ANTI MONEY LAUNDERING

29 January 2019

The UK’s anti money laundering regime – A time for celebration?

Mutual evaluations from the Financial Action Task Force (FATF) are big news within the anti money laundering (AML) community; its peer reviews provide insight into the AML framework of a country, the key risks that it faces and how those risks are managed.....More

Words by Simone Jones

23 January 2019

Skills and Attributes of an AML Professional

Have you ever wondered which skills and attributes are useful when working in anti money laundering (AML)? If you currently work in AML, have you considered how your own skills measure up? Here’s a quick look at some of the skills and attributes that an AML professional may need....More

Words by Simone Jones

9 November 2018

Hidden in plain sight – The concealment of beneficial ownership

The Financial Action Task Force (FATF) published a recent report that looked into the techniques employed by criminals to conceal the ownership and control of illicitly obtained assets by using a combination of layering and direct ownership chains. In many cases the beneficial owner will maintain some level of direct control over a scheme, usually involving a family member or business associate, but it is imperative that they are able to conceal their own identity.....More

Words by Jason Morris

6 September 2018

Meet an ICA Member: Muhammad Rizwan Khan

Who are our members and what can we learn from them?....More

Words by Meet a Member

20 August 2018

More focus required on professional money launderers

The Financial Action Task Force (FATF) has recently produced a report looking at the ways in which individuals and organisations, known as professional money launderers (PMLs), are charging fees or commission for providing a money laundering service to criminals.....More

Words by Jason Morris

31 July 2018

Getting the measure: the SMCR challenge

David Jackman highlights the challenges associated with efforts to measure whether the SMCR is working....More

Words by inCOMPLIANCE®

24 July 2018

Between the lines: The transformation of the AML landscape

The landscape of financial crime risk has been transformed in recent years with ever-increasing lapses in the anti-money laundering (AML) risk controls of global financial institutions.....More

Words by inCOMPLIANCE®

10 July 2018

Given ample opportunities, Canara’s inadequate action led to FCA fine

The £896,100 fine recently imposed on Canara Bank by the FCA is a useful example of the thinking behind penalties issued by the UK regulator.....More

Words by Jake Plenderleith

8 June 2018

Bitcoin and the ongoing money laundering risk

Cryptocurrencies, such as Bitcoin, will continue to challenge the way in which we conduct financial transactions - and ultimately how we tackle the issue of money laundering risk.....More

Words by Jason Morris

14 May 2018

With a FATF visit looming, Hong Kong steps up AML/CFT efforts

FATF’s mutual evaluation in Hong Kong later this year will be its first evaluation in the territory since 2007.....More

Words by Jake Plenderleith

7 May 2018

EU fifth anti money laundering directive (5MLD)

Here’s an insight into some of the changes put forward in this fifth and latest update.....More

Words by Jason Morris

13 April 2018

Are we becoming a cashless society?

Biometric technology, contactless cards and online shopping. Is this the beginning of the end for cash?....More

Words by Jason Morris

20 March 2018

Why is it important to know your customer?

Do you ever truly know your customer? And, if you don't does it really matter?....More

Words by Simone Jones

13 February 2018

2018: elections, cybercrime, Bitcoin and bribery

Unpredictability is the new normal. What does 2018 hold for our industry?....More

Words by Jake Plenderleith

6 February 2018

The rise of the unregulated online gambling industry

Should the anti-money laundering (AML) community be concerned at the prevalence of such Bitcoin services, and their open lack of regard to customer due diligence (CDD) controls?....More

Words by Kane Pepi

30 January 2018

The importance of tone from the top and why it should not be underestimated

As firms continue to navigate the labyrinthine minefield of legislation and regulation and claw their way up the evolutionary ladder of compliance with standards that appear to have moving goal posts, ‘tone from the top’ has never been more important.....More

Words by Dawn Fisher

22 January 2018

Five things you need to know about Bitcoin

Bitcoin has taken the world by storm; Simone Jones shares what she has learnt about cryptocurrency over the course of the last year.....More

Words by Simone Jones

16 January 2018

Everything you need to know about mobile financial services

Over the last decade, mobile financial services (MFS) have been instrumental in increasing financial inclusion in developing markets. What impact does this have on financial services and the telecommunications industry?....More

Words by Jake Plenderleith

15 January 2018

Why policy makers should shoulder responsibility for UK failings

In November 2017, Transparency International (TI) published the report Hiding in Plain Sight which further highlighted the attractiveness of UK Plc to those that wish to launder the proceeds of corruption or value of other criminal origin.....More

