AML Compliance Book

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About Us

Andre Nõmm

Mr Nõmm has been a member of the Management Board of the Estonian Financial Supervisory Authority since 2014 and since then he has also been responsible for anti-money laundering supervision. Mr Nõmm has 25 years of experience in the financial sector, having managed numerous different supervisory cases in the public and private sector, including those outside anti-money laundering. Since 2020, Mr Nõmm has been a member of the Standing Committee of the European Banking Authority (EBA) on anti-money laundering and countering terrorist financing (AMLSC).

Matis Mäeker

Mr Mäeker has worked for the Estonian Financial Supervision Authority since 2012, where he is currently Head of the Anti-Money Laundering Unit. Mr Mäeker has developed new supervisory methodologies and guidelines for the agency, led inspection teams that have significantly reduced money laundering risks in the financial sector. Mr Mäeker has been an evaluator and reviewer in the global AML/CFT Mutual Evaluation process and has spoken at many conferences. Since 2020, Mr Mäeker has been a Member of the MONEYVAL Bureau that prepares the work of the MONEYVAL committee, the regional body of the FATF.

About the Book

The AML Compliance Book: 150 Golden Rules is a different kind of a compliance handbook; it is unique in many ways. The authors – Andre Nõmm and Matis Mäeker – are AML/CFT experts who have led inspections of AML/CFT landmark cases. They argue that the root cause of failures is often the ignorance of organizational theory fundamentals, rather than in the difficulty to follow extensive financial industry standards. The AML Compliance Book presents the authors’ vision of the approach to be taken to combat money laundering and terrorist financing, proposing solutions for consideration alongside those recognized world-wide today. The authors insist that there is no positive outlook in the fight against money laundering and terrorist financing if financial institutions and supervisors will not employ modern IT and RegTech solutions, such as AI, machine learning and computing powers to detect bad actors. The authors are of the opinion that the fight against money laundering should be turned more to the investigative mode.

The AML Compliance Book focuses less on specific rules, but more on expectations written in them. The AML Compliance Book was published because not everything can be written in a traditional rulebook or a supervisory guideline. Sometimes there is more practicality in basics of life than in the AML/CFT technical standards. Most rules that work simply exist in this world; you do not always have to look for them in the book of law. We all work with limited resources, and not everything can be done with ideal and absolute precision; therefore, it is unthinkable to apply the same level of diligence everywhere. The authors expand their view that simplification is both necessary and inevitable in this challenging AML/CFT world, and instead of over mystifying the field, bringing it back to an applicable business rationale, emphasizing the importance of culture and behaviour.

The 150 golden rules provided in the book allow you to return to the founding principles and their context when you become lost among the often extremely technical standards, which are nowadays produced in large quantities in the AML/CFT landscape. Moreover, these golden rules could help you stay away from more significant problems, to safeguard depositors and promote prevention of the abuse of the financial sector for criminal purposes.

The AML Compliance Book is for anyone who cares about preventing money laundering and terrorist financing, or more broadly speaking, those fighting the crime. These include politicians, prosecutors, law enforcement officials, investigators, staff of financial intelligence units, supervisors, bankers and compliance officers, auditors, attorneys, lawyers, other employees working at financial institutions, journalists, students and why not the average citizen from the street. AML/CFT is not a phenomenon that is in any way isolated from the general principles of compliance, risk or crisis management. The golden rules in this book are in large part transferable to any segment of the financial sector, but also to other compliance-based business areas.

Table of Contents

  1. The senior management carries the AML/CFT culture
  2. The main principles of AML/CFT compliance
  3. AML/CFT compliance framework
  4. Requirements for the AML/CFT employees
  5. Business risk assessment
  6. Compiling the rules of procedures
  7. AML/CFT data quality
  8. Customer due diligence measures
  9. Ongoing due diligence and customer relationship monitoring
  10. Employee training
  11. Cooperation with the financial supervisory authority
  12. Cooperation with the financial intelligence unit
  13. The role of the internal audit
  14. It is not only about financial institutions
  15. AML/CFT crisis management

Product Details

  • The AML Compliance Book: 150 Golden Rules
  • Paperback: 224 pages
  • Product dimensions: 14,4 x 1,6 x 20,5 cm
  • ISBN-13: 978-9916-4-0038-8
  • Authors: Matis Mäeker, Andre Nõmm (Nov. 2020)
  • Language: English
  • Price: 29 EUR + shipping

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AML Publishing OÜ;; Pärnu mnt 129c/1-53, Tallinn 11314, Estonia
© Matis Mäeker, Andre Nõmm 2020