Regulators the world over are stepping up the war against financial crime, issuing a raft of rules and hitting banks with some serious penalties. Despite these efforts, it’s still not uncommon to hear of financial firms being entangled in stunning money laundering and fraudulent schemes. Read More
As someone who has been in the financial services compliance sector for a long time, I am often asked “What advice would you give to staff who are new to the compliance team?” Well, there are many aspects to consider in such a response. Firstly, compliance staff need to… Read More
Following the 2008 financial crisis and the revelations of misconduct by major banks which attracted large fines, regulators across the world encouraged banks to reform the culture within their organisations so that, in future, customers would be treated properly and fairly. One way the banks responded was to create… Read More
Despite the efforts of the incumbent President to fight corruption, Nigeria remains one of the countries that constantly top the world’s corruption rankings. According to  Transparency International’s 2017 Corruption Perception Index, Nigeria is one of the most corrupt countries in the world, ranking number 148 out of 180 countries covered… Read More
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
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
In today’s environment sophisticated criminals are deploying (and ever more so) complex financial vehicles to conceal the location and source of misappropriated assets. Corrupt 0fficials in government departments or private firms are known to use such assets to purchase mansions, posh cars and other luxuries, and frequentky shift the cash… Read More
Legal expert and author of ‘Asset Forfeiture Law in the United States’ Stefan Cassella examines a recent case involving a woman in the US who was paid by a drug dealer to be a smurf, transporting and depositing large sums of money into various third party bank accounts. She argued… Read More
HSBC has found itself in political hot water in Nigeria, after President Muhammahdu Buhari launched an extraordinary public attack on the bank. In a recently released statement to Nigerian media, the President’s office accused HSBC of helping to launder over $100 million on behalf of Nigeria’s former President, General Sani… Read More
There’s been a new twist to the rather amusing relationship between the United Kingdom and its former chum the Cayman Islands. In a recent development, British financial police chief Donald Toon expressed frustration with Cayman, saying that his National Crime Agency (NCA) was “asking for information we don’t get”… 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