Words by Dawn Fisher

2 January 2018

Blurring the lines: how technology is shaping illicit finance typologies

As technological innovation sweeps the financial sector, the compliance professional faces developments of huge consequence.....More

Words by David Carlisle

21 November 2017

A turning tide? Terrorism and the Caribbean

How many of us, if we were then asked to think of terrorism and the Caribbean, would think back to the bygone era of piracy; of Calico Jack and mutiny on the seas? This era ended around the 1830s so surely terrorism is something that now happens outside of the Caribbean, doesn’t it?....More

Words by Sarah Reynolds

18 October 2017

A closer look at Denmark’s anti money laundering efforts

Denmark sits at the enviable position as the ‘cleanest’ country in Transparency International’s Corruption Perception Index (CPI). As previously discussed in ICA Insights, although deemed to be the cleanest, Denmark isn’t free from all financial crime woes.....More

Words by Simone Jones

12 October 2017

Combattre le blanchiment d'argent par la limitation des paiements en liquide

Avec Tracfin et certaines lois récemment instaurées, la France est un acteur européen majeur dans la lutte contre le blanchiment d’argent et le financement du terrorisme. Quels ont été les changements effectués lors de ces dernières années ?....More

Words by Justine Henry

10 October 2017

Anti money laundering: a spotlight on Sweden

At the International Compliance Association, we regularly find ourselves deliberating money laundering issues, which can range from recent enforcement actions to newly published reports showing the latest figures for details such as suspicious activity reports or jurisdictional risk. Which is why, when I read a headline stating that the Swedish legal system was being exploited to commit money laundering, quite a discussion was sparked.....More

Words by Holly Whitehead

28 September 2017

Are Bitcoin addresses shell companies in disguise?

Anonymity, discretion and confidentiality: terminology often associated with shell companies incorporated in jurisdictions with high secrecy laws. However, does the virtual economy – notably Bitcoin, the de facto currency of choice – facilitate the very same mechanisms that criminals attempt to abuse? This brief article will explore some of the key similarities between a shell company and a Bitcoin address, with a view to answering the question ‘Are Bitcoin addresses shell companies in disguise?’....More

Words by Kane Pepi

22 September 2017

New York: Leading the fight against crime

New York has been capturing the imagination and the attention of the world for well over 100 years. It’s a city like no other; its intoxicating pull is felt by both residents and non-residents alike. It has also long been a source of inspiration for those looking to fight crime: in the Superhero world, Marvel’s Spiderman, The Avengers and The Defenders all call New York home. Some people believe that Metropolis and Gotham, home to Superman and Batman, are also based on New York.....More

Words by Simone Jones

8 September 2017

How effective is Ireland's AML system? An analysis of FATF Mutual Evaluation Report for Ireland

Ireland is an important regional and international financial hub and is included in the IMF’s 29 systematically important financial centres. This is evidenced in the sheer number of banks looking to move some of their operations from London to Dublin in the wake of Brexit.....More

Words by Holly Whitehead

28 August 2017

Fuzzy matching: Getting the balance right

Screening your entire customer base on a regular basis can alert you to the risk of being exposed to suspicious or sanctioned individuals and organisations, but how do you ensure that you are completing these searches effectively?....More

Words by Sarah Reynolds

11 August 2017

Biometrics, cash and the end of money laundering as we know it?

As the technology to facilitate cashless transactions becomes more widespread, it can play an important role in know-your-customer and anti-money laundering efforts.....More

Words by Simone Jones and Bill Coffin

17 May 2017

Why We Say Yes

Why would someone well educated and well compensated risk their own liberty to pay a bribe? Richard Bistrong covers the reasons why we say yes.......More

Words by Richard Bistrong

17 May 2017

FIFA: The Beautiful Game?

