AML


Money laundering

Compliance lessons from Julius Baer’s ‘serious AML failings’

2020-02-21T15:52:00+00:00By

Compliance officers can learn a lot from the anti-money laundering compliance shortcomings at Julius Baer Group, as well as from what the bank is now doing to enhance its risk management and AML compliance controls.

KYC

Understanding the why in CDD

2020-02-13T20:05:00+00:00By Jake Plenderleith, International Compliance Association

Compliance practitioners might know how to undertake customer due diligence, but may never ask themselves why and might have limited knowledge of other anti-money laundering areas.

Fines

Study: Post-financial crisis fines against financial institutions hit $36B

2020-02-11T19:39:00+00:00By

Global fines and penalties against financial institutions hit $36 billion last year, as ramifications from the financial crisis continue to reverberate throughout the financial services industry, according to a new report.

Brexit star

Experts weigh in on Brexit consequences for GDPR, AML, more

2020-02-10T18:40:00+00:00By

The wheels to the United Kingdom’s exit from the European Union are finally in motion, but the hard work still remains as to what kind of future trading relationship the country has with the single market.

Money

Effective AML training: Four questions to answer

2020-01-30T18:45:00+00:00By Simone Jones, International Compliance Association

There are a multitude of factors that need to be established when determining training requirements. What is clear is that a one-size-fits-all approach doesn’t work.

mar19

Mar. 19 | Can KYC compliance and customer experience coexist?

2020-01-22T19:10:00+00:00Provided by

Remaining competitive in the modern financial world requires staying ahead of increasingly sophisticated financial crimes and fluid regulations across multiple jurisdictions.

columnist icons

Top ethics and compliance failures of 2019

2019-12-27T17:13:00+00:00By

From antitrust and privacy concerns in the tech world to compliance officer liability in the pharmaceutical industry to unethical practices in the banking and accounting professions, more than a dozen companies made Compliance Week’s list of the biggest compliance fails in 2019.

GoldmanFeature

SEC bars former Goldman Sachs director over 1MDB scandal

2019-12-17T15:50:00+00:00By

Former Goldman Sachs Group executive Tim Leissner has settled charges brought by the SEC for alleged violations of the Foreign Corrupt Practices Act. His settlement includes a permanent bar from the securities industry.

Money laundering

Skills crucial to combating terrorist financing

2019-12-16T19:28:00+00:00By Jon Prentice, International Compliance Association

The pernicious strength of terrorism is its element of surprise: Just when you think it’s disappeared, it rears its ugly head. A proven and effective method of preventing it is disrupting the financial networks used to fund it.

Swedbankcrop

Swedbank announces governance overhaul, launches culture probe

2019-12-10T18:18:00+00:00By

Swedbank CEO Jens Henriksson announced the financial institution is making some major organizational changes “to create simpler and clearer decision-making structures to facilitate the realization of the bank’s strategy.”

Westpac

Westpac accused of 23M violations of Australian AML rules

2019-11-21T18:54:00+00:00By

Australia’s financial crime regulator has accused Westpac Banking of committing over 23 million breaches of the country’s anti-money laundering and counter-terrorism financing rules.

Kroll, Coinfirm partner on crypto compliance

2019-11-14T21:34:00+00:00By GRC Announcements

Kroll, a division of global advisor Duff & Phelps, announced it now offers crypto compliance and investigations solutions through a collaboration with blockchain analytics firm Coinfirm.

Alstom

Alstom exec convicted of FCPA, money-laundering charges

2019-11-11T20:57:00+00:00By

A former Alstom executive was found guilty by a federal jury for his role in a multi-year, multi-million-dollar foreign bribery scheme and related money-laundering scheme in Indonesia.

Money

DOJ recovers $700M in 1MDB scandal

2019-10-31T18:28:00+00:00By

Jho Low, a Malaysian businessman-turned-fugitive, has agreed to forfeit more than $700 million worth of assets that he and his family allegedly misappropriated from Malaysian’s sovereign-wealth fund, 1MDB.

Gold

EY accused in U.K. gold-laundering scheme

2019-10-29T17:41:00+00:00By

Big Four audit firm EY has been accused of covering up evidence of smuggling by an organized crime gang that was laundering British drug money through gold dealings, according to an investigation by the BBC.

Capitol

Bill to expose shell companies passes House vote

2019-10-23T16:16:00+01:00By

A proposed bill to crack down on anonymous shell companies passed a House of Representatives vote Tuesday and will progress to the Senate.

2nd Annual APAC Conference took place in Singapore on 16-17 October

Singapore regulator: Technology creates both challenges, opportunities

2019-10-16T13:22:00+01:00By Compliance Week

The evolution of technology is enabling myriad capabilities for regulatory and financial crime compliance, but it is also presenting complex financial crime risks, according to a representative from the Monetary Authority of Singapore (MAS) at the International Compliance Association’s second Asia Pacific (APAC) conference this week in Singapore.

MoneyLaunderingTop

Bill requiring shell companies to disclose ownership introduced in Senate

2019-10-02T19:08:00+01:00By

Aimed at fighting money laundering, newly proposed legislation looks to mandate full transparency from shell companies on ownership and also fosters greater communication between financial institutions and law enforcement agencies.

