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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 China



Anti Money Laundering (AML) By Country: China

Anti-Money Laundering (AML) in China

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Money laundering in China is a significant problem. China must maintain its robust Anti-Money Laundering (AML) system to protect against the growing threat of financial crimes faced by the new economy.

Within mainland China, it is estimated that approximately 200 billion yuan is lost due to money laundering each year. Money laundering remains a major concern as China restructures its economy. Opportunities for criminals increase significantly as the economy becomes more sophisticated and globally connected. To date, most money laundering cases that have been investigated involve funds obtained from corruption and bribery, narcotics trafficking, smuggling, alien smuggling, counterfeiting, fraud, and other financial crimes. Additionally, proceeds of tax evasion, recycled through offshore companies, often return to China disguised as foreign investment, and, as such, receive tax benefits, acting as another source of laundered funds.

Since 2006, China has taken steps to enhance its AML regime. After conducting studies on how to strengthen the system, the People’s Bank of China (PBC) and the State Administration of Foreign Exchange (SAFE) developed a series of AML regulatory measures for financial institutions. The resulting legislation are the Rules for AML by Financial Institutions which took effect on January 1, 2007. The aim of this legislation is to prevent money laundering, standardize AML regulatory activities and AML activities of financial institutions, and to safeguard the financial industry.

In 2012, the Central Bank issued “Financial Institutions to Enhance Customer Classification and Risk Ranking Model for AML/CTF Purpose” that requires financial institutions to add money laundering risk scoring to each of their customers. Then in 2014, the Chinese government issued the "Measures on the Administration of Freezing Assets Related to Terrorist Financing."

The People's Bank of China (PBC) is the nation's main enforcement body, carrying out on-site inspections and applying fines if violations are found. Within the PBOC can be found China's Anti-Money Laundering Monitoring and Analysis Centre (AML MAC) and the Anti-Money Laundering Bureau. The industry regulatory body for banking is the China Banking Regulatory Commission (CBRC).

AML Training in China

The Rules for Anti-Money Laundering by Financial Institutions requires all financial institutions located in China to implement training programs to combat illicit transactions from being conducted within the country.

The Economy of China

In the last several decades, the economy in China has moved towards a more market-orientated economy, opening itself to more international trade; in 2010, China became the world's largest exporter. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, in 2014 China was deemed the largest economy in the world. Even so, per capita income is below the world average.

Banking in China

The financial landscape in China is largely government-owned, with the “Big Five” banks as the main banking institutions in the country:

All of the banks within China, however, are supervised by the PBC. Together, with the help of the CBRC, the PBC is able to create new laws and regulations with which banks must comply.

In the last few decades, the Chinese economy has experienced astonishing growth, making it one of the world’s largest economies and manufacturing centers. In November 2006, the CBRC promulgated the Regulations of the People's Republic of China on the Administration of Foreign-funded Banks, paving the way for foreign banks to enter the Chinese market, but putting in place restrictions on business scope and capital requirements that foreign-funded banks must first fulfill. By the end of 2007, more than 20 foreign banks had received permission to operate on the Chinese mainland with corporate status. Even so, the government screens foreign investment and still tightly controls the financial system.

Foreign financial institutions that have a presence in China are required to follow the same AML obligations as their domestic counterparts in the fight against money laundering crimes. Foreign banks are required to report large and suspicious transactions, and maintain records on clients and transactions.

Chinese Currency

The Yuan Renminbi (often abbreviated as RMB or CNY) is the currency of the People’s Republic of China (PRC), whose principle unit is the Yuan. The majority of Chinese paper currency features the image of Mao Zedong, former leader of the Communist Party of China. There are currently five series of CNY in circulation. The fifth series is the most current.

Other Key Statistics of China

Time Zone: Despite China being a vast country geographically spanning several time zones, the entire country uses a single Standard Time (GMT+8).

Location: Eastern Asia bordering the East China Sea, Korea Bay, Yellow Sea, and South China Sea, between North Korea and Vietnam (Geographic coordinates for China are 35 00 N, 105 00 E.)

