What is the first line of defense in banking?

What is the first line of defense in banking?

First Line: The first line of defense is the employees of the financial institution who are involved in the creation and selling of products and services, or operationally supporting customers, products, and services. It includes both sales roles and operational roles, like Wire Transfers and Customer Service.

Which is the 2nd line of Defence in bank?

The second line of defence includes the chief officer in charge of AML/CFT, the compliance function but also human resources or technology. The third line of defence is ensured by the internal audit function.

Which is the 2nd line of defence in bank?

What is the 2nd line of defence?

The second line of defence is a group of cells, tissues and organs that work together to protect the body. This is the immune system.

What are the first and second lines of defense?

The first line of defense against infection are the surface barriers that prevent the entry of pathogens into the body. The second line of defense are the non-specific phagocytes and other internal mechanisms that comprise innate immunity.

What is AML in finance?

Anti Money Laundering (AML), also known as anti-money laundering, is the execution of transactions to eventually convert illegally obtained money into legal money.

What is layering in banking?

Layering meaning is the process of separating the proceeds of criminal activity from their origin through the use of layers of complex financial transactions. Layering for money laundering is gradually adding legitimacy to the source of illicit money, making it as difficult to detect.

What is the fourth line of defense?

Fourth line: assurance from external independent bodies such as the external auditors and other external bodies.

What is third line defense?

The third line of defense is immune cells that target specific antigens. The immune cells that play a role in the third line of defense are B-cells and T-cells, both are white blood cells. The B-cells produce antibodies. The T-cells help identify pathogenic cells and destroy targeted cells.

What are the 3 steps of money laundering?

Money laundering is the process of making illegally-gained proceeds (i.e. “dirty money”) appear legal (i.e. “clean”). Typically, it involves three steps: placement, layering and integration.

What are the 3 layers of money laundering?

There are usually two or three phases to the laundering:

• Placement.
• Layering.
• Integration / Extraction.