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Fallout – de-risking, the unintended consequences
The Financial Action Task Force is worried [1], and so are member governments [2]: de-risking threatens to exclude swathes of business and consumers from banking services. Alan Osborn, in London, and Craig Howie, in Washington DC, examine the impact..
Online Published Date:
27 May 2015
Appeared in issue:
224 - 27 May 2015
Sanctions listing to lifting
The pariah status of sanctions list designation is prompting targeted parties to fight for removal, with some notable successes in the European Court of Justice. Katherine Buckle of QEB Hollis Whiteman and Lennart Poulsen of 9 Bedford Row examine..
Online Published Date:
27 May 2015
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224 - 27 May 2015
Virtually here – Bitcoin, but the beginning
The virtual currency genie is out of the digital bottle and innovating his way across the internet at a furious pace, but not without cost. Brian Stoeckert of Stratis Advisory reviews the enforcement actions and criminality that have dogged his..
Online Published Date:
27 May 2015
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224 - 27 May 2015
Fourth EU ML Directive adopted after European Parliament vote
The Fourth EU Money Laundering Directive (4MLD) will come into force mid-2017 after a key vote today [20 May] in the European Parliament signalled the legislation’s adoption [1] following EU Council of Ministers approval a month ago [20..
Online Published Date:
27 May 2015
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224 - 27 May 2015
Fourth round – unready reckoning
Evaluation of countries’ AML/CFT regimes stepped up several gears in 2013 with the Financial Action Task Force (FATF) move to gauge effectiveness, not just technical compliance with its standards. First measurements now taken, they reveal..
Online Published Date:
27 May 2015
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224 - 27 May 2015
SARs extra – alternative reporting channels
Suspicious activity reports to the financial intelligence unit may be the recognised mechanism for alerting law enforcement to potential criminal fund flows but Alan Osborn finds there are other ways to flag concerns.
Not everybody is as..
Online Published Date:
27 May 2015
Appeared in issue:
224 - 27 May 2015
Catch up Down Under
After a less than glowing evaluation of its AML/CFT regime ten years ago, one might have expected Australia to raise its game significantly but performance remains distinctly lacklustre, according to the latest Financial Action Task Force findings...
Online Published Date:
27 May 2015
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224 - 27 May 2015
Fast forward – next generation insight
High performance analytics is set to turbo-charge monitoring and detection, and it can work with existing AML tools, says Alexon Bell, Compliance Solution Director, SAS.
Over the past twenty years, financial institutions have had to..
Online Published Date:
27 May 2015
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224 - 27 May 2015
Out on the edge – virtual banks
The provision of financial services outside the traditional sector, always an attractive prospect to some, becomes ever easier online as the necessary software is commoditised. Alan Osborn and Robert Stokes look at the rise and risk of alternative..
Online Published Date:
27 May 2015
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224 - 27 May 2015
Criminal property – definitively defined?
The amorphous boundary between a predicate offence and a money laundering offence has been diligently plotted out in case law since the Proceeds of Crime Act 2002 came into force, but, as David McCluskey and Charlotte Tregunna of Peters & Peters..
Online Published Date:
27 May 2015
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224 - 27 May 2015
It’s all about Eve, the first money launderer
All was not paradise for long in the Garden of Eden, an ancient account, says Tristram Hicks, that sheds light on why the European Union now faces its Fourth Money Laundering Directive.
It’s all about Eve really; if people agree..
Online Published Date:
27 May 2015
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224 - 27 May 2015
Nordea and Handelsbanken fined by Swedish regulator for AML breaches
Sweden’s two largest banks, Nordea and Handelsbanken, have been fined SKr50 million (€5.4 million) and SKr35 million (€3.8 million), respectively, for money laundering control breaches.
The Financial Supervisory Authority said..
Online Published Date:
27 May 2015
Appeared in issue:
224 - 27 May 2015