Offhshore-based law firm Appleby and the Isle of Man government are bracing themselves for the impacts of a new scandal which could thrust the secret deals of wealthy clients into the open. The revelations are set to be based on a data leak involving Appleby, which has branches in Bermuda,… Read More
The regulation of encryption technology is currently a topic of debate for governments around the world. From the infamous Apple v. FBI case to WhatsApp’s battle with Brazil, security and law enforcement agencies have clashed with technology companies over access to encrypted information. At a meeting of the… Read More
“There are instances where we have had difficulties going through official government channels and sometimes there is a limit to the information that we can get as a result of that … [so] we try and be proactive and see …” – Michael Sachs, Executive Assistant District Attorney Read More
The term money laundering tends to bring to mind either speakeasies, fronts for organised street crime, or dodgy transactions through risky countries. Yet international AML/CTF risks are not confined to less developed countries (like the Philippines or South Sudan) or nations generally hostile to… Read More
Looking at the day-to-day aspects of a compliance officers’ work, the compliance section looks at some very important parts of the banks’ operations, such as integrity of the work and ensuring the organisation adheres to national and global regulations. In my work place there are a number of such… Read More
The United Nations team overseeing the North Korean sanctions could identify and ban certain banks found to violate the measures, following its “unprecedented” ban on four ships earlier this month, an official told KYC360. Four vessels – Petrel 8, Hao Fan 6, Tong San 2 and Jie Shun –… Read More
Susan has been making her living from crime for over twenty years. She provides anti-money laundering training and advice to the regulated community in the UK, Guernsey, Jersey, the Isle of Man and Gibraltar, and writes and talks on the subject at every opportunity. As her hobby she writes historical… Read More
Draft legislation published by the Australian Treasury would amend the Banking Act by giving dramatically increased powers to the Australian Prudential Regulation Authority to hold individual senior executives and directors to account. Read More
United States President Donald Trump has refused to continue signing off an international major nuclear deal with Iran, saying it has not abided with terms of the agreement and continues to support terrorism. Trump also imposed new sanctions on Iran’s Islamic Revolutionary Guard Corps (IRGC), which he… Read More
HSBC on Thursday announced it has appointed a new CEO to take over from Stuart Gulliver, who steered the bank through major regulatory lapses. John Flint, head of retail banking and wealth management, will succeed Gulliver from 21 February 2017, the global institution said in a statement on Thursday. Flint’s… Read More
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Bearing witness to financial crime, across party lines

If it seems like an odd recipe for financial oversight, it’s also a surprisingly effective one: take five to ten congressional staffers, exile them to a squalid basement office with “hard-boiled” charm in the U.S. Senate’s oldest building, give them access to subpoena powers and a seemingly endless series of… Read More

Anti-money laundering analysis: UK FCA and EU blacklists update

A key element in the application of the risk-based approach (RBA) to financial crime is the identification by a firm of those countries with which its customers are closely linked and which are also adjudged to be high risk in financial crime terms. There are many lists of such high-risk… Read More