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Banks’ management of high money-laundering risk …

Banks management of high money - laundering risk situations How banks deal with high -risk customers (including politically exposed persons), correspondent banking relationships and wire transfersJune 2011 Page 1 Contents 1. Executive Summary Introduction Findings Conclusions 6 2. Introduction Background and objectives Methodology Banks AML legal and regulatory obligations The Wire Transfer Regulations The FSA Handbook 14 3. Findings high risk customers and PEPs AML policies and procedures PEP definition Training and awareness AML policies and procedures examples of good and poor practice Risk assessment Common risk assessment methodology Common weaknesses in risk assessment Risk assessment examples of good practice and poor practice Customer take-on CDD Identification and verification of identity Beneficial owners Identifying PEPs Nature and intended purpose of the business relationship Source of wealth/funds EDD Record-keeping Approval of business relationships Risk appetite, culture and resources Customer take-on examples of good and poor practice Enhanced monitoring of high -risk relationsh

politically exposed persons), correspondent banking relationships and wire transfers June 2011. Page 1 Contents 1. Executive Summary 3 1.1. Introduction 3 1.2. Findings 3 ... guidance, in the form of examples of good and poor practice which, following post-consultation implementation, we will expect firms to take into account. ...

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  High, Management, Guidance, Risks, Money, Laundering, Exposed, Politically, Politically exposed, Management of high money laundering risk

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