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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 Sri Lanka

Sri Lanka

 

Anti Money Laundering (AML) By Country: Sri Lanka

Anti Money Laundering (AML) in Sri Lanka

Sri Lanka
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Sri Lanka is currently working to strengthen its Anti Money Laundering (AML) and terrorist financing regulations. However, the country still faces numerous money laundering threats, emanating from various illegal activities. In 2006, Sri Lanka underwent a Mutual Evaluation from the Asia/Pacific Group on Money Laundering (APG).

Sri Lanka has passed numerous laws dealing with combating money laundering. In 2005 and 2006, Sri Lanka passed three important acts related to money laundering: The Convention on the Suppression of Terrorist Financing Act, The Prevention of Money Laundering Act, and The Financial Transactions Reporting Act (FTR). The most important of these is the FTR Act, which established Sri Lanka’s Financial Intelligence Unit (FIU). Recently, Sri Lanka’s FIU gained acceptance into the Egmont Group, an association of international FIUs established in 1995.

However, gaps still exist in Sri Lanka’s AML efforts. Most notably, there are currently no regulations to monitor the activities of charities and non-profit organizations, some of which are used as fronts for money laundering and terrorist financing. Nevertheless, Sri Lanka has made great strides in regulating and combating money laundering in the recent past, and continues to focus on creating stricter and more effective rules and regulations.

The Economy of Sri Lanka

Sri Lanka’s economy has been hindered by the country’s 25-year civil war; however, in the last ten years, Sri Lanka’s GDP has averaged a growth of 4.5%, with the exception of a recession in 2001. From 2006-07, government spending on supplies and development drove the GDP to grow roughly 7% per year, however, growth slowed in 2008 due to the global recession.

Sri Lanka’s most lucrative and dynamic sectors include food processing, textiles and apparel, food and beverages, port construction, telecommunications and insurance, and banking. Roughly 1.5% of Sri Lankans work abroad, most in the Middle East, and send a total of roughly 2.5 billion USD a year back home.

Banking in Sri Lanka

Sri Lanka’s Central Bank was established in 1950 as the Central Bank of Ceylon, renamed the Central Bank of Sri Lanka (CBSL) in 1985. The Bank is governed by a board of five members, known as the Monetary Board.

In 2002 the Monetary Law Act (MLA), which had established the Central Bank, was amended, updating the Bank’s objectives to focus on two main goals: maintaining financial system stability and maintaining economic and price stability.

Within these two broad focuses, the Bank has many smaller responsibilities, including encouraging and promoting the development of productive resources, issuing and managing currency, and acting as economic advisor and banker to the Government of Sri Lanka. As the agent of the government, the CBSL is responsible for four major functions: managing the Employees Provident Fund, managing the public debt of Sri Lanka, administering the provisions of the Exchange Control Act, and administering government and foreign funded credit schemes for regional development.

Sri Lanka's Currency

The currency in Sri Lanka is the Rupee. The Rupee became Sri Lanka’s official legal tender in 1872, replacing the British Pound at a rate of one Rupee to two Shillings and three Pence.

The denominations of banknotes currently in circulation are 10, 20, 50, 100, 200, 500, 1000, and 2000 rupees. The denominations of coins currently in circulation are 1, 2, 5, 10, 35 and 50 cents and 1, 2, 5, and 10 rupees. Along with the standardized banknotes and coins, there have also been various commemorative coin and banknote series issued by the CBSL.

Other Key Statisics of Sri Lanka

Time Zone: UTC+5.5 (10.5 hours ahead of Washington, DC during Standard Time).

Location: Southern Asia, island in the Indian Ocean, south of India.

Population: 20.48 million (2013 est.).

Labor Force: Approximately 34.7% works in agriculture, 26.1% in industry and 39.2% in services industries. The unemployment rate is 5.2%.

Languages Spoken: Sinhala (official and national language), Tamil (national language) and English, which is commonly used in government and is spoken by about 10% of the population.

Trade Organizations: Sri Lanka is a member of the World Trade Organization (WTO).

 

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

Anti Money Laundering (AML) in Cambodia

Cambodia

 

Anti Money Laundering (AML) By Country: Cambodia

Anti Money Laundering (AML) in Cambodia

Cambodia
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Cambodia is neither a large regional financial center nor an offshore financial center; however, the major sources of money laundering are widespread through human trafficking and exploitation, drug trafficking, and corruption. Cambodia’s Anti-Money Laundering (AML) regime, cash-based economy with an active informal banking system, porous borders with attendant smuggling, limited capacity of the National Bank of Cambodia (NBC)to supervise a rapidly expanding banking sector, and widespread corruption continue to contribute to a significant money laundering risk.

However, with the 2007 enactment of the Law on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CTF) and the subsequent May 2008 implementing regulation, Cambodia has created a foundation to combat acts of money laundering and terrorist financing within the banking sector. Additional implementing regulations are needed to bring all designated nonfinancial businesses and professions (DNFBPs) into compliance with reporting requirements established in the AML/CTF law.

