Банковата система и прането на пари
Banking System and Money laundering

Author(s): Nedyalko Valkanov
Contributor(s): Dancho Petrov (Editor), Lyubomir Georgiev (Editor)
Subject(s): Economy, Law, Constitution, Jurisprudence, Law on Economics, Financial Markets
Published by: Е-литера Софт ЕООД
Keywords: banking system and money laundering; anti-money laundering; compliance;
Summary/Abstract: The book is devoted to the problems of money laundering through the banking system. Different cases of unlawful multibillion money transfers, illegal offshore operations, and tax evasion find their more and more frequent public response and inevitably ruin the image of modern credit institutions. Furthermore, most of them are connected with some of the world’s largest banks. The study focuses on Bulgarian banking practice which is also not protected from such activities. The accent is put on the activities of Bulgarian banks, most of which are subsidiaries of large European banking groups. Recent changes in European Union and Bulgarian AML legislations are also subjected to analysis. The money laundering process is illustrated through several types of conditional examples that summarise some common techniques for legalizing incriminated capitals through the financial system using cash operations, wire transfers, shell banks, straw men and offshore juridical registrations, loans, as well as operations with different financial instruments. Actual trends connected with virtual payment systems and cryptocurrencies are also reflected. Subjected to analysis are banking anti-money laundering mechanisms such as customer identification programmes, transactions monitoring and organization of AML compliance activities. Maintained is the view that banks` products and services specifics require individual risk-based testing and scoring for money laundering vulnerability. Special attention is paid to the opportunities for prevention at the strategic level by differentiation of specific banking AML centers. In this regard is the offered conceptual model for integrated treatment of all risk-based anti-money laundering approaches within the “AML risk matrix” model. The conducted survey among a selection of Bulgarian banks and interviews with AML and compliance experts are used to formalize some concrete possibilities for optimization of existing AML practices – in the field of monitoring and reporting of suspicious transactions, AML product compliance, cooperation and information sharing, new IT technologies and corporate social responsibility.

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