PPB: Concepts and Practice · Part A: General Banking Operations

Chapter 2: AML and KYC: the framework

How money is laundered, the law against it, the reports a bank files, and the KYC policy that holds it together.

Buyers of the e-book, or of the print copy, which includes it, read the whole chapter. Everyone can read the free sample, pages 1 to 24 of the e-book.

In this chapter

• 2.1Money laundering and terrorist financingp. 17
• 2.2The PMLA: offence, duties, penaltiesp. 18
• 2.3Reporting to FIU-INDp. 19
• 2.4FATF and the global standardsp. 20
• 2.5The bank’s KYC frameworkp. 21
• Exam traps and quick checksp. 22
• Practice: 16 questions in three roundsp. 23
• Answers, with every wrong option explainedp. 25
• Make it stickp. 27
• Chapter 2 on one pagep. 28

Corrections and updates

None for this chapter so far. Every correction to the book, and any rule that changes after its date, is listed on the errata page.