In this week’s KYC360 AML roundup: NatWest fined £265m, Dev Odedra looks at luxury goods and sanctions, UBS fails to overturn tax evasion appeal, Bank of Cyprus gets fined, change could be coming for US/UK kleptocrats and the UK needs to secure a ‘backdoor’ against money launderers. These updates are… Read More
In this week’s KYC360 AML roundup: Greentube faces regulatory action, calls to investigate UK care home funding, Lloyds Banking Group and London City police join forces to fight fraud and David Prosser investigates money mules. These updates are emailed to our weekly KYC360 subscribers every Friday. Subscribe here! ICIJ… Read More
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
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
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