Explain the Law

1. The purpose of this portion of the assignment is to assess your understanding of the legal concepts and framework explored in this course.
2. Look up Money Laundering and Financial Crimes Strategy Act of 1998 and read it fully.
3. The assignment is specifically for the section under Part 1 that begins with 5342 High-risk money laundering and related financial crime areas.
4. Conduct a detailed analysis of the above subsection and provisions. Using a process similar to one you may have used in your high school English classes, dissect each sentence to explore the meaning of each of the requirements and phrases, and the intent of the specific language.
5. The assignment requires a sentence-by-sentence or even phrase-by-phrase (sometimes word-by-word) analysis to demonstrate a clear understanding of the law and its requirements.
6. Understanding what the law means and how to read it is an essential foundation for compliance and crafting an appropriate AML program.