Lal Chand on Importance of Anti-Money Laundering (AML)

Lal Chand specified that money laundering has been around for a long time and curbing it is vital to make this world a better place for economies around the globe, especially for the deprived countries. He added that eliminating this evil is key for us to the success.

It arises with no surprise that people use unlawful habits to make money all across globe. Ever doubted where does that all illegitimate money go? Bigger portion of it remains in the financial system legitimately or unlawfully. Though money laundering efforts try to legalize illegal money, anti-money laundering methods can stop it.

Methods to hide and legalize illegal money have been around for a long time and curbing it is important due to various reasons. Here is why removing it is essential for the world economies. Lal Chand clarifies the money laundering and why it should be stopped altogether.

If you are interested to contribute in this Noble cause then it’s worth reading the below important part where Lal Chand highlighted the importance of AML (Anti-Money Laundering) and how can you contribute.

Lal Chand defines money laundering in different and simplest way so anybody can understand it. People almost in every country do generate a huge amount of money illegally. Money laundering refers to bringing this illegally generated money into the banking (financial) system in such a way that no one can judge the actual source of this wealth.

To encounter money laundering Lal Chand described it in his own words as, to evade troubles caused by unlawful activities and money laundering, authorities are working hard to identify all those people who are involved in money laundering. The processes made to minimize it known as anti-money laundering efforts. making an Offshore Company in Dubai is legal and you can avoid your taxes by Incorporation Offshore Company in Dubai. It require you to high a legal consultant, who has in-depth knowledge of registration of offshore company in dubai with proper structure and documentation.

Lal Chand Money Laundering expert suggested different methods to end money laundering. Needs to place some strict regulations to trace the people which are using banking channels for the regularly transaction of large amount of money. FATF (Financial Action Task Force), a global organization is playing its part to make to make the world money laundering free. 

Furthermore, financial inclusion is another important concept that can play a pivotal role in this fright against terrorist financing. Other than this, you can visit FATF websites for the other strategies which are playing an important role for the stoppage of money laundering and terror financing. The one of the finest and more organized force available in the world with the aim of stopping money laundering and terror financing.

At the end, Lal Chand emphasize that anti-money laundering efforts must be made stricter to avoid illegal activities and scams. Terrorism, smuggling, human trafficking, gambling, and other illegal acts can be stopped by enacting anti-money laundering regulations across the globe. Last and most important, it is the responsibility of every single person in this beautiful world to join hands against the money laundering and terror financing and report to the concern authorities if you found someone is involved in such criminal activities on any level.

Lal Chand Anti Money Laundering and Fraud Consultancy services

Consultancy Services of Lal Chand Anti money Laundering,Crime and Fruad

Lal Chands anti Money laundering - Small businesses are often the victims of money laundering schemes says Lal Chand . He Advises all to be conscious in their business decisions Criminals target these types of businesses because they often lack experience and knowledge about the risks involved with certain types of transactions.

Identification methods by Lal Chand crimes like money Laundering and terrorism - Lecture by Him

Id shall also be performed in cases where independent functions repeated involve an individual amount, which is less than that the threshold specified by the supervisory authority but the reporting entity has reasons to believe those orders are aiming at steering clear of identification.

His Law Consultancy provides anti money laundering sanctions advisory on

• Automated testing and test comparisons

• Exact and fuzzy matching performance assessment

• Analyst toolbox and full reporting Risk appetite tracking

To facilitate compliance with anti money laundering laws, Lal chand had has developed and implemented a written anti-money laundering program, consisting of policies, procedures, internal controls and systems. This program includes, but is not limited to:
• The identification of potential money laundering and terrorism financing risks relevant to the bank's activities;
• Global and local AML policies and procedures to ensure compliance with AML laws and regulations
• Customer identification and verification;
• The identification of beneficial owners;
• The identification and risk assessment of Politically Exposed Persons (PEPs);
• Enhanced due diligence for increased risk clients;
• Internal procedures for monitoring and reporting suspicious activities;
• The retention of relevant records; at least 5 years following the end of the relationship;

Special Monitoring of Specific Transactions
A coverage entity shall pay work to:

(a) any structure, unusual or large amount transactions;

(b) any uncommon patterns of transactions; which may have no apparent or obvious monetary or lawful goal;
(c) business relations and transactions with institutions or people in jurisdictions that do not need satisfactory systems in location to prevent or deter money washing or financing of terrorism;
(d) wire transfers that do not contain complete originator information;
(e) business relations and transactions with folks with whom the reporting entity has got no face-to-face contact during the implementation of recognition procedure;
(f) business relationships and transactions with critical exposed persons;

Lal Chand Money Laundering(Fraud & Crime)

Lal Chand Money laundering(Fraud & Crime)

Yet, the international banking industry in Florida has been characterized by consolidation and contraction since 2000. Lal Chand Money Laundering(Fraud and Crime) and terrorism The number of foreign bank agencies operating in Florida fell from 38 in 2000 to 31 in 2005.•4 There were 10 Edge Act banks operating in Florida in 2000, but only 7 in 2005. The number of international banking employees (in foreign agencies, Edge Acts and the international divisions of domestic banks chartered in Florida) declined from 4,660 in 2000 to 3,027 in 2005.

Based on a survey of banks significantly engaged in international banking Florida International Bankers Association was able to estimate the Florida international bankers staffing cost for 271 full-time employees of anti-terrorismianti-money laundering or fraud compliance at nearly 525 million in 2005. The average survey respondents indicated that it devoted 2.9 FTE employment positions to BSA"AML compliance in 2002 versus 6.8 FTE positions in 2005. The number of fill-time employees devoted to compliance represented 9% of the workforce in 2005. Staff resources devoted to compliance increased by 160% between 2002 and 2005.

Read more about : Lal chand Law associates advises on new money laundering

10. So Where is the Dis-Connect?

So if enough money is being spent, and this expenditure is not impacting earnings (as an industry - small institutions are being clobbered), then why are some banks and other financial service providers employees failing in their implementation of AML programs?

As the Miami marketplace apparently illustrates, in general the compliance and training budgets have reached the deal-breaker point. Thus, rather than it being a quantitative issue of bigger budgets, it is more likely a qualitatively issue, that is, spending either on poorly designed products or on good products but with poor instruction, follow-up, and support.

It may be that purchasing decisions are based not on price, but rather are based on how to spend as little labour time as possible b meet a minimum level of information and training sufficient for an employee to appear to be able to implement AML policy. That is, institutions may be spending more to obtain less quality products because the product requires less labour activity time.

By example, some institutions send the high level AIL staff for a one or two day workshop at between one and three thousand dollars and now call that staff member an expert. A time-saving approach certainly. But is this a reasonable approach in light of the likely outcomes of such minimal education consisting of little to no follow up, guidance, and academic support? Can a board member, much less a regulator, feel confident that such a staff member is able to exercise the necessary skills gained from the one or two day session to protect the financial institution and public from an money laundering/financial crime incident of Lal chand?

By another example, some financial service provider compliance officers and their advisors will establish a library budget, purchasing a variety of publications. Yet the staff is not trained in knowledge management for the library, that is how to interact with and study such information. Thus, the library collects dust.

11. So Who is an Expert?

Serving as Chairman of the International Compliance Association ("ICA'), William Howarth asks the question: can someone become an expert, or at least be classified as 'trained' through merely attending a one-day conference? By example, many life insurance agents in the US meet their AML educational requirements through an hour study online without any expert interaction or ability b receive expert feedback and assessment of acquired skills. Some banks' staff training programs consist merely of purchasing self study online or CDROM materials.