NCJ Number
184131
Journal
The White Paper Volume: 14 Issue: 4 Dated: July/August 2000 Pages: 22-50
Date Published
July 2000
Length
5 pages
Annotation
Four steps with the initials MAPP can help a company’s compliance unit develop a plan to prevent and address money laundering within an organization; the letters in MAPP stand for (1) Monetary intake point identification, (2) Analyze exposure, (3) Procedure development, and (4) Produce relationships.
Abstract
Compliance units must ensure that the company complies with Federal, State, and local regulations. They must also address the issues, determine their exposure to risk, and formulate a plan to minimize the risk. Monetary intake point identification starts with the identification of any area or department that has the potential to receive cash or monetary instruments. The compliance unit should next analyze each potential intake point by sampling incoming cash or monetary instruments over a period of time to determine risk or exposure. This research will determine resource allocations for programs to address money laundering. A sophisticated program to address money laundering also requires strong and consistent procedures such as being familiar with changing Federal regulations and law and developing a comprehensive log format. A successful program to address money laundering also requires constant networking and communication with employees. The methodical MAPP process can help determine the potential for money laundering, establish controls to minimize the corporation’s risk and produce elite programs to combat this fraud. Illustration