The AML/CTF law was circulated in June 2007 and provides the framework for the Cambodian Financial Intelligence Unit (CAFIU) to exert control over banks and DNFBPs, such as casinos and realtors and entities to be designated by the CAFIU. The NBC is making strides to regulate large or suspicious financial transactions.

AML Training in Cambodia

Under the Law on Anti-Money Laundering and Combating the Financing of Terrorism, all banks and financial institutions are required to develop programs for the prevention and detection of money laundering. These programs should include:

  • Development of internal policies and procedures.
  • Designation of compliance officers.
  • Ongoing and consistent training for employees.

The Economy of Cambodia

Cambodia’s economy has progressed greatly in the last decade. The country relies primarily on services and trading activities, which have since stimulated the economy. The agriculture sector is currently being rehabilitated, which in combination with good rainfalls led to a growth of over 20% in 2009.

Banking in Cambodia

The National Bank of Cambodia (NBC) is the central bank of Cambodia. Established in 1954, the NBC performs the following duties:

  • Determining monetary policy objectives, as well as formulating, implementing, and monitoring monetary and exchange policies aimed at the determined objectives.
  • Setting interest rates.
  • Licensing and regulating banks and financial institutions, as well as other relevant establishments, such as auditors and liquidators.
  • Acting as the sole issuer of national currency of the Kingdom.
  • Undertaking and performing, in the name of the Kingdom, transactions resulting from the participation of the Kingdom in public international institutions in the banking, credit, and monetary spheres.
  • Establishing the balance of payments.
  • Participating in the management of external debt and claims.

Cambodia’s Currency

The currency in Cambodia is the Riel. The Riel comes in both banknotes and coins. Banknotes are available in 50, 100, 200, 500, 1,000, 2,000, 5,000, 10,000, 20, 000, 50,000 and 100,000 denominations. Coins are available in 50, 100, 200 and 500 denominations.

Other Key Statistics of Cambodia

Time Zone: UTC+7 (10 hours ahead of Washington, DC during Standard Time).

Daylight Savings Time: Cambodia does not currently observe daylight savings time.

Location: Southeastern Asia, bordering the Gulf of Thailand, between Thailand, Vietnam, and Laos.

Population: 15.14 million (2013 est.)

Labor Force: Approximately 33.4% works in agriculture, 21.4% in industry, and 45.2% in services industries. The unemployment rate is 3.5%.

Languages Spoken: Khmer (official), French, English.

Trade Organizations: Cambodia is a member of the World Trade Organization (WTO).

 

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

Anti Money Laundering (AML) in Puerto Rico

Puerto Rico

 

Anti Money Laundering (AML) By Country: Puerto Rico

Anti Money Laundering (AML) in Puerto Rico

Puerto Rico
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Puerto Rico is currently a major hub for transactions related to money laundering. Most notably, many money launderers transfer dirty money from the United States (US) through Puerto Rico en route to the Dominican Republic, where it is laundered and then transferred back to multiple countries. The U.S., responsible for monitoring and regulating Anti Money Laundering (AML) activities in Puerto Rico, has recently begun to focus more on the money laundering threats posed by the commonwealth to the U.S.

The Financial Crimes Enforcement Network (FinCEN) serves as the U.S.’s Financial Intelligence Unit (FIU) and subsequently acts as the FIU for Puerto Rico. Recently, FinCEN designated Puerto Rico as a High Intensity Financial Crime Area (HIFCA). The designation of HIFCAs was outlined in the Money Laundering and Financial Crimes Act of 1998 and put into affect as an addition to the Bank Secrecy Act.

The HIFCA program was created to concentrate federal and local law enforcement in specific areas most prone to money laundering activities. Currently, all areas of Puerto Rico are listed as HIFCAs. However, the US has been cracking down on enforcement, including holding banks and other financial institutions responsible for failing to report suspicious activity. For this reason, it is important that all banks and financial institutions implement proper AML training for all of their employees.

The Economy of Puerto Rico

Puerto Rico has one of the strongest and most dynamic economies in the Caribbean region. The commonwealth’s diverse industrial sector has greatly surpassed agriculture as the primary source of economic activity and income. Part of Puerto Rico’s economic success is due to the heavy investment of foreign companies in the region, encouraged by duty-free access to the US and tax incentives.

Recently, Puerto Rico’s economy has faced a slight decline due to the troubles faced by the U.S. economy.

Banking in Puerto Rico

Due to the fact that Puerto Rico is a commonwealth of the U.S., there is no Central Bank in Puerto Rico. Instead, the U.S. Federal Bank acts as Puerto Rico’s Central Bank, regulating Monetary and Credit policies.

The Federal Reserve is the Central Bank of the U.S., created in 1913. The main responsibilities of the Federal Reserve are maintaining monetary policy; ensuring the safety and soundness of the nation’s banking and financial system; maintaining the stability of the financial system and containing systemic risk that may arise in financial markets; and providing certain financial services to the U.S. government, to the public, to financial institutions, to foreign official institutions, and to Puerto Rico.

