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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 Bangladesh



Anti Money Laundering (AML) By Country:  Bangladesh

Anti Money Laundering (AML) in Bangladesh

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Although Bangladesh has taken many steps to prevent money laundering, it continues to be a large problem within the country. On January 11, 2007, a caretaker government came to power after declaring a state of emergency. Under the new government, there has been an increase in the amount of funds laundered through the official banking system. As a response to this, fighting corruption is now one of the main goals of the caretaker government in power.

The main vulnerability for money laundering remains the use of the underground hawala or “hundi” system, used to transfer money and valuables outside of the formal banking system. The greatest use of the hundi system is to repatriate wages from expatriate Bangladeshi workers. Although banks have recently increased their speed and efficiency in making remittances, hundi remains a thriving system due to its ability to avoid taxes, customs duties and currency controls.

To battle the problems of money laundering, the government enacted the Money Laundering Prevention Act in 2002. Then, in 2007, the government enacted the UN Convention against Corruption (UNCAC). Also in 2007, the government recognized the Central Bank’s Anti-Money Laundering Department (AMLD) as the country’s official Financial Intelligence Unit (FIU). In 2008, the government promulgated the Money Laundering Prevention Ordinance (MLPO 2008) and the Anti-Terrorism Ordinance (ATO 2008). Both ordinances facilitate international cooperation in battling money laundering, including working to recover funds illegally transferred to or from foreign countries.

The Economy of Bangladesh

Bangladesh has an expanding economy, having grown 5 to 6% every year since 1996. Economic growth is partially fueled by garment exports and remittances from Bangladeshis working overseas, mainly in the Middle East and East Asia.

However, there are many factors hindering the Bangladesh economy as well, including inefficient state-owned enterprises, delays in exploiting natural gas resources, insufficient power supplies, and slow implementation of economic reforms. In addition, nearly two-thirds of the population is employed in the agriculture sector, although more than half of the country’s GDP is generated through the service sector.

Banking in Bangladesh

Bangladesh Bank is the Central Bank of Bangladesh, established in 1971. The direction of the Bank’s affairs and business is controlled by a Board of Directors, made up of nine members, including the Governor, Deputy Governor, three government officials and four persons with advanced banking, commerce, and finance experience.

The Bangladesh Bank has numerous broad objectives, including regulating the issuing of currency and reserve maintenance, managing the Bangladesh monetary and credit system, stabilizing domestic monetary value, preserving the par value of the Bangladesh Taka, and promoting and maintaining an increased level of employment, production, and real income in Bangladesh (including fostering and growing the country’s productive resources).

Bangladesh's Currency

The Taka is the official currency of Bangladesh, having replaced the Pakistani rupee at par in 1972. The word “taka” is formed from the Sanskrit word “tanka,” an ancient type of silver coin. The Taka is made up of 100 poisha. Both banknotes and coins are issued by Bangladesh’s Central Bank, the Bangladesh Bank.

Taka banknotes are available in 1, 2, 5, 10, 20, 50, 100, 500 and 1000 taka. The 1000 taka note was issued in 2009. Coins currently in circulation include 1, 5, 10, 25 and 50 poisha coins, and 1 and 5 taka coins. However, only the 1 and 5 taka coins are found widely in circulation.

Other Key Statisics of Bangladesh

Time Zone: UTC+6 (11 hours ahead of Washington, DC during Standard Time).

Location: Southern Asia, bordering the Bay of Bengal, between Burma and India.

Population: 156,050,883 (July 2009 est.).

Labor Force: Approximately 63% works in agriculture, 11% in industry and 26% in services industries. The unemployment rate is 2.5%.

Languages Spoken: Bangla (official, also known as Bengali) and English.

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


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

Anti Money Laundering (AML) in Trinidad and Tobago

Trinidad and Tobago


Anti Money Laundering (AML) By Country: Trinidad And Tobago

Anti Money Laundering (AML) in Trinidad And Tobago

Trinidad And Tobago
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Money laundering in Trinidad and Tobago is not a major problem, but because it continues to be a serious global concern, it has initiated a comprehensive Anti Money Laundering (AML) regime.

Trinidad and Tobago established AML legislation entitled Guidelines on Combating Money Laundering and Terrorist Financing, by an act of Parliament in 1995. The act was revised in 2004 setting the minimum standards by which financial institutions must abide and instituting new recordkeeping and reporting requirements.

The Financial Intelligence Unit (FIU) of Trinidad and Tobago is a division of the Counter Drug and Crime Task Force (CDCTF). The primary function of the CDCTF is to gather intelligence on all criminal activities and share that information accordingly to other law enforcement authorities for immediate action.

