ANTI MONEY LAUNDERING (AML)

The Patriot Act, which amends the Bank Secrecy Act (BSA), was adopted in response to the September 11, 2001 terrorist attacks. The Patriot Act is intended to strengthen U.S. measures to prevent, detect, and prosecute international money laundering and the financing of terrorism. These efforts include anti-money laundering (AML) tools that impact the banking, financial, and investment communities. An AML Program must be in writing and must include:

the development of internal policies, procedures, and controls
the designation of a compliance officer
an ongoing employee training program
an independent audit function to test programs

Related Terms

WEB SERVICES

Web service is part of a SOAP architecture and is defined as “a software system designed to support interoperable machine-to-machine communication”.

SDN LIST

The Specially Designated Nationals (SDN) List is a publication of OFAC which lists individuals and organizations with whom United States citizens and permanent residents are prohibited from doing business. A

SAFE HARBOR

Under SEC rules, safe-harbor provisions protect management from liability for making financial projections and forecasts made in good faith.