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All for One, or One for All?

When President Biden signed Executive Order (E.O.) 14024 in April, there were likely more than a few eyebrows raised within the compliance community. For one, the order, which authorized the imposition of sanctions on Russian interests for “specified harmful foreign activities”, marked a departure from the previous administration’s response to the alleged… Read More

Danske Bank: What went wrong?

It is hard to imagine that after so much sectoral investment in combatting financial crime that a bank laundered hundreds of billions of euros over a 9 year period from 2007. The scandal rocked the banking industry. But how did it happen? What were the failures of people, process and… Read More

Should the United States Be the Global Financial Policeman? International Extradition of White-Collar Defendants

Extradition agreements date from the early days of formal legal systems. The first known agreement originated as part of a peace treaty between an Egyptian Pharaoh and a Hittite King. Such agreements reflected the reality that criminal codes and legal systems generally operated territorially and that criminal defendants had both… Read More
Confused by all the abbreviations and acronyms used in the world of financial crime prevention and AML compliance? Let KYC360 help… A ABC – Anti-Bribery and Corruption ACAMS – Association of Certified Anti-Money Laundering Specialists ACPR – French Prudential Supervision and Resolution Authority AMF – … Read More
On December 20, 2020, the Financial Crimes Enforcement Network (FinCEN), the U.S. Financial Intelligence Unit (FIU) and its primary anti-money laundering (AML) regulator, published a Notice of Proposed Rulemaking (NPRM) that sought to impose new recordkeeping and reporting requirements on virtual currency transactions. The NPRM was met with a torrent… Read More
By Hamish Singh, Head of EMEA, RiskScreen Data diversification in a pandemic Institutions of all shapes and sizes have faced significant challenges in their bid to manage the broadening scope of regulatory requirements amid the escalating Covid-19 pandemic. Increasingly complex structures between financial institutions and platforms such as payment providers… Read More
By Robert Mazur In the words of Sir Winston Churchill, “Those that fail to learn from history are doomed to repeat it”. That’s what came to my mind when I read yesterday’s Bloomberg article about how Banxico (Mexico’s central bank) will work with local Mexican banks that… Read More
The fundamental duty of a compliance officer is to keep the ethical integrity of a company uninjured. AML compliance officers and MLROs must make sure that the business activities of the organisation are carried out within a regulatory framework. To accomplish this, the compliance officer must possess a defined set… Read More
With only a day to go before the deadline for EU member-states to transpose the bloc’s Sixth Anti-Money Laundering Directive (6AMLD), significant questions remain unanswered about how it will be enforced on a national-level. In an apparent response to recent banking scandals, the directive will make the “aiding and… Read More
By Robert Mazur, former U.S. Federal Agent and author of “The Infiltrator” Having been one of the soldiers in the war on drugs for 27 years, I must confess that I, my brothers and sisters on the front lines, the American public and the world’s communities have been deceived. A… Read More
Consider the current state of anti-money laundering efforts across the globe. Around 2% of global GDP is laundered annually, amounting to between $800B – $2T. Banks spend around $8B annually fighting it but affect only 0.1% of criminal finance. What we know then is that the ROI of the global… Read More
The FinCEN Files, as they have been dubbed by the good folks over at BuzzFeed News and the International Consortium of Investigative Journalists (ICIJ), are certainly headline-grabbing stories and they raise a lot of questions about the efficacy of anti-money laundering (AML) compliance around the globe. Seeing that the Suspicious… Read More
By Robert Mazur, former U.S. Federal Agent and author of “The Infiltrator” I’ve had the privilege of working with journalists from the International Consortium of Investigative Journalists (ICIJ), BuzzFeed News and many other media outlets during the past decade. When approached a few months ago to analyze leaked Suspicious Activity… Read More