The Economy of Trinidad and Tobago

Trinidad and Tobago has earned a reputation as an excellent investment site for international businesses and has one of the highest growth rates and per capita incomes in Latin America. Recent growth has been fueled by investments in liquefied natural gas (LNG), petrochemicals and steel.

Trinidad and Tobago is the leading Caribbean producer of oil and gas, and its economy is heavily dependent upon these resources. The country also supplies manufactured goods, notably food and beverages, as well as cement, to the Caribbean region. Oil and gas account for about 40% of GDP and 80% of exports, but only 5% of employment.

The country is also a regional financial center and tourism is a growing sector, although it is not as important as it is in many other Caribbean islands. The economy benefits from a growing trade surplus.

Banking in Trinidad and Tobago

The Central Bank of Trinidad and Tobago was established by an act of Parliament on December 12, 1964. Since that time, the Central Bank has been essential to the development of the Trinidad and Tobago financial system and continues to promote economic growth and development through secure and effective monetary management.

The Act entrusted the Central Bank with a range of responsibilities such as maintaining monetary stability, issuing currency, managing the country’s external reserves, acting as banker and advisor to the government, and preserving financial stability.

Trinidad and Tobago Currency

The currency in Trinidad and Tobago is the Trinidad and Tobago dollar (TTD).

Trinidad and Tobago currency coins are available in denominations of 1 , 5 , 10, 25 , and 50 cent denominations. Trinidad and Tobago currency notes are issued in denominations of 1, 5,10, 20 and 100 dollars. Currently two sets of notes are in circulation; those issued in 1995, and those issued in 2002 which have additional security features.

Other Key Statistics of Trinidad and Tobago

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

Location: Caribbean, islands between the Caribbean Sea and the North Atlantic Ocean, northeast of Venezuela.

Population: 1,333,467 (June 2015 est.).

Labor Force: Approximately 0.6% works in agriculture, 12.9% in manufacturing, mining, and quarrying, 17.5% in construction and utilities and 65.6% in services industries. The unemployment rate is 4.5%.

Languages Spoken: English is the official language. Caribbean Hindustani (a dialect of Hindi), French, Spanish and Chinese are also spoken.

Trade Organizations: Trinidad and Tobago is a member of the World Trade Organization (WTO).


A Free Overview Of Anti Money Laundering (AML) For Trinidad And Tobago.

Anti Money Laundering (AML) in Netherlands



Anti Money Laundering (AML) By Country: The Netherlands

Anti Money Laundering (AML) in The Netherlands

The Netherlands
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Money laundering in the Netherlands is a substantial problem. The Netherlands has put forth a strong effort to improve it Anti Money Laundering (AML) system. In 1994, the Government of the Netherlands (GON) criminalized money laundering related to all crimes. In December 2001, legislation was enacted making facilitating, encouraging, or engaging in money laundering a separate criminal offense, easing the public prosecutor’s burden of proof regarding the criminal origins of proceeds. Under the law, the public prosecutor needs only to prove that the proceeds "apparently" originated from a crime; self-laundering is also covered. In two cases in 2004 and 2005, the Dutch Supreme Court confirmed the wide application of the money laundering offenses by stating that the public prosecutor does not need to prove the exact origin of laundered proceeds and that the general criminal origin as well as the knowledge of the perpetrator may be deducted from objective circumstances.

The Netherlands has comprehensive Anti Money Laundering (AML) legislation. The Services Identification Act and the Disclosure Act set forth identification and reporting requirements. All financial institutions in the Netherlands, including banks, bureaux de change, casinos, life insurance companies, securities firms, stock brokers, and credit card companies, are required to report cash transactions over 15,000 Euros, as well as any less substantial transaction that appears unusual ( a broader standard than "suspicious" transactions) to the Office for Disclosure of Unusual Transactions (MOT), the Netherlands’ Financial Intelligence Unit (FIU). In December 2001, the reporting requirements were expanded to include trust companies, financing companies, and commercial dealers of high-value goods. In June 2003, notaries, lawyers, real estate agents/intermediaries, accountants, business economic consultants, independent legal advisers, trust companies and other providers of trust related services, and tax advisors were added. Reporting entities that fail to file reports with the MOT may be fined 11,250 Euros, or be imprisoned for up to two years. Under the Services Identification Act, all those that are subject to reporting obligations must identify their clients, including the identity of ultimate beneficial owners, either at the time of the transaction or prior to the transaction, before providing financial services.

