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Risk Review Report on Anti Money Laundering by Alea Consulting | ||||||||||||||
New Delhi, Delhi, India Anti-Money Laundering (AML) refers to a set of rules, policies, procedures and regulations implemented to mitigate the risks of money laundering and terrorism financing. The implications of non-compliance with AML regulations are far reaching. For example, when a bank needs to provide creditor allow a customer to open a bank account, it is compulsory for the customer to complete its AML procedures. The onus of conducting the AML checks is on the bank and not on the customer or the Government.
AML procedures act as a safeguard against the risks associated with money laundering, including supporting crime and corruption, undermining the legitimate private sector, weakening financial institutions, and causing reputational, operational, legal and concentration risks. Globally, AML regulations and policies are framed and monitored by the Financial Action Task Force (FATF), United Nations Office of Drugs and Crime (UNODC) and the Wolfsberg Group.
According to the Association of Certified Fraud Examiners, a typical organization loses ~5% of its annual revenues to fraud. This enhances the need for a robust AML framework at both global and regional levels, which would focus on verifying the identity of customers, vendors and employees.
Key Statistics
AML Framework in India Policies and Compliance
Regulatory bodies
Steps taken by the Government under PMLA
Recent Developments / Proposed Changes
About Alea Alea is a global risk mitigation and investigative consulting firm, which helps organizations reduce reputation and operational concerns. The firm has conducted significant assignments for international organizations and industries, including insurance, banking, financial services, telecom, manufacturing, pharmaceutical, mining, real estate, retail, EPC, renewable energy, hotels, education, logistics, healthcareand diagnostics, power, and infrastructure.
Alea’s risk mitigation services include: senior employee background checks, KYC/AML checks, corporate intelligence, asset searches, intellectual property protection, crisis management response, insurance & fraud investigations, litigation support and due diligence of business partners. |
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