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Habib Bank fined over country risk scores and inadequate enhanced due diligence
Habib Bank AG Zurich has been fined UK£525,000 by the UK Financial Services Authority (FSA) for operating defective anti-money laundering (AML) controls around high risk customers between 15 December 2007 and 15 November 2010. The bank’s..
Online Published Date:
06 June 2012
Appeared in issue:
194 - 06 June 2012
Shah v HSBC ends in total legal victory [Part 11]
Jayesh Shah and his wife’s epic struggle to win US$300m damages from HSBC Private Bank (UK) Ltd for blocking transactions in late 2006 and early 2007, without, he claimed, justified suspicion of money laundering, ended in failure on 16 May. Following a 27-day trial that concluded four and a half years of litigation, Mr Justice Supperstone found for the bank on all counts.
Online Published Date:
06 June 2012
Appeared in issue:
194 - 06 June 2012
The control environment – AML software trends
Suspicious activity monitoring systems do not come cheap but, after a lean period, the return of comparative financial s tability is seeing a pick-up in investment in the latest technologies. MJ Deschamps reports.
Online Published Date:
06 June 2012
Appeared in issue:
194 - 06 June 2012
The school of hard cash
Should EU money laundering legislation extend to cover cash payments of €15,000 or more for services? The lesson from the education sector is instructive, says Sue Grossey.
Online Published Date:
06 June 2012
Appeared in issue:
194 - 06 June 2012
Disruptive influences – at work in Iraq
Ongoing instability, both physical and political – may have blighted attempts to give effect to money laundering and terrorist financing regulations in Iraq but the central bank is determined to push ahead. In a rare interview, Khalid Shiltagh, director general of the country’s financial intelligence unit, discussed the proceeds of crime challenges in one of the world’s most dangerous jurisdictions; he spoke to Paul Cochrane in Beirut.
Online Published Date:
06 June 2012
Appeared in issue:
194 - 06 June 2012
Whatever happened to the risk-based approach?
In the era of intensive and intrusive supervision, another set of guidance, from a regulator already annoyed by thematic findings of business override of the AML agenda, puts the risk-based approach at risk; David Coates considers its prospects.
Online Published Date:
06 June 2012
Appeared in issue:
194 - 06 June 2012
Stakes in the sand – Gulf states plot a new financial integrity
Gulf states have responded to the global economic downturn, increasing international regulation and the ‘Arab Spring’ by establishing new public authorities or extending existing mandates to curb financial crime. There is some notable progress, reports Paul Cochrane, but enforcement continues to lag.
Online Published Date:
06 June 2012
Appeared in issue:
194 - 06 June 2012
Derrick ponders… Bashkim's bashfulness
At Cabbage LLP, the MLRO gets caught in the lift by someone who has been reading an article about Shah v HSBC. [1] Derrick Paterson wonders what this will do for his claustrophobia.
Online Published Date:
06 June 2012
Appeared in issue:
194 - 06 June 2012
Buried treasure – pirates drop anchor in Kenya
Turmoil and anarchy in Somalia have affected countries all over the world but its immediate neighbours have been hit hardest by the lawlessness across their borders with Kenya, East Africa’s commercial hub, especially exposed to money laundering. One major concern is the earnings of Somalia’s rapacious pirates. Millions of dollars are collected in ransoms and from the sale of seized cargoes but these criminal enterprises are not known for their contribution to social and economic development – so where does the money go? Mohammed Yusuf looked for answers in Nairobi.
Online Published Date:
06 June 2012
Appeared in issue:
194 - 06 June 2012
A US 'Look Back' at 10 years
An anti-money laundering (AML) professional recently recounted a conversation with a banking client, who knew that filing of a US regulatory Cease and Desist (C&D) Order against his institution was imminent, writes Bill Goss of IPSA International. The bank officer said his institution would take necessary action to address the AML deficiencies but hoped, above all else, that the Order did not include a “Look Back”...
Online Published Date:
06 June 2012
Appeared in issue:
194 - 06 June 2012
US prosecutor documents cite deep AML failings at HSBC
Online Published Date:
06 July 2012
Appeared in issue:
194 - 06 June 2012