- Home/Publications/Money Laundering Bulletin
On the case: effective workflow management
Today it’s not enough to simply manage regulatory compliance and risk, writes Eric Sohn of Dow Jones. To be effective, especially as requirements evolve, is also an exercise in efficiency where the balancing act between providing sufficient..
Online Published Date:
07 December 2015
Appeared in issue:
229 - 07 December 2015
ABN Amro fined $1.3m for AML control failings by Dutch & Dubai regulators
ABN Amro Group NV, the Dutch state-owned lender, has been fined more than $1.3 million in total by regulators in the Netherlands and Dubai for AML systems and controls failures at its private bank in Dubai, notably for the period 1 January 2013 to..
Online Published Date:
07 December 2015
Appeared in issue:
229 - 07 December 2015
Emerging terrorist financing risks
The horrific events in Paris will sharpen focus on how such attacks are funded. The Financial Action Task Force had already revisited the evolving threat in a report issued after its October 2015 plenary. Sue Grossey studies the latest terrorist..
Online Published Date:
07 December 2015
Appeared in issue:
229 - 07 December 2015
Gatekeepers’ plea to be ethical, not merely rule-compliant
Companies should not only comply with the letter of the European Union’s (EU) Fourth Money Laundering Directive (4MLD), but introduce an ‘ethical approach’, the UK Consultative Committee of Accountancy Bodies’ (CCAB)..
Online Published Date:
07 December 2015
Appeared in issue:
229 - 07 December 2015
Paris attacks prompt EU review of FIU operations
The Paris terror attacks have prompted an urgent meeting of the EU Council of Ministers (for justice and home affairs) – on 20 November – to back strengthening and improving the operation of member states’ financial intelligence..
Online Published Date:
07 December 2015
Appeared in issue:
229 - 07 December 2015
Sluggish G20 response to 2014 beneficial ownership promises, says TI
Transparency International has concluded in a detailed review [1] that G20 governments have largely reacted sluggishly to pledges made last November (2014) to insist on beneficial ownership declarations over assets within their jurisdictions...
Online Published Date:
07 December 2015
Appeared in issue:
229 - 07 December 2015
Liquid asset flows: French wine, foreign crime
The vineyards of southern France are internationally renowned for the quality of their product and, in recent years, for operating losses that have made some owners keen to sell – both important to the criminal with aspirations to fine living..
Online Published Date:
07 December 2015
Appeared in issue:
229 - 07 December 2015
In tension over terrorist finance – EU to US data transfer & privacy rights
US intelligence has access to European Union citizens’ banking transfer records by virtue of a controversial 2010 agreement. Paul Cochrane examines the Terrorist Financing Tracking Programme, currently set for renegotiation.
The..
Online Published Date:
07 December 2015
Appeared in issue:
229 - 07 December 2015
Patchwork UK AML supervision needs overhaul – Transparency International report
The UK Government should look at replacing the 27 current sector supervisors under the Money Laundering Regulations with a “single, well-resourced ‘super’ supervisor”, says Transparency International.
In a paper,..
Online Published Date:
07 December 2015
Appeared in issue:
229 - 07 December 2015
Barclays fined £72m for neglecting due diligence on PEPs in “deal of the century”
Barclays Bank has incurred the biggest fine handed out by the UK Financial Conduct Authority (FCA) or its predecessor, the Financial Services Authority, for breaches of rules to minimise financial crime risk – £72,069,400. [1] The..
Online Published Date:
07 December 2015
Appeared in issue:
229 - 07 December 2015
Singapore issues guidance with trade finance & correspondent banking focus
By Keith Nuthall
Online Published Date:
07 December 2015
Appeared in issue:
229 - 07 December 2015
The supra-supervisor
It can surely be no accident that the offices of the European Banking Authority (EBA) – on floors 45 and 46 of One Canada Square – overlook the London headquarters of the global financial institutions on which their policy-making bears..
Online Published Date:
07 December 2015
Appeared in issue:
229 - 07 December 2015
Wire-cutting: money transmitters
Money services businesses vie for top position in many risk registers and turn up repeatedly in law enforcement case studies: little wonder they are struggling to keep lines open to their customers. Alan Osborn, in London and Bertha M Rinjeu, in..
Online Published Date:
07 December 2015
Appeared in issue:
229 - 07 December 2015
Dualism – Russian AML and sanctions
Annexation of Crimea comes at a high price: the sanctions against Russia hurt; they are, though, to be distinguished from AML by, if not bright lines, at least a continuing dialogue with international partners through the Financial Action Task..
Online Published Date:
07 December 2015
Appeared in issue:
229 - 07 December 2015
UK property – how to stop corrupt public officials investing?
A public register of beneficial owners of UK companies is a good fresh start in tackling criminal ownership of land and property, say Laurence Harris and Jamie Humphreys of Cooley, but of itself is not enough.
Over the past few..
Online Published Date:
07 December 2015
Appeared in issue:
229 - 07 December 2015
Deutsche Bank pays $258m for wire-stripping breaches of US sanctions
Deutsche Bank’s use of “OFAC-safe” payment processing to circumvent US sanctions against Iran, Libya, Syria, Burma and Sudan between 1999, at the latest, and 2006 have bought it a $200m penalty from the New York Department of..
Online Published Date:
07 December 2015
Appeared in issue:
229 - 07 December 2015
âUs and Themâ *
More than a battle of words, the AML community can greatly aid the ongoing response to terrorists, writes John Byrne.
With the clearly planned attacks in Paris last week, society needs to rethink how we can respond to terrorists who have no..
Online Published Date:
07 December 2015
Appeared in issue:
229 - 07 December 2015