Many readers of this book may be involved with a financial institution as part of
an anti–money laundering (AML) program or government agency investigating
money laundering. As far as financial institution AML programs, I have found
that many of these programs do a great job covering the basics; however,
sometimes they lack in the area of truly explaining why the employee does
the specific job assigned. Sure, AML employees have learned to click this box
and select that radio button—a sort of “if this, then that” programing for
AML personnel. I have often enjoyed seeing that “light bulb” moment when I
have explained to AML employees the reasons why they click this button and
select that box. It helps to know a little about the nomenclature of money
laundering, what happened before a financial institution became involved, and
how it came to be that they have this incident report or alert currently sitting
in front of them. You should have at least a rudimentary understand what the
bad guys did, how they did it, and why they did it that way. You should be clear
on how that particular activity gave rise to an alert coming across the desk
of an AML employee in some small credit union in Smallville, USA, or a bigboy
bank in Manhattan. Further, understanding what happens after a financial
institution completes its mission and information is handed off will make your
notation of that information substantially more thorough and complete.