Featured Articles

AML Roundup – 3 Dec, 2021

In this week’s KYC360 AML roundup: Dev Odedra looks at the role luxury goods play in financial crime; Amazon are summoned by India’s AML agency; China poses a hacking threat from the future; Covid fraudsters have exploited the UK’s Bounce Back Loan scheme and the FCA give a boost to… Read More

AML Roundup – 26 Nov, 2021

In this week’s AML roundup – Robert Mazur questions the progress made on the war against money laundering; a UK Treasury report highlights significant risks with AML professionals; an investigation into forced labour making PPE; and a look at why banks must do more than just comply with fraud regulation. Read More

How goes the war against laundering?

By Robert Mazur. If a willingness to do the right thing were the fuel that powered the attack on money launderers, that initiative would be a total success. Compliance professionals, regulators and law enforcement officers are motivated, but we struggle to think outside the box and change our method of… Read More
In this week’s round-up: RaboBank faces problems again for its compliance measures, the UK can’t pay Iran money owed, KMPG audited again and Tim Cooper investigates how trade finance firms are tackling crime risks. These updates are emailed to our weekly… Read More
Welcome to the first edition of our brand-new KYC360 Weekly AML Round-up. Each week the KYC360 and RiskScreen teams… Read More
When the Financial Action Task Force (FATF) disclosed in June that Pakistan would remain on its list of jurisdictions under increased monitoring, critics of the decision responded with a question: is the intergovernmental watchdog’s criticism of Pakistan largely political? Such an argument may seem, at least superficially, to be borne… Read More
One might wonder whether it would be easy to launder $1 million in cash in one day for Mexican cartels. Sadly, the answer is, you wouldn’t need a full day and could probably get it done in hours. Worse yet, 98% of law enforcement, regulators and AML professionals would never… Read More
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
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
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