Swedbank_Automat

Embattled Swedbank names permanent CCO

2019-09-19T13:52:00+01:00By

Faced with numerous AML investigations, Swedbank made several significant moves this week, including naming a permanent CCO and agreeing to waive attorney-client privilege by handing over an internal report to local prosecutors.

Blockchain

FINMA publishes AML guidance on blockchain

2019-09-03T15:24:00+01:00By

The Swiss Financial Market Supervisory Authority has published new guidance on how it applies AML rules to the financial services providers it supervises in the area of blockchain technology.

Money laundering

New FinCEN unit to focus on money laundering threats

2019-08-29T15:05:00+01:00By

FinCEN announced the launch of its newly created Global Investigations Division, with responsibility for targeting terrorist financing and money laundering threats, both domestically and internationally.

Danske

Embattled Danske hires HSBC compliance head

2019-07-10T14:52:00+01:00By

Danske Bank, embroiled in a substantial money laundering scandal, has added to its compliance team with the appointment of Simon Kingsbury as head of surveillance & investigation.

Dankse

Yet another misstep by Danske results in firing of interim Danish CEO

2019-06-27T14:06:00+01:00By

Danske Bank has been forced to fire yet another board member—this time for mis-selling thousands of customers a wealth management product that charged excessive fees.

point icons

Public register pros trump cons

2019-06-26T21:02:00+01:00By Matthew Stephenson

Harvard Law School’s Eli Goldston Professor of Law Matthew Stephenson discusses the benefits of public registers.

counterpoint icons

No proof in public register value

2019-06-26T21:00:00+01:00By Geoff Cook

Consultant and independent director Geoff Cook offers evidence on why public registers are still lacking.

IsleOfManTop

U.K. tax havens promise greater transparency on company ownership

2019-06-21T17:14:00+01:00By

Starting in 2021, Guernsey, Jersey, and the Isle of Man will make records of company ownership public, which should please members of parliament who have argued that not doing so has made them vulnerable to financial crime.

Nordea

Nordea raided over ML probe in Denmark

2019-06-21T16:46:00+01:00By

Scandinavian banking giant Nordea revealed its Copenhagen office was raided by Danish police as part of an ongoing investigation into alleged money laundering.

CSIWeb aml cover 2

White paper: Global AML Screening: Leveraging Technology to Combat False Positives

2019-06-13T17:52:00+01:00Provided by

Organizations across regulated industries are obligated to screen transactions and customers against sanctions lists in order to avoid transacting with sanctioned countries, individuals and entities.

​Refinitiv, Napier partner to combat AML

2019-06-13T17:07:00+01:00By GRC Announcements

Refinitiv has partnered with AML software provider Napier to offer a transaction monitoring solution designed to tackle emerging threats in financial crime.

Treasury

Bill demands ownership reveals for shell companies

2019-06-11T15:08:00+01:00By

The newly proposed ILLICIT CASH Act would, for the first time, require shell companies to disclose their true owners to the U.S. Department of Treasury.

fenergo cover img

White paper: US in Focus: AML/KYC & Sanctions Fines 2008-2018

2019-06-05T16:29:00+01:00Provided by

Over the past ten years, US regulators have increasingly prioritized the importance of strict AML law enforcement to effectively deter money laundering and terrorist financing activity, with over $24bn in AML, KYC and sanctions penalties levied.

MoneyLaunderingWar

Nordic and Baltic regulators join to combat money laundering

2019-05-28T14:54:00+01:00By

Regulators in eight Nordic and Baltic countries are developing a joint effort to exchange information with regard to fighting money laundering.

Venezuelaprotest

FinCEN to financial institutions: Beware of Venezuelan money laundering

2019-05-20T11:23:00+01:00By

FinCEN recently alerted financial institutions of continued widespread public corruption in Venezuela and the methods Venezuelan senior political figures and their associates may use to move and hide proceeds of their corruption.

Onfido AML cover img

Artificial intelligence joins the AML crusade

2019-04-10T18:53:00+01:00Provided by

Artificial intelligence is transforming the way that companies and regulators alike tackle money-laundering and terrorist financing risk in remarkable and significant ways.

StandardCharteredFeature

Standard Chartered Bank to pay $1.1B for sanctions violations

2019-04-09T20:20:00+01:00By

Standard Chartered Bank, a U.K.-based financial institution, will pay a total of $1.1 billion in a global settlement for sanctions violations.

RussiaJusticeFeature

Troika Laundromat reveals the gaps in AML compliance

2019-04-01T18:36:00+01:00By

A recent report from several investigative journalists details the AML scandal behind Troika Dialog, once Russia’s largest private investment bank, and is just one small look into the much bigger problem of corruption across the globe.

Swedbankcrop

What Swedbank is saying about its multiple investigations

2019-03-29T17:07:00+00:00By

It has been a tumultuous few weeks for Swedbank as it fends off several investigations, including for money laundering and insider trading, resulting in the dismissal of its chief executive officer.

Swedbank_Automat

Swedbank faces scrutiny over money laundering allegations

2019-03-11T14:27:00+00:00By

Legal pressure against Stockholm-based Swedbank, one of several banks at the center of a massive money laundering scandal, continues to escalate.

New Fenergo solution to streamline AML screening

2019-03-06T17:20:00+00:00By GRC Announcements

Client lifecycle management solutions provider Fenergo launched Fenergo Hierarchy Manager. The hierarchical modeling and visualization tool is designed to streamline anti-money laundering (AML) screening.