The Directive was finally adopted on 20 May 2015. It reflects the 40 recommendations that were published by FATF in 2012 and these repeal the 3RD EU Directive.....More
It is with some disquiet and unease that I have been reflecting on the finer points of the recent enforcement action that was published earlier this month by the FCA concerning the affairs of the Bank of Beirut and in particular the personal sanction announced of the Compliance Officer and Internal Auditor, and I felt compelled to put pen to paper.
The Office of the Comptroller of the Currency (OCC), the primary regulatory agency for national banks and Federal savings associations in the US, has provided final guidance on higher standards for risk management in larger banks.....More
As I left a bright and sunny London yesterday afternoon having attended the Chatham House conference titled ‘Combating Global Corruption, Sharing Standards and Common Practice’ and shared the company of the good and the wise, I left encouraged because of the very considerable efforts that are evidently being made by law enforcement and other interested parties to reduce the demand and supply side of graft and corruption, but equally concerned by the apparent lack of action and regulation of alternative money transfer arrangements.
I was delighted to represent the International Compliance Association at the Compliance Officer conference in Warsaw recently which focussed on the subject of new payment technologies and emerging money laundering and terrorist financing risk management.....More