https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o Discussion on Anti-Money Laundering en-us 2021-05-03 02:26:06 UTC 2025-12-31 00:09:46 UTC hello@padlet.com shang_ong1 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1483596495 - What issues does it address?
- Give some examples of these issues.

p.s. Do not delete this.]]> 2021-05-03 02:27:46 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1483596495 shang_ong1 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1483599512 If you are working in a bank, what would you do if you are asked to report a money laundering incident?
- what document will you chose to send?
- whom should this document be sent to, once it is completed?
- what information would you put in the document?

In your opinion, is this document easy to do?

p.s. Do not delete this.]]> 2021-05-03 02:29:25 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1483599512 shang_ong1 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1483619801 p.s. Do not delete this.]]> 2021-05-03 02:39:57 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1483619801 shang_ong1 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1483625206 If you are working in a bank, what would you do if you are asked to give some suggestions for AML activities?
- what are AML activities?
- please give an example of an AML activity which Banks can implement
- List some example of RegTechs solutions for it.]]> 2021-05-03 02:42:37 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1483625206 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1483875664 Click the "+" to add a post and write most of your answers in the .]]> 2021-05-03 05:18:07 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1483875664 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487812188 - anti money laundering policies and procedures help financial institutions combat money laundering by stopping criminals from engaging in transactions to disguise the origins of funds connected to illegal activity.
- examples of money laundering: drug trafficking (cash-intensive business), embezzlement and investments]]> 2021-05-04 01:29:13 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487812188 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487812270 >AML is important because money laundering threatens financial and economic system of many country. We should never take it easy on money laundering as one of the consequences is financial crisis. A financial crisis can cause much harm to the community because they rely on financial institutions for their daily basis. Losing their savings, investments, pension etc could be enough for them to give up on their life.
>Some example of what AML are against is trading illegal goods, evading tax, manipulating markets, and laundering ill-gotten funds.]]> 2021-05-04 01:29:15 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487812270 200277761 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487812358 -Money laundering has been devastating economic, security and social consequences.
-The intention of Anti-money laundering(AML) is to prevent criminals from disguising illegally obtained funds as legitimate income.]]> 2021-05-04 01:29:17 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487812358 20023609 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487812783 AML is a set of rules to prevent money laundering. 
with AML, straits time reported that there were fewer suspicious transaction reports and better quality of financial data reported in the suspicious transaction report. so it shows that AML can help to reduce crime rates regarding money 

]]> 2021-05-04 01:29:28 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487812783 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487813410 - The act has many negative consequences. Over the years, technology has improved which makes things easier for those criminals to conduct the act. 
- Learning AML helps to combat the issue of Money Laundering and stop criminals from conducting such transactions.]]> 2021-05-04 01:29:45 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487813410 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487813731 AML require financial institutions to monitor customers' transactions and report on suspicious financial activity. So, these procedures protect society by helping to generate societies where crime is less prevalent and where financial inclusion is facilitated by accurate and reliable KYC processes.

