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LATIN AMERICA AND THE CARIBBEAN
ANTI-MONEY LAUNDERING
COMPLIANCE GUIDE
REPORTING REQUIREMENTS
RECORDKEEPING
EMPLOYEE TRAINING
PREVENTION OF TERRORISM FINANCING
COMPLIANCE WITH LOCAL REGULATIONS
COMPLIANCE WITH MONEYGRAM POLICIES
SAMPLE CERTIFICATION FORMS
DEAR MONEYGRAM AGENT
In this guide, you will learn about Anti-Money Laundering (AML) rules that apply to anyone
who sends or receives money transfers. This guide is provided to MoneyGram agents and their
employees.
This guide is designed to help you and your employees:
• Detect and prevent money laundering and terrorist financing
• Comply with MoneyGram policies
• Comply with the local Supervisory Authority and Regulatory recordkeeping and
reporting requirements
• Comply with local AML regulations
• Identify suspicious activity and transactions
• Recognize the severe penalties of noncompliance
The information covered in this guide will help to provide your business with the tools needed to
build an AML program that meets the minimum requirements of MoneyGram.
In order to be fully compliant, your business’ Compliance Program must also meet the local
regulatory requirements.
Your knowledge of the information in this Guide may help prevent your business from being
victimized by money launderers and help you comply with the law. In addition, your compliance
with these requirements may help law enforcement agents in their efforts to track down and
capture terrorists who illegally launder money.
It is MoneyGram’s policy to follow the spirit, as well as the letter of the law. We do not want
our money transfers, our agents, and other financial services to be used for illegal purposes. We
will not do business with anyone who knowingly violates the law. Although we cannot take
responsibility for you or your employees’ compliance with the anti-money laundering laws and
regulations, we believe this Guide can help you develop your own effective anti-money laundering
Compliance Program.
This Guide contains legal information, but is not intended to be legal advice. For legal advice,
including the interpretation and application of the law, you should consult an attorney.
MoneyGram thanks you for your shared dedication to the fight against money laundering and
terrorism.
TABLE OF CONTENTS
Chapter
1
– Anti-Money Laundering Guidance
Money Laundering Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Registration and Licensing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Anti-Money Laundering Compliance Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
Recordkeeping . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7
High Currency Amount Transaction Reporting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
Structuring . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
Suspicious Transaction Reporting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
Fraud Prevention for Money Transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13
Terrorism Financing Prevention . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14
International Government Watch Lists . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15
Civil and Criminal Penalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
Chapter
2
– Anti-Money Laundering Program Documentation
Adoption of Anti-Money Laundering Compliance Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
Designation of a Compliance Officer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18
Employee Training . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19
Periodic Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20
Chapter
3
– Forms and Sample Documents
Send Forms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
Receive Forms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24
Periodic Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25
Risk Assessment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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AML Guide Quick Summary
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Share this Guide with your Employees
As this Guide makes it clear, it is extremely important that you and your employees
thoroughly understand the requirements of AML regulations. We have provided this
Guide to help you in this important task. Please make sure that all of your employees
read and understand this Guide.
You may obtain additional copies of this Guide from www.moneygram.com or by
calling the Compliance Department at
1-800-328-5678
Ext.
3385.
CHAPTER
1:
ANTI-MONEY LAUNDERING OVERVIEW
MONEY LAUNDERING OVERVIEW
What Is Money Laundering?
Money laundering is the attempt to conceal or disguise the nature, location, source, ownership or
control of illegally obtained money. Money laundering is illegal.
There are three stages to Money Laundering:
Placement, Layering, and Integration
• The first time funds derived from criminal activities are used in a legitimate money
transfer is referred to as
Placement.
• Creating a series of transactions to hide the first transaction is referred to as
Layering.
• The return of funds to legitimate activities is referred to as
Integration.
Placement
poses the greatest risk to our businesses:
• Transactions may be structured to avoid recordkeeping or reporting thresholds.
• False identification and/or information may be provided.
This definition covers a wide range of activity. You need to understand how people launder money
so that you can identify money laundering and know how to help prevent it.
To help prevent the laundering of cash and to obtain documentation that may be used to
prosecute money launderers, the government requires businesses like yours to file specific reports
and maintain records on certain cash transactions.
Examples of Money Laundering:
Example
1
A group of tourists in Antigua while on vacation gambles in a local casino and have
won some money. They do not want to travel with the cash they won, so they ask the
casino to send the money for them to the USA
This happens often, so the casino looks for a commercial relationship with an
exchange house or money remitter so that they can send the proceeds from
gambling to their customers in the USA.
In order to avoid the reporting and recordkeeping requirements of the USA, an
employee of the casino never sends more than US$3,000.
Did you know that it is illegal for a USA citizen to receive or send money from
proceeds or for funding for gambling purposes across USA borders, and that the
Federal Bureau of Investigation (FBI) is continually investigating this kind of activity.
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CHAPTER
1:
ANTI-MONEY LAUNDERING OVERVIEW
Example
2
Six persons in Mexico walk into your store and want to send money to Colombia. You
have never seen these persons before and they do not seem to be related. However,
each one of them sends US$2,981 to different people in Columbia. All of these persons
have large rolls of twenty dollar bills which they pull out of their pockets. In Mexico,
local regulation requires that additional information be provided for all transactions
above US$3,000.
The transactions are sent to Columbia where the money is possibly being used to
make, distribute and sell illegal drugs.
Who Is Covered?
MoneyGram is a USA based company and is required to comply with the regulations in the USA.
As a MoneyGram agent, it is expected that you will comply with MoneyGram’s policies and
procedures as well as the regulations in the country in which you are located.
As an agent of MoneyGram, your company is a money remitter; therefore your company is called a
Money Services Business (MSB) or Money Transfer Organization (MTO).
Examples of MSBs:
• Banks
• Money Exchange Houses
• Supermarkets that sell remittances
• Credit Institutions
Although the exact definition of a money transmitter or money transfer organization can change
from country to country, in general they can be defined as follows:
A person or company that receives or sends money, either in cash, check or other monetary
instrument, both from within his or her country or to and from any other country via wire, fax,
message system or electronic transfer. Any business that does money transfers, regardless of its main
business objective, is always considered an MSB.
MSB REGISTRATION
As you engage in MSB activities, you may be required to register with your country’s or local
Supervisory Authority as an MSB.
The MSB must retain a copy of their registration form, if the MSB is not required to be registered/
licensed under the regulations in your country, you must document why you do not need to
register as an MSB.
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