Population: 1,355,692,576 (July 2014 est.)

Labor Force: Approximately 33.6% work in agriculture, 30.3% in industry, and 36.1% in services (2012 est.). The unemployment rate (in urban areas) is 4.1%, but there is substantial unemployment and underemployment in rural areas.

Languages Spoken: Standard Chinese or Mandarin (Putonghua, based on the Beijing dialect), Yue (Cantonese), Wu (Shanghainese), Minbei (Fuzhou), Minnan (Hokkien-Taiwanese), Xiang, Gan, Hakka dialects, and minority languages.

Trade Organizations: China is a member of the World Trade Organization (WTO) and the Asia-Pacific Economic Cooperation (APEC).


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

Anti Money Laundering (AML) in Kuwait



Anti Money Laundering (AML) By Country: Kuwait

Anti-Money Laundering (AML) in Kuwait

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Money laundering in Kuwait is not a widespread problem. Nevertheless, Kuwait has made significant efforts to maintain a strong Anti-Money Laundering (AML) system.

On March 10, 2002, the Emir of Kuwait signed Law No. 35 criminalizing money laundering. Additionally, the law prohibits financial institutions from keeping or opening any anonymous accounts or accounts in fictitious or symbolic names. The law also requires banks to verify the identity of regular and occasional clients, maintain all records of transactions and customer identification information for a minimum of five years, conduct training and establish internal control systems, and report any suspicious transactions.

On June 23, 2003, the Central Bank of Kuwait (CBK) issued Resolution No. 1/191/2003, establishing the Kuwaiti Financial Inquiries Unit (KFIU) whose responsibilities include receiving and analyzing reports of suspected money laundering, establishing a database of suspicious transactions, conducting anti-money laundering training, and carrying out domestic and international exchanges of information. The KFIU works in conjunction with the Office of the Public Prosecutor (OPP) to process and exchange information about suspicious money laundering activity.

Law No. 24/2012 established the Anti-Corruption Authority that looks after all AML-related activities for Kuwait as a whole. In May 2013, Law No. 105/2013 came into effect, replacing Law No. 35/2002 and updating the law to reflect all recent developments in the world of AML, including coverage of international treaties regarding terrorist funding and related activities.

AML Training in Kuwait

The Instructions Issued By The Central Bank of Kuwait Regarding Money Laundering require institutions to develop internal policies and training programs for AML operations and for handling suspicious transactions. Training should be up-to-date with the latest developments and must evaluate employees' understanding of policies and procedures.

The Economy of Kuwait

Over the past several years, Kuwait's economy has improved due to better management of government spending, business freedom, monetary freedom, and labor freedom that offset declines in property rights, freedom from corruption, and trade freedom. Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 102 billion barrels - more than 6% of world reserves. Kuwait has a GDP (PPP) of $283.9 billion USD (2014 est.), and as of 2015 is ranked 7th out of 15 countries int he Middle East/North Africa region.

Banking In Kuwait

The five largest banks in Kuwait are:

The first bank in Kuwait was established in 1941 by British investors. Subsequent laws prohibited foreign banks from conducting business in the country. When the British bank's concession ended in 1971, the government bought 51 percent ownership. In 1952 another bank, the National Bank of Kuwait, the largest commercial bank, was founded. The establishment of several other banks, all under Kuwaiti ownership, followed. Some specialized financial institutions also emerged: the Credit and Savings Bank, established in 1965 by the government to channel funds into domestic projects in industry, agriculture, and housing; the Industrial Bank of Kuwait, established in 1974 to fill the gap in medium- and long-term industrial financing; and the private Real Estate Bank of Kuwait. By the 1980s, Kuwait's banks were among the region's largest and most active financial institutions.

Kuwaiti Currency

In 1960 the Indian Rupee was replaced by the Kuwaiti Dinar, which continues to be the currency in Kuwait. Since 1960, five series of Dinar have been issued. It is divided into units of 1000 fils. The Kuwaiti Dinar is one of the highest valued currencies in the world.

Other Key Statistics of Kuwait

Time Zone: UTC/GMT +3 hours.