]]> 2021-05-04 01:29:52 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487813731 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487814675 it is important to learn because the money laundering is to hide the true source of their money that came from crime. 
For example, selling criminal selling drug and then bring the cash to the casino and play awhile and kind of launder the cash from black to white in the casino.  
The reason why it is important to deter money laundering is because we want to prevent such money to be in the economy allowing criminal to be extremely rich. ]]> 2021-05-04 01:30:14 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487814675 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487815298 it regulates financial institution to monitor customers' transactions to prevent someone get illegal money. One of the issues is 1MDB. -yunqian ]]> 2021-05-04 01:30:30 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487815298 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487815606 Anti money laundering policies and procedures helps financial institutions to combat money laundering. ]]> 2021-05-04 01:30:38 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487815606 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487815915 Anti Money Laundering (AML) seeks to deter criminals by making it harder for them to hide ill-gotten money.  It prevents criminals from disguising illegally obtained funds as legitimate income.]]> 2021-05-04 01:30:45 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487815915 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487817054 -------- Yn
- It helps FI to combat money laundering by stopping criminals from engaging  illegal transaction
- It serves as a gatekeeper against any general fraudulent activity]]> 2021-05-04 01:31:11 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487817054 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487817916 2021-05-04 01:31:34 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487817916 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487817985 As it assists financial institutions in the fight against money laundering by preventing suspects from using transfers to hide the source of funds linked to illicit activity.]]> 2021-05-04 01:31:35 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487817985 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487819537 AML addresses the problem of money laundering, which is a financial crime. Money laundering includes obtaining money from a dishonest source and attempting to introduce it into the economy as legitimate money.]]> 2021-05-04 01:32:16 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487819537 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487819642 - prevent criminals from disguising illegally obtained funds as legitimate income. 
- some examples of these are illegal gambling, bootlegging, brothels, extortions.]]> 2021-05-04 01:32:19 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487819642 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487820291 When criminal funds are derived from robbery, extortion, embezzlement or fraud, a money laundering investigation is frequently the only way to locate the stolen funds and restore them to the victims. ]]> 2021-05-04 01:32:34 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487820291 200167081 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487820340 It helps financial institutions combat money laundering by stopping criminals from engaging in transactions to disguise the origins of funds connected to illegal activity and protects the integrity and confidentiality of bank accounts.]]> 2021-05-04 01:32:35 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487820340 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487821211 Anti-money-laundering policies and procedures exist to help financial institutions combat money laundering by stopping criminals from engaging in transactions to disguise the origins of funds connected to illegal activity.]]> 2021-05-04 01:32:59 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487821211 200277761 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487828089 The report will be used by local authorities to launch an investigation on the suspicious funds.]]> 2021-05-04 01:35:57 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487828089 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487829286 AML activities are measures taken by the bank as AML law implementation. 
- Report to FIU
- Risk Assessment
- Procedures
- Training
- Customer due diligence (CDD)
- Risk classification
- Monitoring
An example of AML activity is Monitoring. Banks need to monitor their customers' transactions to detect any suspicious activity. A RegTech solution is using AI to monitor the transactions, as it is more efficient and easier instead of assigning the task to a human teller.]]> 2021-05-04 01:36:26 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487829286 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487829439 The report will be shared to the local law enforcement authorities for investigations.

]]> 2021-05-04 01:36:31 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487829439 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487830068  ]]> 2021-05-04 01:36:48 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487830068 20023609 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487830394 - the first thing we should do is to write a transaction report to report on the incident by reporting it the bank would not be prosecuted for money laundering 
- this document should be send to suspicious transaction officer for them to investigate 
-the document should include the identification details of the bank and the details of suspicious transaction. 
-this is not easy to do because for the details about the suspicious transaction, we need to include the amount of clients that was affected and this is quite hard to find out. ]]> 2021-05-04 01:36:58 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487830394 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487831747 - AML regulations require financial institutions to monitor customers' transactions and report on suspicious financial activity.
- It prevents criminals from disguising illegally obtained funds as legitimate income.
- E.g. Illegal gambling]]> 2021-05-04 01:37:34 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487831747 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487833046 - i would send the reporting of suspicious transactions like withdrawing of large amount of cash or transferring large amount over to another bank account
- the documents should be send to the Suspicious Transaction Reporting Office (STRO) 
- the bank transactions, people involved, time of incident and the reasons of suspecting money laundering is ongoing
- i think it is not easy to do this document as we need to find sufficient reasons and evidence of money laundering]]> 2021-05-04 01:38:08 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487833046 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487833198 It is a set of laws, regulations, and procedures intended to prevent criminals from disguising illegal funds as legal funds. It's effects are fewer suspicious transaction reports and better quality of financial data.
Some examples are funds obtained from illegal activities like drug trafficking, bank heist.]]> 2021-05-04 01:38:13 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487833198 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487833867 1.Risk assessment
2.Procedures
3.Training
4.CDD
5.Risk classification
6.Monitoring
7.Report to FIU

