CAMS STUDY GUIDE
Chapter Content 26%
1 Risks and Methods of Money Laundering and Terrorist Financing
25%
2 International AML/CFT Standards
28%
3 AML/CFT Compliance Programs
21%
4 Conducting and Responding to investigation
M A Islam, CDCS, CSDG, CAMS Compliance Route
CAMS STUDY GUIDE
2 International AML/CFT Standards
Financial Action Task Force
Basel Committee on Banking Supervision
European Union Directives on Money Laundering
FATF-Style Regional Bodies
Egmont Group of Financial Intelligence Units
Wolfsberg Group
World Bank and IMF
USA PATRIOT Act
Office of Foreign Assets Control
M A Islam, CDCS, CSDG, CAMS Compliance Route
International AML/CFT Standards
Financial Action Task Force
What is It?
Intergovernmental body with 35 member countries and 2
international organizations
Sets money laundering and terrorist financing standards
Important Documents
40 Recommendations on ML and TF (Last updated
February 2012)
M A Islam, CDCS, CSDG, CAMS Compliance Route
International AML/CFT Standards
Basel Committee on Banking Supervision
What is It?
Established by the central bank governors of the G-10
Promotes sound supervisory standards worldwide
Important Documents
Customer Due Diligence for Banks Paper (2001)
General Guide to Account Opening and Customer
Identification (2003, updated 2016)
Consolidated KYC Risk Management Paper (2004, updated
2016)
M A Islam, CDCS, CSDG, CAMS Compliance Route
International AML/CFT Standards
European Union
What is It?
A politico-economic union of 28 member states that are located
primarily in Europe
Issues AML/CFT directives regarding legislation that member
states must issue to prevent their domestic financial systems
being used for money laundering and terrorist financing
Important Documents
1st EU Directive (1991)
2nd EU Directive (2001)
3rd EU Directive (2005)
4th EU Directive (2015)
5th EU Directive (2018)
M A Islam, CDCS, CSDG, CAMS Compliance Route
International AML/CFT Standards
Wolfsberg Group
What is It?
Association of 13 global banks
Aims to develop standards on money laundering controls
for banks
Important Documents
AML Principles for Private Banking (2012)
The Suppression of the TF Guidelines (2002)
AML Principles for Correspondent Banking (2014)
M A Islam, CDCS, CSDG, CAMS Compliance Route
The Wolfsberg Group is an association of 13 global banks
Banco Santander Goldman Sachs
Bank of Tokyo-Mitsubishi
HSBC
Bank of America
J.P. Morgan Chase
Barclays
SCB
Citigroup
Société Générale
Credit Suisse
Deutsche Bank UBS
M A Islam, CDCS, CSDG, CAMS Compliance Route
International AML/CFT Standards
Egmont Group
What is It?
Informal networking group of financial intelligence units
international organizations Sets money laundering and
terrorist financing standards
Important Documents
Statement of Purpose (last updated 2004)
Principles for Information Exchange Between FIU for ML
Cases (2001)
Best Practices for the Exchange of Information Between
FIU (2004)
M A Islam, CDCS, CSDG, CAMS Compliance Route
International AML/CFT Standards
World Bank
International Monetary Fund
What is It?
These organizations work together and in conjunction
with FATF to encourage countries to have adequate
AML laws and to review AML laws and procedures of
FATF member countries .
Important Documents
Reference Guide to Anti-Money Laundering and
Combating the Financing of Terrorism: A Manual for
Countries to Establish and Improve Their Institutional
Framework 2002 (revised 2007)
M A Islam, CDCS, CSDG, CAMS Compliance Route
Regional AML/CFT Standards
What is It?
FATF-style regional bodies that have similar form and
functions to those of FATF
Provide input to FATF on standards and typologies
Important Documents
Typologies, etc
M A Islam, CDCS, CSDG, CAMS Compliance Route
Key US Legislative and Regulatory Initiatives
Applied to Transactions Internationally :
USA PATRIOT Act
Office of Foreign Assets Control
M A Islam, CDCS, CSDG, CAMS Compliance Route
Title III : International Money Laundering Abatement and Anti-Terrorist
Financing Act of 2001
USA PAtriot Act
Section 311 Special Measures for Primary Money Laundering Concern
Section 312 Special Due Diligence for Correspondent and Private Banking Accounts
Section 313 Prohibition on U.S. Correspondent Accounts with Foreign Shell Banks
Section 314 Cooperative Efforts to Deter Money Laundering a. FI to Law Enforcement
b. FI to FI
Section 319 Forfeiture of Funds in U.S. Interbank Accounts a. Forfeiture b. Record
M A Islam, CDCS, CSDG, CAMS Compliance Route
Legal framework : Bangladesh
Money Laundering Prevention Act, 2012 (Amendment-2015)
Anti Terrorism Act, 2009 (Amendment 2012 &2013)
Mutual Legal Assistance on Criminal Matters Act, 2012
Money Laundering Prevention Rules, 2019
Anti Terrorism Rules, 2013
Mutual Legal Assistance on Criminal Matters Rules, 2012
M A Islam, CDCS, CSDG, CAMS Compliance Route
Regulatory framework for Bank: Bangladesh
There are 18 Guidelines have already been published by BFIU
Among the guidelines, the following are most important for Bank : BFIU
Guidelines on Money Laundering & Terrorist Financing Risk Management Guidelines for
Banks -2015
Money Laundering and Terrorist Financing Risk Assessment Guidelines for Banking
Sector -
Guidelines on Implementation of The UN Security Council Resolutions Concerning
Targeted Financial Sanctions, Travel Ban, And Arms Embargo
Guidelines for Prevention of Trade Based Money Laundering-2019
Important Circular :
BFIU Circular No. 26, dated 16/06/2020 : Instructions to be followed by the schedule
banks for prevention of money laundering, terrorist financing and proliferation financing.
M A Islam, CDCS, CSDG, CAMS Compliance Route