Location: Middle East, bordering the Persian Gulf, between Iraq and Saudi Arabia (Geographic coordinates for Kuwait are 29 30 N, 45 45 E.)

Population: 3,996,899 (2014 est.)

Labor Force: 2.397 million (non-Kuwaitis represent about 60% of the labor force (2014 est.))

Unemployment Rate: 3% (2014 est.)

Languages Spoken: Arabic (official), English is widely spoken.


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

Anti Money Laundering (AML) in Oman



Anti Money Laundering (AML) By Country: Oman

Anti-Money Laundering (AML) in Oman

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Money laundering in Oman is not a significant problem, as it is not a regional or offshore financial center. Despite this, Oman has shown a continued effort to strengthen its Anti-Money Laundering (AML) regime.

In March 2002, Royal Decree No. 34/2002 was issued, enacting the Law of Money Laundering. The new law improved existing money laundering regulations by detailing bank responsibilities, widening the definition of money laundering to include funds obtained through any criminal means, and providing for the seizure of assets and other penalties.

The Royal Oman Police (ROP), in coordination with the Central Bank of Oman (CBO), is responsible for investigating money laundering activities. Banks are required to appropriately identify their customers and report all suspicious transactions. Compliance personnel are now present in all banks.

Overall, the Government of Oman maintains a strong and effective regulatory regime with respect to its formal financial institutions.

In 2010, the Central Bank of Oman issued the Law of Combating Money Laundering and Terrorism Financing. This latest step toward money laundering prevention is meant to unify the country's AML legislation while increasing its effectiveness.

AML Training in Oman

The Law of Money Laundering, enacted by royal decree in 2002, requires financial institutions in Oman to create and implement training programs to combat money laundering and other illicit financial activities in the country.

The Economy of Oman

Oman has a middle-income economy that is heavily dependent on dwindling oil resources, which generates 77% of government revenue. Oman's GDP (PPP) is $163.6 billion (2014 est.) and is ranked 6th out of 15 countries in the Middle East/North Africa Region as of 2015. Even so, increases in social welfare benefits, particularly since the Arab Spring, have challenged the government's ability to effectively balance its budget as oil prices decline. 

Banking in Oman

Established in 1974, the Central Bank of Oman (CBO) is responsible for maintaining the internal and external value of the national currency and is also the single integrated regulator of Oman's financial services industry.

The CBO aims to provide monetary and financial stability and promote a sound and progressive financial sector to achieve continued economic growth for the benefit of Oman.

The CBO issues the national currency, supervises its circulation, preserves its value, and manages foreign assets. In addition to its many other duties, the Central Bank also acts as the advisor to the government in economic and financial matters.

Omani Currency

The currency of Oman is the Omani Rial (OMR). The rial is divided into 1,000 baisa. Banknotes are available in denominations of ½, 1, 5, 10, 20 and 50 rials and in 100 and 200 baisa. Coins are available in 5, 10, 25, 50, 100 baisa, ¼, ½ rial denominations.

Other Key Statistics of Oman

Time Zone: UTC+4 (9 hours ahead of Washington, DC during Standard Time).

Location: Middle East, bordering the Arabian Sea, Gulf of Oman, and Persian Gulf, between Yemen and UAE.

Population: 3, 219, 775 (July 2014 est.)

Labor Force: 968,800 (2007 est.).

Languages Spoken: Arabic is the official language. English, Baluchi, Urdu and Indian dialects are also spoken.

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


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

Anti Money Laundering (AML) in Turkey



Anti Money Laundering (AML) By Country: Turkey

Anti-Money Laundering (AML) in Turkey

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Money laundering in Turkey is an ongoing problem, mainly because the country is extremely vulnerable to drug trafficking. In order to strengthen its Anti-Money Laundering (AML) system, Turkey has recently added several new pieces of legislation to its AML regime.

