Other AML initiatives

CICAD (Organization of American States: Inter-American Drug Abuse Control Commission.

  • 1992, OAS (Organization of American States) is a permanent international body which provided model legislation tackling money laundering. Forms Western Hemisphere’s drug policy.

  • 1999 a specialist AML unit (CICAD-AMLU) formed, which provides technical assistance and develops regulations (influenced by and compatible with FATF 40).

  • They provide support to bankers and regulators, judges and prosecutors, financial intelligence units, law enforcement.

Egmont Group of Financial Intelligence Units

  • 1995 FIUs worked together informally to reciprocate information, supply training, create the Egmont Secure Web (ESW) technology platform, promote operational autonomy, promote the establishment of further FIUs.

  • It defined an FIU as: central, national agency for receiving analyzing and disseminating SARs related to money laundering and terrorist financing, as required by national legislation.

  • In 2010 there were 117 Egmont members

Wolfsburg Group of Global Banks

  • Association of 11 global banks, settings standards for KYC, AML, and terrorist financing policies

  • Created in 2000, principles carry no force of law or penalties

  • In partnership with Transparency International

  • Covers private banking

  • Indicates the following as high risk: PEPs, high risk countries (those without good AML standards), high risk activities (clients whose wealth originates from activities susceptible to money laundering)

  • 2002, prohibited concentration accounts (internal non-client accounts) that sever the link between the source of funds

  • 2002, agreed how to deal with terrorist financing, by sharing lists of suspected terrorists globally, providing information on the methods used by terrorists, defining business guidelines for sectors and activities prone to terrorist financing, and develop uniform policies.

  • Enhanced CDD for remittance services, exchange houses, bureau de change, money transfer agents, and underground banking businesses and alternative remittance systems.

  • Correspondent banking services should not be provided to a shell bank, CDD should not be performed on IMF and World Bank

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