Anti-Money Laundering & Know Your Customer(English, Paperback, unknown)

Anti-Money Laundering & Know Your Customer provides deep insight into the implementation of the anti-money laundering and Know Your Customer procedures as a means to improving a nation’s financial security and is a book for all banking personnel and aspiring bankers. Summary Of The Book With the advanced technology of today aiding money-laundering to a great extent, it poses a grave threat to the very foundation of an efficient, stabilized and secure financial system of a nation. This is why banks and other financial institutions take efforts from time to time to ensure that anti-social elements do not exploit the existing financial systems to launder money. The KYC or Know Your Customer procedure is one such important step taken by various financial institutions that is aimed at reducing financial risks for banks as a means to securing its financial systems. This text provides exhaustive knowledge to the concerned personnel about the implementation of the AML and KYC systems by financial institutions. In this regard, it not only gives theoretical information, but also focuses on the practical aspects for proper execution. Anti-Money Laundering & Know Your Customer explains in a clear and concise manner the elements needed to build effective AML and KYC systems according to international guidelines. In addition, the book suggests a model system and offers deep insights into the methodology, laws, working rules and principles of the implementation of the AML and KYC systems. The book has also proposed a few techniques to supervise transactions, screen records and transfer money as a means to reducing and eliminating laundering of money. Anti-Money Laundering & Know Your Customer also contains a special Guidance Notes section for banks as a guideline, to successfully put into operation the AML and KYC systems, as specified by the Indian Banks’ Association. Published in 2010 by MacMillan India, Anti-Money Laundering & Know Your Customer is a book for not only bankers and banking aspirants, but also for policymakers and academicians who are interested in bettering their understanding of the AML and KYC procedures as a means to securing a nation’s financial system.