Money Laundering: A Banker’s Guide to Avoiding Problems

by Office of the Comptroller of the Currency

Over 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 Act1 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.

36 pages, Paperback

Published December 31, 2002