Puerto Rico's Currency

The currency in Puerto Rico is the United States Dollar (USD) due to the fact that Puerto Rico is a commonwealth country of the US. The Bureau of Engraving and Printing (BEP) issues the USD banknotes and the United States Mint issues all USD coinage. The United States Department of Treasury is in charge of overseeing the production of both departments.

The USD is issued in denominations of 1, 2, 5, 10, 20, 50 and 100 dollar bills, known as ‘pesos’ or ‘dolars’ in Puerto Rico. USD coins are each worth a certain amount of cents, called ‘centavos’ or ‘chavitos’ in Puerto Rico. These coins are commonly issued in a one-cent piece, five-cent piece (ficha or vellons), ten-cent piece and twenty-five cent piece (peseta). There are also fifty-cent pieces and one dollar pieces, but it is rare to see either.

Other Key Statisics of Puerto Rico

Time Zone: UTC-4 (1 hour ahead of Washington, DC during Standard Time).

Location: Caribbean, island between the Caribbean Sea and the North Atlantic Ocean, east of the Dominican Republic.

Population: 3.548 (2014 est.).

Labor Force: Approximately 2.1% works in agriculture, 19% in industry, and 79% in services industries. The unemployment rate is 12%.

Languages Spoken: Spanish and English.

Trade Organizations: Puerto Rico is a member of the World Trade Organization (WTO).

 

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

Anti Money Laundering (AML) in Panama

Panama

 

Anti Money Laundering (AML) By Country: Panama

Anti Money Laundering (AML) in Panama

Panama
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Panama is regarded today as an important regional financial center with one of the fastest growing economies in the Western Hemisphere. Therefore, money laundering remains a serious problem in Panama.

The majority of money laundering activity in Panama is narcotics-related or the result of the transshipment of smuggled, pirated, and/or counterfeited goods through Panama’s major free trade zone. The funds generated from illegal activity are vulnerable to being laundered through a wide variety of methods, including the banking system, casinos, bulk cash shipments, pre-paid telephone cards, debit cards, insurance companies, real estate projects and agents, and merchandise.

Panama has a comprehensive legal framework to detect, prevent, and combat money laundering and terrorist financing, and provides excellent cooperation with United States (US) law enforcement agencies in combating drug trafficking, money laundering, and financial crimes. The government identified combating money laundering as one of five goals in its five-year National Drug Control Strategy issued in 2002, and established the Financial Intelligence Unit (FIU) of Panama, the Unidad de Análisis Financiero (UAF).

Panama’s "New Banking Law," states that banks and other supervised entities are obliged to establish policies, procedures, and controls for the prevention of money laundering, terrorist financing, and related crimes.

According to Panamanian laws and regulations, financial institutions must adhere to Know Your Customer (KYC) procedures for identification of customers, exercise due diligence, and perform accurate recordkeeping. The Superintendent of Banks supervises and examines financial institutions for compliance with Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations, including compliance with KYC policies.

The Economy of Panama

Panama's economy is reliant on the movements of the United States Dollar (USD), resulting in a free market economy with a history of low inflation. The economy relies most on the service, banking, commerce, and tourism industries.

The services sectors that support much of the Panamanian economy include the Panama Canal, banking, Colon Free Trade Zone, insurance, and container ports.

Panama manufactures many items such as aircraft parts, cements, beverages, adhesives, and textiles.

The leading exports of panama include bananas, shrimp, sugar, clothing, and coffee.

Banking in Panama

Panama does not have a central bank. Primary banking oversight is conducted by the Superintendency of Banks of Panama. The Superintendency is subject to supervision by the Comptroller General of the Republic; however, this supervision does not allow for any interference of the Superintendency’s administrative powers.

The Superintendency is responsible for overseeing the preservation and efficiency of the Panamanian banking system, developing Panama as an international financial center, and promoting public trust in the banking system.

The Superintendency also oversees Panamanian banks and establishes procedures to allow for the supervision and control of international and national activities.

Panama's Currency

Panama does not have a central bank. It uses the USD as its de facto currency and has a completely market-driven money supply. This means that Panama cannot produce money; it must instead buy or obtain its dollars by producing or exporting real goods or services.

The currency in Panama is known as the Balboa, even though they use US banknotes. One Balboa is divided into 100 centésimos, and is issued in 1 centésimo, 1/10 Balboa, ¼ Balboa, and ½ Balboa coins. Balboas are only issued as coins; Panama does not issue its own banknotes, and acquired US banknotes are used instead.

Other Key Statisics of Panama

Time Zone: UTC-5 (same time as Washington, DC during Standard Time).

Location: Central America, bordering both the Caribbean Sea and the North Pacific Ocean, between Colombia and Costa Rica.

Population: 3.864 million (2013 est.).

Labor Force: Approximately 15% works in agriculture, 18% in industry, and 67% in services industries. The unemployment rate is 7.1%.

Languages Spoken: Spanish and English. Many Panamanians are bilingual.

Trade Organizations: Panama is a member of the World Trade Organization (WTO) and the Central American Integration System (Sistema de la Integración Centroamericana, SICA).

 

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