Money laundering in Turkey takes place in both banks and non-bank financial institutions. Money laundering methods in Turkey include: the cross-border smuggling of currency; bank transfers into and out of the country; and the purchase of high value items such as real estate, gold, and luxury automobiles. It is believed that Turkish-based traffickers transfer money to pay narcotics suppliers in Pakistan and Afghanistan, reportedly through alternative remittance systems. The funds are transferred to accounts in the United Arab Emirates, Pakistan, and other Middle Eastern countries. The money is then paid to the Pakistani and Afghan traffickers.

Turkey first criminalized money laundering in 1996 with the Law on preventing Money Laundering (No. 4208). The law included a wide range of predicate offenses, including narcotics-related crimes, smuggling of arms and antiquities, terrorism, counterfeiting, and trafficking in human organs and in persons. Under the law, whoever commits a money laundering offense faces a sentence of two to five years in prison, and is subject to a fine of double the amount of the money laundered and asset forfeiture provisions.

The Council of Ministers subsequently passed a set of regulations that require the filing of Suspicious Transaction Reports (STRs), customer identification, and the maintenance of transaction records for five years. These regulations apply to banks and a wide range of non-bank financial institutions, including insurance firms and jewelry dealers.

In 2004, the Government of Turkey (GOT) enacted additional AML legislation, a new criminal law, and a new criminal procedures law. The new Criminal Law, which took effect in June 2005, broadly defines money laundering to include all predicate offenses punishable by one year’s imprisonment. Previously, Turkey’s AML law comprised a list of specific predicate offenses. A new Criminal Procedures Law also came into effect in June 2005.

The AML legal framework established by Law No. 4208 was updated and strengthened by the passing of the Prevention of Laundering the Proceeds of Crime (No. 5549) in October 2006. In February 2013, the Government of Turkey enacted the Law on the Prevention of the Financing of Terrorism (No. 6415) which further defined terrorist financing offenses and provided new powers to the authorities to take action against suspected terrorist financing.

AML regulations have also been issued to supplement the provisions of these laws in the past few years. The central authority for reporting in Turkey is Mali Suclari Arastirma Kurulu (MASAK), the Turkish Financial Crimes Investigation Board, which is a service unit instituted within the Ministry of Finance.

The Economy of Turkey

Turkey's dynamic economy is a complex mix of modern industry and commerce along with a traditional agriculture sector that still accounts for about 25% of employment. It has a strong and rapidly growing private sector, yet the state still plays a major role in basic industry, banking, transport, and communication.

After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth averaging more than 6% annually until 2008. Today Turkey has a GDP (PPP) of $1.512 trillion (2014 est.).

Banking in Turkey

The Central Bank of the Republic of Turkey was founded as a joint stock company with the exclusive right to issue banknotes in the nation.

The Central Bank sets rediscount ratios to regulate money markets, facilitates and executes Treasury operations, and takes measure along with the government to promote the value of the Turkish Lira.

The Banking Regulation and Supervision Agency (BRSA) is the banking regulator in Turkey.

Turkish Currency

The Turkish Lira is the currency of Turkey and the Turkish Republic of Northern Cyprus. The symbol is TRY or Kr (kuruş). Its nicknames include Kağıt, Mangır, and Papel.

Coins are printed in denominations of 1, 5, 10, 25, and 50. Banknotes are printed in denominations of 5, 10, 20, 50, 100, and 200.

Other Key Statistic of Turkey

Time Zone: UTC+2 (7 hours ahead of Washington, DC during Standard Time). Daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October.

Location: Southeastern Europe and Southwestern Asia (that portion of Turkey west of the Bosporus is geographically part of Europe), bordering the Black Sea, between Bulgaria and Georgia, and bordering the Aegean Sea and the Mediterranean Sea, between Greece and Syria.

Population: 81,619,392 (July 2014 est.)

Labor Force: 27.56 million (2014 est.). Approximately 25.5% work in agriculture, 26.2% in industry and 48.4% in services industries. The unemployment rate is 9.4%.

Languages Spoken: Turkish (official), Kurdish, Dimli (or Zaza), Azeri, Kabardian note: there is also a substantial Gagauz population in the European part of Turkey.

Trade Organizations: Turkey is a member of the World Trade Organization (WTO) and of the Egmont Group.


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