Corporate and senior management liability: how do we best prevent systemic money laundering?

Tim Parkman (tim.parkman@cddpro.com) and Stuart Hammond (stuart.hammond@cddpro.com) are independent financial crime consultants and directors of CDD Pro Ltd (www.cddpro.com).

Previously, Tim Parkman and Stuart Hammond of CDD Pro examined how weaknesses and lack of consistency in customer due diligence (CDD) onboarding practices continue to attract the attention of regulators, and punishment, for allowing bad actors into the global financial system. [1] Here, they look at the current punitive mechanisms in play for wider anti-money laundering (AML) and sanctions failings and ask if they are sufficient.