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Updated customer onboarding – a win for financial institutions
Due diligence is undergoing a technological revolution that is set to make life in Compliance, and for the customer, a whole lot easier, says Micah Willbrand of NICE Actimize.
Since the Financial Action Task Force (FATF) released its..
Online Published Date:
31 March 2015
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222 - 31 March 2015
US targets Andorran bank for third-party laundering
Banca Privada d’Andorra (BPA), one of five banks in the tiny principality in the Pyrenees, has been designated a “foreign financial institution of primary money laundering concern” by the US Financial Crimes Enforcement Network..
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31 March 2015
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222 - 31 March 2015
Cash-back and out - Macao
China is at once proud of the meteoric risk of Macao as the world’s number one gambling centre and worried that its special administrative region serves as an exit point for massive capital flight of both clean and corrupt funds. UnionPay,..
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31 March 2015
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222 - 31 March 2015
Undue disclosure – legal risk in UK data-sharing initiative
In a recent interview with the Evening Standard [1], Keith Bristow, Director General of the National Crime Agency, revealed a new information-sharing agreement (ISA) between the NCA and 10 of Britain’s biggest banks. Lisa McKinnon-Lower of..
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31 March 2015
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222 - 31 March 2015
Holt v Attorney General - professional fees and the money laundering offences
Jenny Holt’s prosecution for money laundering in the Isle of Man created quite a stir, writes Jonathan Fisher QC. The trial Judge (the Deemster) had described Ms Holt, a young English barrister and Manx advocate employed by a firm called..
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31 March 2015
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222 - 31 March 2015
Allah and mammon
Islamic State in Iraq and the Levant is a terrorist organisation with ambitions to carve out a caliphate that will last but to do this it needs to create a sustainable financial system that goes beyond the ‘tax, extract and threat’ model..
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31 March 2015
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222 - 31 March 2015
The proceeds of corruption in property: time to unmask the offshore companies that own so much of the UK, says TI
UK property has long been a safe haven for overseas investors seeking a stable political and business climate, financial security or an attractive place to live. However, there is growing evidence, says Nick Maxwell, that it has also become a safe..
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31 March 2015
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222 - 31 March 2015
Mist on the Nile – an Egyptian record
Political turmoil in Egypt since the uprising that ousted President Hosni Mubarak four years ago has served anti-money laundering as both stimulus – through pursuit of embezzled state funds – and brake with delays in the introduction and..
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31 March 2015
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222 - 31 March 2015
Serious Crime Act 2015 - welcome changes for prosecutors
Six months rather than 12 to comply with a confiscation order and longer default sentences for non-payment are among modifications to the UK Proceeds of Crime Act 2002 that may give even the most serious criminals pause. Frances Coulson of Moon..
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31 March 2015
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222 - 31 March 2015
Commerzbank pays $1.45bn for US sanctions and AML breaches
Commerzbank, Germany’s second-biggest lender, has paid US$1.45bn to US authorities for violations of US sanctions and the Bank Secrecy Act (BSA). Under a consent order with the New York Department of Financial Services, the bank will engage a..
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31 March 2015
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222 - 31 March 2015
Risk and understanding
The UK’s first National ML/TF Risk Assessment is “in its final stages” – currently “with ministers” for review – so it will be touch and go on publication before the General Election in May, an HM Treasury..
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31 March 2015
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222 - 31 March 2015
Bank of Beirut & approved persons pay for remediation falsehoods
Bank of Beirut (UK) Ltd has been fined £2,100,000 by the UK Financial Conduct Authority (FCA) for failing to correct deficiencies in its financial crime controls within set deadlines and repeatedly lying to the regulator about progress on..
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31 March 2015
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222 - 31 March 2015