laundering (AML) By Country: India

Anti Money Laundering (AML) in India

India
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Money laundering in India is an emerging problem. India has consistently maintained a robust Anti-Money Laundering (AML) system. Historically, the country’s strict foreign-exchange laws and transaction reporting requirements, together with the banking industry’s Know Your Customer (KYC) policy, make it difficult for criminals to use banks or other financial institutions to launder money. Large portions of illegal proceeds are accordingly laundered through the alternative remittance system called "hawala" or "hundi."

Under the hawala system, individuals transfer value from one location to another, often without the actual movement of currency. Key features of the hawala system are that it transfers value without actually moving funds. When accounts need to be balanced between hawaladars, a number of techniques are used, including cash and bank transfers. But historically and culturally, trade is the most common vehicle to provide "counter valuation." This is often accomplished through invoice manipulation such as over and under valuation. Any commodity can be used in hawala value transfer, but gold remains most popular. The hawala system provides anonymity and security to transacting individuals. The Government of India (GOI) neither regulates hawala dealers nor requires them to register with the government. The Reserve Bank of India (RBI), the country’s Central Bank, argues that the widespread hawala dealers operate illegally and therefore cannot be registered and are beyond the reach of regulation. Reportedly, the RBI does intend to increase its regulation of non-bank money transfer operations by entities such as currency exchange kiosks and wire transfer services.

On November 27, 2002, the lower house of Parliament passed the Prevention of Money Laundering Act (PMLA), which had first been introduced in 1998. The bill was amended in August 2002 by the upper house to include terrorist financing provisions. India’s President signed the law in January 2003. This legislation criminalizes money laundering, establishes fines and sentences for money laundering offenses, imposes reporting and recordkeeping requirements on financial institutions, provides for the seizure and confiscation of criminal proceeds, and provides for the creation of a Financial Intelligence Unit (FIU).

The Amendment to PMLA in 2012 became operational from February 2013.

AML Training in India

India's Prevention of Money Laundering Act of 2002 requires financial institutions to develop training programs to combat money laundering and terrorist financing activities within the country.

The Economy of India

The economy of India is the 12th largest in the world. For the fiscal year of 2007–2008, it was the second fastest big emerging economy, after China, in the world.

India's economy is diverse, encompassing agriculture, handicrafts, textiles, manufacturing, and a multitude of services. Although two-thirds of the Indian workforce still earn their livelihood directly or indirectly through agriculture, services are a growing sector and play an increasingly important role in India's economy.

Banking in India

The Reserve Bank of India is India’s central bank. It also serves as the banking regulator in the country.

The Reserve Bank of India serves as the monetary authority, formulating and implementing monetary policy. Its also is the regulator and supervisor of the financial system. The Bank also manages foreign exchange and issues currency in India

India's Currency

The Rupee is the currency of India, as well as neighboring countries Nepal and Bhutan. The rupee is divided into 100 paise. The largest rupee issued is the 1,000 rupee note, with the smallest being the 1 rupee coin.

Other Key Statistic of India

Time Zone: IST (UTC+5:30).

Location: Southern Asia, bordering the Arabian Sea and the Bay of Bengal, between Burma and Pakistan.

Population: 1,210,193,422 (2014 estimate.)

Capital: New Delhi.

Languages Spoken: Hindi and English.

 

A Free Overview Of Anti Money Laundering (AML) For India.