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High costs – drug money
The number one source of criminal finance for decades, the illegal drugs trade shows no sign of yielding. As long as demand is strong and the product banned, both users and suppliers will be addicted. Paul Cochrane updates the global map of..
Online Published Date:
27 May 2021
Appeared in issue:
285 - 27 May 2021
Julius Baer pays US$80m & signs DPA for laundering FIFA bribes
Swiss bank Julius Baer (JB), on 27 May [2021], admitted in a US federal court to conspiring to launder over US$36m in bribes to officials at the Fédération Internationale de Football Association (FIFA) and other soccer federations. [1]The bank will..
Online Published Date:
28 May 2021
Appeared in issue:
285 - 27 May 2021
Instant refresh – next step, continuous KYC
Periodic reviews, lookbacks and repapering may not feature in future editions of the AML lexicon as computing and data storage capacity, allied with artificial intelligence, make knowing your customer and every change that affects them – registered..
Online Published Date:
01 June 2021
Appeared in issue:
285 - 27 May 2021
See through – KYCC
There may be no explicit regulatory imperative to know your customer’s customer but as technology enables ever more data to be analysed in finer detail, and the pressure to avoid reputational exposure from association with business which would not..
Online Published Date:
02 June 2021
Appeared in issue:
285 - 27 May 2021
EU countries fall short on public UBO registers
BySara Lewis, in Brussels
Online Published Date:
03 June 2021
Appeared in issue:
285 - 27 May 2021
MONEYVAL member states’ AML/CFT controls still too weak, says annual report
By Keith Nuthall
Online Published Date:
05 June 2021
Appeared in issue:
285 - 27 May 2021
National Australia Bank in midst of investigation by AUSTRAC
Australia’sthird biggest lender, by market capitalisation, is under scrutiny over “seriousconcerns” about its anti-money laundering and counter terrorist financing(AML/CTF) programme. National Australia Bank Ltd (NAB) says AUSTRAC, the..
Online Published Date:
07 June 2021
Appeared in issue:
285 - 27 May 2021
AUSTRAC expands casino probe to more big players
Three top casino operators in Australia are underinvestigation by AUSTRAC, the country’s financial intelligence unit (FIU), overtheir management of high-risk and politically exposed person (PEP) customers. Crown Resorts had already been found unfit..
Online Published Date:
07 June 2021
Appeared in issue:
285 - 27 May 2021
Staycation reads
Susan Grossey may be contacted on +44 (0)1223 563636, susan@thinkingaboutcrime.com, www.thinkingaboutcrime.com
Online Published Date:
10 June 2021
Appeared in issue:
285 - 27 May 2021
Shhh[aring]… It’s confidential computing
Leslie Conner Warren (leslie.warren@r3.com) is Government Relations Policy Manager at R3.
Online Published Date:
15 June 2021
Appeared in issue:
285 - 27 May 2021
From ancient to post-modern: arts, antiquities & U.S. AML
Matthew Reinhard (+1 (202) 626-5894, mreinhard@milchev.com) is a member of Miller & Chevalier Chartered.
Online Published Date:
16 June 2021
Appeared in issue:
285 - 27 May 2021
Latvia fines AS ‘Rietumu Banka’ €5.85m for catalogue of AML breaches
The Financial and Capital Market Commission (FCMC), Latvia's regulator, on 15 June [2021], fined AS ‘Rietumu Banka’ €5.85m for a slew of failings in its controls around anti-money laundering and counter-terrorist and proliferation financing..
Online Published Date:
18 June 2021
Appeared in issue:
285 - 27 May 2021
Mediterranean to Caribbean - passports to paradise?
Buy a passport and arguably you’re well on the way to washing out any previous reputational stains. The European Commission is pushing to end the practice, with action against Cyprus and Malta that could end up in court, but Caribbean jurisdictions..
Online Published Date:
21 June 2021
Appeared in issue:
285 - 27 May 2021
Careless whispers?
Denis O’Connor, a Fellow of both the Institute of Chartered Accountants in England & Wales and the Chartered Institute of Securities and Investment, was a member of the British Bankers’ Association Money Laundering Committee from 2003-10 and a member of the Joint Money Laundering Steering Group’s Board and Editorial Panel between 2010 and 2016. He has been a frequent speaker at industry conferences on financial crime issues, both in the UK and abroad.
Online Published Date:
22 June 2021
Appeared in issue:
285 - 27 May 2021
Dollar weakness – AML and sanctions reverberations
The United States has sought, increasingly, to prosecute foreign policy through economic means – the Trump administration sprayed out sanctions about three times a day during the president’s four-year term [1] – but this has only driven the targets..
Online Published Date:
22 June 2021
Appeared in issue:
285 - 27 May 2021