Martin Woods
Martin Woods is a former detective turned compliance officer who has experience with major compliance cases and settlements from a number of perspectives. He now applies his experience to the analysis and subsequent commentary of current compliance investigations and settlements. Previously, he advised bankers, regulators, the United Nations, central bankers, and law enforcement groups from around the world.
ArticleFight against corruption must go on, even if the point is undermined
The recent decision by the Department of Justice to release from custody a dangerous Mexican general must not discourage the greater efforts of the anti-corruption community, writes Martin Woods.
- Article
Compliance should consider a well-balanced information diet
In comparing information to food, the outcome might be considered to be the same when too much is consumed, writes Martin Woods.
- Article
Crackdown on culture part of widespread regulatory push
A recent ruling by the U.K. Financial Conduct Authority to ban three individuals from the financial services industry for out-of-work misconduct is part of a broader push by regulators to crack down on matters related to culture, writes Martin Woods.
- Article
More data, more problems with FinCEN international transfer proposal?
A recent international wire transfer rule change proposed by U.S. regulators could go a long way toward combatting terrorist financing, but the increased transaction reporting may overwhelm an already taxed system, writes Martin Woods.
- Article
Manchester Arena tragedy offers stark lesson in training importance
As the public inquiry into the Manchester Arena bombing of 2017 plays out in the United Kingdom, lessons can be gleaned on the importance of providing thorough and complete training to employees in all fields.
- Article
Avoiding the compliance pitfalls of bias, bullying, and blind spots
As compliance professionals we have an important role to play in helping businesses confront and challenge the three Bs of bias, bullying, and blind spots. If we can’t see it, we can’t police it, and that is our job, writes Martin Woods.
- Article
Back to the drawing board on transaction monitoring
In the wake of the “FinCEN Files” leaks, Martin Woods examines whether monitoring text rather than numbers in transactions could serve as a solution to our greater anti-money laundering woes.
- Article
Don’t forget to tell your teams they’re doing a good job
With no personal contact with your team members, it can be easy to forget to remind them from time to time that they’re appreciated, to give them a lift during these troubling times. It will pay off both for them and for you, writes Martin Woods.
- Article
Progress on beneficial ownership key to AML fight
With the British Virgin Islands vowing its commitment to a beneficial ownership public register, financial crime expert Martin Woods turns his attention toward how the U.K. and U.S. are progressing in the space.
- Article
With ‘FinCEN Files,’ don’t shoot the messenger
It’s important we understand with the “FinCEN Files” that the enemy is not a journalist, a regulator, or a banker. The enemy is the money launderer, and this is where we need to focus our thinking and resources, writes Martin Woods.
- Article
FinCEN leaks impart key lessons on basics of writing SARs
Martin Woods, who has analyzed many of the suspicious activity reports released as part of the “FinCEN Files,” offers best practices for compliance officers in writing SARs.
- Article
FinCEN leaks damage trust between banks and regulators, but serve higher purpose
The “FinCEN Files” leaks divided opinions within the community of financial crime compliance officers. Trust has been damaged, writes Martin Woods, but these leaks could facilitate real reform.
- Article
Lesson for startups: Don’t try to fake compliance
Promising startups are often cut slack with compliance because investors feel they will eventually make it, but the time in between is ripe with dangers that extend well beyond the company, writes Martin Woods.
- Article
Assessing the fallout from coronavirus relief loan frauds
In both the U.S. and U.K., millions (perhaps billions) of dollars of coronavirus relief loans intended for small businesses is believed to have been misused. Legitimate businesses have been hurt as a result, writes Martin Woods.
- Article
Gut instinct keeps humans ahead of AI in fight against financial crime
As artificial intelligence evolves and takes on new tasks, whether it can develop the instinct of an experienced compliance professional will be key to its prevalence in the AML world, writes Martin Woods.
- Article
Companies should give back to employees who let them into their homes
Where would companies be if employees hadn’t adjusted to working from home so well during this pandemic? The least firms can do is pay them back for their hospitality, writes Martin Woods.
- Article
Forget the status quo: Proactive AML is the path forward
The AML community is guilty of tolerating the failing status quo, and very few have dared to confront, challenge, and disrupt the inefficient and ineffective practices. A proactive approach could be the solution, writes Martin Woods.
- Article
Best practices KYC: What to do when your client is in the headlines
How do we, as AML professionals, assess negative media alerts? It should start with a conversation with the client relationship manager, but it shouldn’t end there, writes Martin Woods.
- Article
What the Wirecard story tells us about red flags, healthy skepticism
How we came to learn about the fraud allegedly perpetrated by Wirecard offers important lessons in compliance and corporate governance, writes financial crime expert Martin Woods.
- Article
We’re losing the war on AML, and big consultancies aren’t helping
Financial crimes expert Martin Woods writes that, in his experience, the big consultancy firms have made a substantial negative contribution to global AML endeavors.
