Financial Crime World

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Comprehensive Resource Guide: Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT)

This guide provides a comprehensive overview of resources related to anti-money laundering (AML) and combating the financing of terrorism (CFT). It covers various topics, including regulatory bodies, international organizations, national strategies, and reporting mechanisms.

Regulatory Bodies

Financial Crimes Enforcement Network (FinCEN)

  • FinCEN administers the Bank Secrecy Act (BSA) and serves as the U.S. Financial Intelligence Unit.
  • It has authority to issue BSA regulations, examine financial institutions for compliance, and pursue enforcement actions for AML/CFT related violations.

Office of Foreign Assets Control (OFAC)

  • OFAC administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals.

Financial Action Task Force (FATF)

  • FATF is an inter-governmental body that develops standards and promotes effective implementation of legal, regulatory, and operational measures for combating money laundering, terrorist financing, and other related threats to the integrity of the international financial system.

Basel Committee on Banking Supervision (BCBS)

  • BCBS provides a forum for regular cooperation on banking supervisory matters, including AML/CFT risk management and supervision issues in the banking sector.

National Strategies and Risk Assessments

The U.S. has national strategies and risk assessments for combating terrorist and other illicit financing, money laundering, terrorist financing, and proliferation financing.

Reporting Terrorist Activity

Banking organizations are asked to voluntarily report suspicious transactions related to terrorist activity to law enforcement.

International Organizations and Websites

Some of the international organizations and websites listed in this resource include:

  • Financial Action Task Force (FATF)
  • Basel Committee on Banking Supervision (BCBS)
  • International Monetary Fund (IMF)

Videos/Webcasts/Teleconferences

This resource also provides information on informational videos and recordings of archived webcasts and teleconferences.

Overall, this comprehensive guide serves as a valuable resource for those interested in learning about AML/CFT regulations, policies, and best practices.