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Private Banking and Money Laundering: A Case Study of Opportunities and Vulnerabilities
Senate Committee on Governmental Affairs Permanent Subcommittee on Investigations
Senate Committee on Governmental Affairs
Permanent Subcommittee on Investigations
Abstract
The Permanent Subcommittee on Investigations of the Senate Committee on Governmental Affairs investigated the prevalence of money laundering in private banking. This Minority Staff 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 Subcommittee 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.
Date
1999-11-09
Document Type
Senate Minority Staff Report
Serial Number
Document Length
63 pages
Congress
106
Relation
DOI
Keywords
Staff Reports
PAP Major Code
12: Law, Crime, and Family Issues
PAP Minor Code
1202: White Collar Crime and Organized Crime