Fifa, football's world governing body responsible for promoting and protecting the sport, has done more damage to the reputation of the game than any other organisation or individual.....More

Words by Jake Plenderleith

16 May 2017

The importance of transparency and challenging a collusive culture

Listen to Sally Scutt, ICA Strategic Advisor interview Annabel Reoch, UK Head Anti-Bribery and Anti-Corruption, KPMG about the importance of transparency and challenging a collusive culture.....More

Words by Sally Scutt

15 May 2017

Corruption: Perception and reality

ICT compares results from the World Economic Forum publishes annual corruption index and Transparency International's Corruption Perception Index (CPI) in this Prezi presentation.....More

Words by Jake Plenderleith

15 May 2017

How did we get here – an ABC of Anti Bribery and Corruption

There is a good chance that corruption is a subject of both personal and professional concern to you. If that is the case, it is a sentiment you share with individuals the world over.....More

Words by Penny Milner-Smyth

27 March 2017

Brexit, Fintech and Big Data: Joining the dots in Ireland

It is fascinating how apparently unconnected points can be linked to reveal compliance challenges and opportunities. How, for example, does Brexit connect us to AML regulations, FinTech and Big Data in Ireland?....More

Words by Guillermo Iribarren

31 January 2017

Top FCA Fines of 2016 Infographic

We break down combined fines of nearly £18 million issued by the Financial Conduct Authority to five top offenders in 2016.....More

Words by Jake Plenderleith

27 January 2017

Reviewed: 2016 Corruption Perceptions Index

Transparency International’s 2016 Corruption Perceptions Index was released this week, so we've taken a look at the more notable movements in this year's report.....More

Words by Holly Whitehead

19 January 2017

Ireland, Technology and Integrity

A large number of global information, communication and technology (ICT) companies are based in Ireland.....More

Words by Guillermo Iribarren

21 November 2016

Gibraltar and Brexit – Rock and a Hard Place?

Brexit has been a huge story all year, and will continue to be so throughout 2017 as Article 50 is triggered. Living and working here in the UK, I’m constantly bombarded with opinions telling me what the potential impact of leaving the EU could have on me and my family’s future. But what about the UK overseas territories? Gibraltar, for example, which, from memory, was the first region to declare their results from the EU referendum on June 23rd - voted an overwhelming 96% for the ‘Remain’ side. What are the implications of the overall result for this unique part of the UK?....More

Words by Jason Morris

11 November 2016

Cyprus’s economic crisis: why effective GRC is essential

Numerous reasons have been cited for Cyprus’s economic collapse, but one of the most enduring has been the charge of weak corporate governance in Cypriot banks. The demise of the now defunct Laiki Bank, previously the second biggest bank on the island, is indicative of the weak Governance, Risk and Compliance (GRC) framework that existed across Cypriot financial and governmental institutions.....More

Words by Jake Plenderleith

1 November 2016

Ireland concerned Brexit will damage anti money laundering efforts

Britain’s referendum on withdrawal from the European Union sent convulsions across Europe, and the uncertainty that the decision to leave triggered across the continent is felt nowhere more keenly than in Ireland. The Irish National Risk Assessment on Money Laundering (ML) and Terrorist Financing (TF) makes this explicitly clear; Brexit makes up a third of the ML/TF risk-enhancing factors for the Irish state.....More

Words by Jake Plenderleith

4 October 2016

Our top seven Switzerland blogs on money laundering, terrorist financing and beneficial ownership

A round-up of our insight about money laundering, terrorist financing and beneficial ownership in Switzerland.....More

Words by Lily Harwood-Millar

21 September 2016

Fraud in Switzerland - an update on high profile fraud related stories

We don’t know who originally had the idea for committing financial crime, although what is said to be the first recorded incident of fraud – involving a Greek merchant called Hegestratos, an upfront payment for transporting a cargo of corn and a failed plan to scuttle the ship carrying it – dates back to around 300 BC.....More

Words by Mary Munford

23 August 2016

Warning to banks in Hong Kong

The Monetary Authority of Singapore launched a dedicated anti money laundering (AML) department on 1 August, and this triggered my interest in reading more about AML-related developments in Asia Pacific. I came across an article from May this year which talked about how regulators in Hong Kong, for example the Hong Kong Monetary Authority (HKMA), are cracking down on trade based money laundering (TBML).....More

Words by Holly Whitehead

2 August 2016

Infographic: ICA Open Day - 13 September 2016

Still wondering whether to come to the ICA Open Day (or one of the local sessions)? Then have a look at our infographic for a few compelling reasons to register your place this year.......More

Words by Lily Harwood-Millar

26 July 2016

The FCA Anti-money laundering annual report 2015/16: progress – and challenges

The UK’s Financial Conduct Authority (FCA) has published a small library of reports this month, including its Anti-money laundering annual report 2015/16, which provides some interesting insights into its work, and some themes emerging from this, over the last year.....More

