Lawmakers have questioned the appointment of the incoming chairman of regulator the Financial Conduct Authority (FCA) following revelations that he was a member of a controversial tax avoidance operation. Charles Randell signed up with Ingenious Media Film 2 film production company, in which investors could claim tax breaks against… Read More
After wrestling for days to stay on a little bit longer, Jacob Zuma has finally succumbed to his party’s orders to resign. Zuma, who came into power in 2009, had become a liability for the ruling African National Congress party (ANC), whose waning popularity was exhibited by its poor performance… Read More
City of London police have warned the public to be on alert and avoid romance fraud scams, which robbed victims of £41 million in 2017 alone. The police force has also teamed up with some groups, such as Age UK and Victim Support, to raise public awareness of the issue. Read More
Something is wrong with the way the EU drafts tax blacklists of states which have poor transparency initiatives, European parliamentarians say, and they want to get to the bottom of the issue. The lists originate from efforts within the bloc to crackdown on financial crime, including tax evasion and avoidance. Read More
Stefan Cassella of Asset Forfeiture Law, LLC summarises a recent case in which the Government’s attempts and queries to seize the alleged criminal funds of a Defendant were met with ‘silence’ – the Defendant refused to discuss them, saying requiring him to respond in greater detail would violate his Fifth… Read More
A London-based compliance officer looks back at some of the requests he came across and tells KYC360 how he reacted on the occasions he smelt trouble. He did not wish to disclose his name and details. Being a compliance officer has some highs and lows, and some colourful moments too. Read More
The 1999 International Convention for the Suppression of the Financing of Terrorism – better known as the Terrorist Financing Convention – is one of the most widely-adopted treaties in the world, with 187 states having signed and ratified it. It may be about to move up in the rankings… Read More
Stefan Cassella of Asset Forfeiture Law, LLC summarises a recent case in which the US tax office demands cryptocurrency exchange Coinbase hand over its customer records, however Coinbase resists. Court upholds the IRS’s right to insist that Coinbase, an exchange that deals in virtual currency, produce the… Read More
The early days of 2018 brought us a rather interesting financial crime survey conducted by Alix Partners. It surveyed 364 financial institutions from 64 jurisdictions, most of whom have international operations. The results are heavily weighted towards the 84% of respondents from banking and securities institutions. Of interest is that… Read More
In December of 2017, the Institute for Science and International Security (ISIS or “Institute”) issued a report detailing the breadth of non-compliance with United Nations sanctions on the Democratic People’s Republic of Korea (DPRK). In particular, it has determined that North Korea has either cooperated with or took advantage… Read More
Must Read

The perfect AML programme: A ten point guide

Does the ‘perfect’ path to anti-money laundering (AML) exist? The quest for the perfect plan can be traced back to criminals causing immeasurable damage for many economies through money laundering. In response, governments are continuously trying to fight back, issuing a raft of rules and penalties for financial institution (FIs)… Read More

How Rabobank’s compliance unit ended up in hot soup again

Anti-money laundering expert and former undercover agent Robert Mazur has picked out some interesting aspects of the worrisome role compliance officers played in the Rabobank money laundering scandal in the US, which resulted in the bank being fined hundreds of millions of dollars and its top… Read More