The issue of culture and conduct is a big deal in the banking sector, the authorities say. Basically, following big scandals and ensuing damages caused, regulators want bankers to change the way they behave, and make them more accountable for their actions. Banks have admitted the need for change… Read More
As per anti-money laundering regulations, financial institutions should take all rational steps to ensure that they do not knowingly or unconsciously help in hiding or passing the proceeds of corruption by political figures, their families and associates. This is because the risks presented by politically exposed persons (PEPs) will… Read More
The Financial Action Task Force (FATF), in conjunction with the Asia Pacific Group (APG, a FATF-style Regional Body, or FSRB), issued a report on financial flows in human trafficking. The report highlights both the opportunities and challenges of preventing and stopping the underlying predicate crimes by identifying the perpetrators and… Read More
Financial crime staff would be well advised to consider the findings of the review conducted by the Danish Financial Supervisory Authority (DFSA) into the country’s largest bank, Danske, its management and senior employees in relation to allegations of money laundering taking place at its branch in Estonia. In the… Read More
A Surrey detective marked a legal breakthrough for his team, after the courts granted him permission to convert bitcoin seized from the criminal underworld. The drama unfolded when a ‘wealthy’ man was suddenly bundled into a car, leading the police to a stunning stash of criminal goods. By Neil… Read More
The US decision to withdraw from the joint Iran nuclear deal is regarded as a huge blow not just to Iran’s economy, which the deal was expected to help revive, but also to European and other firms that had swiftly ventured to Tehran to sign business agreements after the deal… Read More
Gangs specialising in advising drug dealers, fraudsters and other criminals on how to shift and launder dirty cash are thriving across various jurisdictions and posing a threat to the banking system. Although governments have tried to create a hostile environment for criminals by rolling out various anti-money laundering (AML)… Read More
There were scenes of furious protesters chanting slogans, reports of shootings and armed soldiers brutally beating up civilians on Wednesday in the city of Harare, where I live. According to news reports, six people died in the violence. I had to dash out of the office for safety reasons and… Read More
It’s not always easy migrating to a new regime, and it’s expected that there’ll be some humps and bumps along the way with adjusting to various changes. So spare a thought for the legal fraternity in New Zealand, where new anti-money laundering rules have hit rather hard, and baffled lawyers… Read More
On July 16th, the European Union instituted a sanctions program that targets members of the current government of the tropical nation of the Republic of Maldives, after President Abdulla Yameen declared a state of emergency and arrested prominent members of the judiciary and the opposition party earlier this year. Read More
Must Read

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