One example of an AML activity which banks can implement is 'Monitoring']]> 2021-05-04 01:38:29 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487833867 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487834192 The result of making the result will cause criminal to be found and will enforce law on them due to their illegal act.]]> 2021-05-04 01:38:36 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487834192 200167081 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487835254 - I would send a suspicious transaction report.
- It should be sent to the suspicious transaction reporting office once it is completed.
- Information I would put in the document include the transaction, people involved, time and reasons of suspicions.]]> 2021-05-04 01:39:05 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487835254 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487835691 -Suspicious Transaction Reports(STR)
-Transactions, Persons, Time and Reasons for suspicion.
-The documents would be sent to the Suspicious Transaction Reports Office. ]]> 2021-05-04 01:39:17 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487835691 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487836010 - Suspicious Transaction Reports
- It should be sent to the Suspicious Transaction Report Office (STRO)
- Require information such as: transaction, persons, time, reasons for suspicion
- This document is not easy to do as many information is needed and they will need to monitor very closely for any signs of money laundering]]> 2021-05-04 01:39:25 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487836010 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487838297 - Risk assessment
- Procedures
- Training
- Customer due diligence
- Risk classification
- Monitoring
- Reporting to Fiu

Customer due diligence / Risk assessment / Risk classification

Identify Management & Control 
- To facilitate counterparty due diligence and KYC procedures.

]]> 2021-05-04 01:40:22 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487838297 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487840660 we need to send STR and we need to send this document to STRO. In this document, we need to fill in transaction: person and time, reason for suspicion. -yunqian]]> 2021-05-04 01:41:18 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487840660 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487840960 - If I am working in a bank and is asked to report a money laundering incident, I would write a suspicious transaction report.
-I would choose to send documents of the person's transaction including time and reasons for suspicion. ( identification as well )

-It would send to STRO
-I feel that it is not easy to do the report because many information would be needed. There are also many transaction done by the person and we would have to look through thoroughly . ]]> 2021-05-04 01:41:25 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487840960 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487840991 The document to be submitted to FIU is suspicious transaction reporting which are created when "red flags" are indicated after monitoring on-going customer's transaction.
In my opinion, the document is not that easy to do because there are many transactions that are being made that it would be difficult to detect suspicious activity. Also, misjudgments can easily be made.]]> 2021-05-04 01:41:26 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487840991 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487844674 what document will you chose to send to report on money laundering?
- client's documents to verify their identify

whom should this document be sent to, once it is completed?
- suspicious transaction reporting office

what information would you put in the document?
- nric, passport photo, full name, all bank account numbers, bank transaction history, reason for suspicion etc]]> 2021-05-04 01:42:54 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487844674 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487846068 - Drug Trafficking
- Terrorist funding
- Arms Trafficking
- Embezzlement 

]]> 2021-05-04 01:43:29 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487846068 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487852446 If you are working in a bank, what would you do if you are asked to report a money laundering incident?

i would write a suspicious transaction report (STR)

- what document will you chose to send?

customer's transaction history and when did it happened. 

- whom should this document be sent to, once it is completed?
- what information would you put in the document?

STRO - suspicious transaction reporting officers

In your opinion, is this document easy to do?

no as there is a a lot of information will be needed and it will take a lot of time and is tedious to do such documents]]> 2021-05-04 01:46:17 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487852446 https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487855566 I would report the money laundering if they have weird activities - withdrawal/transferring of large amount of money without any proper explanation of why transaction are made.

The document should be send to suspicious transaction officer(STRO) for them to investigate it.

NRIC, passport photo, full name, all bank account numbers, bank transaction history, reason for suspicion etc.]]> 2021-05-04 01:47:33 UTC https://padlet.com/shang_ong1/wzu9tfdpnwfxs54o/wish/1487855566