money-laundering-2002.pdf

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Money Laundering:
A Banker’s Guide to
Avoiding Problems
Office of the Comptroller of the Currency
Washington, DC
December 2002
This booklet updates and expands upon the Office of the
Comptroller of the Currency’s (OCC’s) prior publication,
Money
Laundering: A Banker’s Guide to Avoiding Problems
(second
edition June 1993). This revision was prompted by the growing
sophistication of money launderers, a growing international
response to money laundering, changes to anti-money laundering
laws, and recent anti-terrorist financing legislation.
This booklet presents basic background information on U.S.
money-laundering laws and international anti-money laundering
efforts. It also discusses actions bankers can take to better identify
and manage risks associated with money laundering and terrorist
financing. It is intended to provide a high-level discussion of
concepts and issues. More detail on the subjects discussed may be
obtained by using the listing of materials and organizations in the
“Where to Get More Information” section.
Introduction
ver the past several years the banking industry, financial
institutions, and the financial services industry have
made significant strides in money laundering detection
and prevention. However, they continue to be vulnerable to
misuse by criminal elements for laundering illegally obtained
profits and funds intended to finance terrorist activities.
Money-laundering methods have become more creative since
the 1989 and 1993 versions of this booklet were published. This
is due to the expansion of products and services offered, more
complicated financial relationships, advances in technology,
and the increased velocity of money flows worldwide. Terrorist
financing, although only one aspect of money laundering, has
become a critical concern following the events of September 11,
2001. The Office of the Comptroller of the Currency requires
regulated institutions to develop and implement effective anti-
money laundering programs that encompass terrorist financing.
This has included record searches against U.S. government lists
of suspected terrorists and terrorist organizations. The USA
PATRIOT Act
1
contains provisions to combat international
terrorism and block terrorist access to the U.S. financial system.
Several international organizations have also issued measures to
curb money laundering and terrorist financing.
O
1
USA PATRIOT Act is the short name for H.R. 3162, entitled “The Uniting
and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism.” Title III of the Act is the International
Money Laundering Abatement and Anti-Terrorist Financing Act of 2001.
2
Introduction
Background
oney laundering is the criminal practice of filtering
ill-gotten gains or “dirty” money through a series of
transactions, so that the funds are “cleaned” to look
like proceeds from legal activities. Money laundering is driven
by criminal activities and conceals the true source, ownership,
or use of funds. The International Monetary Fund has stated
that the aggregate size of money laundering in the world could
be somewhere between 2 and 5 percent of the world’s gross
domestic product.
Money laundering is a diverse and often complex process that
need not involve cash transactions. Money laundering basically
involves three independent steps that can occur simultaneously:
• Placement - placing, through deposits or other means,
unlawful proceeds into the financial system.
• Layering - separating proceeds of criminal activity from
their origin through the use of layers of complex financial
transactions.
• Integration - using additional transactions to create the
appearance of legality through the purchase of assets.
An effective anti-money laundering program will help minimize
exposure to transaction, compliance, and reputation risks. Such
a program should include account opening controls and the
monitoring and reporting of suspicious activity. Identifying
possible terrorist financing may be a more difficult endeavor,
since transactions may originate from legitimate sources and
involve relatively small amounts of money.
M
Background
3
Anti-Money Laundering and Anti-Terrorist
Financing Legislation
Bank Secrecy Act and Related Anti-Money Laundering Laws
he U.S. has imposed many legislative and regulatory
standards to help deter money laundering. The most
significant of these are: the Bank Secrecy Act (Currency
and Foreign Transactions Reporting Act of 1970); the Money
Laundering Control Act of 1986; the Anti-Drug Abuse Act of
1988; Section 2532 of the Crime Control Act of 1990; Section
206 of the Federal Deposit Insurance Corporation Improvement
Act of 1991; the Annunzio-Wylie Anti-Money Laundering Act
(Title XV of the Housing and Community Development Act of
1992); the Money Laundering Suppression Act of 1994 (Title
IV of the Riegle-Neal Community Development and Regulatory
Improvement Act of 1994); the Money Laundering and
Financial Crimes Strategy Act of 1998; and the USA PATRIOT
Act (Title III, International Money Laundering Abatement
and Anti-Terrorist Financing Act of 2001). Following are
descriptions of these legislative measures.
The
Bank Secrecy Act (BSA)
was designed to fight drug
trafficking, money laundering, and other crimes. Congress
enacted the BSA to help prevent banks and other financial
service providers from being used as intermediaries for, or
being used to hide the transfer or deposit of money derived
from, criminal activity. Among other items, the BSA created
an investigative “paper trail” by establishing regulatory
reporting standards and requirements (e.g., the Currency
Transaction Report), and, through a later amendment, established
recordkeeping requirements for wire transfers. The OCC
monitors national bank compliance with the BSA and the
implementing regulations 31 CFR 103.
The
Money Laundering Control Act of 1986
amended the BSA
to enhance its effectiveness and to strengthen the government’s
ability to fight money laundering by making it a federal crime
and by making structuring transactions to avoid BSA reporting
requirements a criminal offense.
T
4
Anti-Money Laundering
The
Anti-Drug Abuse Act of 1988
reinforced and supplemented
anti-money laundering efforts by increasing the levels of
penalties and sanctions for money laundering crimes and
by requiring strict identification and documentation of cash
purchases of certain monetary instruments.
Section 2532 of the Crime Control Act of 1990
enhanced
the federal banking agencies enforcement position by giving
it powers to work with foreign banking authorities on
investigations, examinations, or enforcement actions dealing
with possible bank or currency transaction-related violations.
Section 206 of The Federal Deposit Insurance Corporation
Improvement Act (FDICIA) of 1991
allowed the OCC and
other bank supervisory authorities some latitude in disclosing to
foreign bank regulatory or supervisory authorities information
obtained during its supervisory role. Such disclosure must be
appropriate, not prejudice the interests of the U.S., and must be
subject to appropriate measures of confidentiality.
The
Annunzio-Wylie Anti-Money Laundering Act of 1992
increased penalties for depository institutions found guilty of
money laundering. The act added several significant provisions
to the BSA, including the reporting of suspicious transactions.
The act also made the operation of an illegal money transmitting
business a crime, and required that banking regulatory agencies
formally consider revoking the charter of any depository
institution convicted of money laundering.
The
Money Laundering Suppression Act of 1994
required
regulators to develop enhanced examination procedures and
to increase examiner training to improve the identification of
money laundering schemes in financial institutions.
The
Money Laundering and Financial Crimes Strategy Act
of 1998
required the Secretary of the Treasury, in consultation
with the Attorney General and other relevant agencies, including
state and local agencies, to coordinate and implement a national
strategy to address money laundering.
The
USA PATRIOT Act
evolved as a response by the U.S.
government to combat international terrorism. The act contained
Anti-Money Laundering
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