The Economy of the Netherlands

The Netherlands has a prosperous and open economy, which depends heavily on foreign trade. The economy is noted for stable industrial relations, fairly low unemployment and inflation, a sizable current account surplus, and an important role as a European transportation hub. Industrial activity is predominantly in food processing, chemicals, petroleum refining, and electrical machinery.

The Netherlands is the 16th largest economy of the world.

Banking in the Netherlands

The Central Bank of the Netherlands is the central bank, it is part of the European System of Central Banks, and one of the regulators of the financial sector in the Netherlands. The other regulatory body is the Netherlands Authority for the Financial Markets.

Currency of the Netherlands

The currency in the Netherlands 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 its 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 19999. In the beginning, participating countries had to combat 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 Statistic of the Netherlands

Time Zone: UTC+1 (6 hours ahead of Washington, DC during Standard Time) Daylight SavingTime: +1hr, begins last Sunday in March; ends last Sunday in October.

Location: Western Europe, bordering the North Sea, between Belgium and Germany.

Population: 16,967,933 (June 2015 est.)

Labor Force: Approximately 3% work in agriculture, 21% in industry and 76% in services industries. The unemployment rate is 3.2%.

Languages Spoken: Dutch (official), Frisian (official).

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


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

Anti Money Laundering (AML) in Jordan



Anti Money Laundering (AML) By Country: Jordan

Anti Money Laundering (AML) in Jordan

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Money laundering in Jordan is not considered a major problem. Nevertheless, Jordan has enacted a comprehensive Anti Money Laundering (AML) system.

An October 8, 2001 revision to the Jordan Penal Code criminalized terrorist activities, specifically including financing of terrorist organizations. Jordan reports that it has checked for assets of the suspected terrorists and terrorist organizations listed on the UNSCR 1267 Sanctions Committee’s consolidated list, although no such assets have been identified to date. In December 2004, the United States and Jordan signed an agreement regarding Mutual Assistance between their Customs Administrations that provides for mutual assistance with respect to customs offenses and the sharing and disposition of forfeited assets.

In 2006, The Central Bank of Jordan issued Regulations on Anti Money Laundering (AML) and Terrorism Financing which defines the necessary steps banks must take to ensure that money laundering efforts are prevented and all suspicious activity is properly reported.

In 2007, Jordan's Anti Money Laundering Law (No 46) was passed establishing the Anti Money Laundering Unit (AMLU), which is housed in the central bank and under the supervision of the National Committee for Combating Money Laundering. The AMLU serves as Jordan's FIU.

AML Training in Jordan

Jordan’s Regulations on Anti Money Laundering and Terrorism Financing requires financial institutions to establish systems that are guaranteed to examine the internal control and supervision systems to ensure AML effectiveness. Financial institutions in Jordan must establish ongoing AML programs and are required to keep full records of training programs for a minimum of five years.

The Economy of Jordan

Jordan's exports have significantly increased under the free trade accord with the US and Jordanian Qualifying Industrial Zones (QIZ), which allow Jordan to export goods duty- free to the US. In 2006, Jordan reduced its debt-to-GDP ratio significantly. These measures have helped improve productivity and have made Jordan more attractive for foreign investors.

Before the Iraq war, Jordan imported most of its oil from Iraq. Since 2003, however, Jordan has been more dependent on oil from other Gulf nations. The government ended subsidies for petroleum and other consumer goods in 2008 in an effort to control the budget. The main challenges facing Jordan are reducing dependence on foreign grants, reducing the budget deficit, attracting investments, and creating jobs.

Banking In Jordan

The Central Bank of Jordan serves as the banking regulator in Jordan, as well as the issuer of currency.

Jordanian Currency

The currency is Jordan is the Jordanian Dinar. Prior to 1965, the currency was the Palestinian Pound.

Banknotes are currently issued by the Central Bank of Jordan in 1, 5, 10, 20, and 50 Dinar. Coins are issued in piatres and qirsh in both English and Arabic coins.

Other Key Statistics of Jordan

Time Zone: UTC+2 (7 hours ahead of Washington, DC during Standard Time) Daylight Saving Time: +1hr, begins last Thursday in March; ends last Friday in September .

Location: Middle East, northwest of Saudi Arabia.

Population: 6,798,324 (June 2015 est.)

Labor Force: Approximately 5% work in agriculture, 12.5% in industry and 82.5% in services industries. The unemployment rate is 13.5%.

Languages Spoken: Arabic (official), English widely understood among upper and middle classes.

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


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