Private Banking and Money Laundering: A Case Study of Opportunities and Vulnerabilities

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63 pages
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Brief Executive Summary
The Permanent Subcommittee on Investigations investigated the prevalence of money laundering in private banking. The report details the anti-money laundering obligations of all banks, the elements of private banking that make it vulnerable to money laundering, and it provides four case studies from the Citibank private bank. Ultimately, the Committee found that products, services, and the culture of the private banking industry presented, and will continue to present, opportunities for money launderers that can only be remedied through the implementation of sound controls and active enforcement practices.
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Related Hearings
Senate Committee on Governmental Affairs, Permanent Subcommittee on Investigations, hearing on "Private Banking and Money Laundering: A Case Study of Opportunities and Vulnerabilities," 106th Cong., S.Hrg. 106-428, (1999)
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