•The Bank Secrecy and USA PATRIOT Acts
o Know Your Customer (KYC)
o Currency Transaction Reports (CTRs)
o Suspicious Activity Reports (SARs)
o Customer Due Diligence
• Steps are specifically required by the regulations
• Analytic engines
• AML and Fraud overlaps
• Adaptation by perpetrators
• False Positive Problem
• The New Customer Due Diligence requirements
o Three covered entity types
1. Customer legal entity
2. Beneficial owners
3. Controling persons
4. Exclusions
o New Requirements
1. Risk profiles
2. Updating
3. Baseline/normal transactions
4. Transaction monitoring
• Money Laundering Strategies and Techniques