Words by Mary Munford

21 July 2016

The FCA Annual Report: taking a closer look

Here in the UK, after weeks of blanket media coverage around Brexit, a change of Prime Minister and the legal complexities involved in the Labour leadership election, we could be forgiven for wanting a change of subject matter. So the Financial Conduct Authority’s (FCA) Annual Report for 2015/16 could provide a welcome respite for financial services professionals, though it’s not exactly what you might call light reading.....More

Words by Mary Munford

18 July 2016

Football, mobile phones and money laundering

Bright ideas are the lifeblood of any business or organisation. The same applies to money launderers, who always seem to be coming up with new techniques of their own, or abusing entirely legitimate systems and technologies, in order to stay a step ahead of law enforcement and other authorities.....More

Words by Mary Munford

6 July 2016

Life after the referendum: terrorist financing high on FATF agenda

Here in the UK, there’s not much on our news agenda apart from the EU referendum outcome and the resulting fall-out, so significant developments elsewhere in the world since 23 June have perhaps been slipping under our radar.....More

Words by Mary Munford

14 June 2016

Reporting Suspicions of Money Laundering and Terrorist Financing: Spotlight on the Netherlands

At the International Compliance Association, we regularly find ourselves discussing money laundering and related issues. The reporting of suspicious transactions is a topic that often crops up and we’ve recently done some work around different reporting regimes around the world, how figures from different countries compare, whether national challenges are similar and if there are similarities in the entities submitting the highest number of reports. As a result, I took a closer look at the Netherlands.....More

Words by Mary Munford

26 May 2016

Beneficial ownership: A new era of openness? (The Netherlands)

Beneficial ownership is a phrase likely to leave the average person baffled and probably not very bothered. But it’s a concept that seems guaranteed to attract a great deal of international interest over the coming months and years, not least because of the European Union’s Fourth Anti-Money Laundering Directive (4th AMLD) and the central registers of beneficial owners that it will introduce.....More

Words by Mary Munford

26 May 2016

Beneficial ownership: A new era of openness? (Sweden)

Beneficial ownership is a phrase likely to leave the average person baffled and probably not very bothered. But it’s a concept that seems guaranteed to attract a great deal of international interest over the coming months and years, not least because of the European Union’s Fourth Anti-Money Laundering Directive (4th AMLD) and the central registers of beneficial owners that it will introduce.....More

Words by Simone Jones

26 May 2016

Beneficial ownership: A new era of openness? (Gibraltar)

Beneficial ownership is a phrase likely to leave the average person baffled and probably not very bothered. But it’s a concept set to attract much more interest over the coming months and years, thanks to the Fourth Anti-Money Laundering Directive, and the central registers of beneficial owners that it will introduce.....More

Words by Jason Morris

10 May 2016

Panama Papers: Offshore Leaks Database

The international Consortium of Investigative Journalists has now released an Offshore Leaks Database, further lifting the secrecy from thousands of offshore entities from its Panama Papers investigation and its 2013 Offshore Leaks expose. Here's some of what it reveals.......More

Words by Mary Munford

6 May 2016

All change on cash? Tackling money laundering through cash transaction limits in Switzerland

A good way to get an eye-catching headline these days is to carry out some research predicting the death of cash, now that we are all abandoning notes and coins in favour of smartphone apps, contactless cards and mobile payments.....More

Words by Simone Jones

6 May 2016

All change on cash? Tackling money laundering through cash transaction limits in Germany

A good way to get an eye-catching headline these days is to carry out some research predicting the death of cash, now that we are all abandoning notes and coins in favour of smartphone apps, contactless cards and mobile payments.....More

Words by Jason Morris

6 May 2016

All change on cash? Tackling money laundering through cash transaction limits in France

A good way to get an eye-catching headline these days is to carry out some research predicting the death of cash, now that we are all abandoning notes and coins in favour of smartphone apps, contactless cards and mobile payments.....More

Words by Mary Munford

15 March 2016

Beneficial ownership: A new era of openness? (Germany)

Beneficial ownership is a phrase likely to leave the average person baffled and probably not very bothered. But it’s a concept set to attract much more interest over the coming months and years, thanks to the Fourth Anti-Money Laundering Directive, and the central registers of beneficial owners that it will introduce.....More

Words by Jason Morris

15 March 2016

Beneficial ownership: A new era of openness? (Switzerland)

Beneficial ownership is a phrase likely to leave the average person baffled and probably not very bothered. But it’s a concept set to attract much more interest over the coming months and years, thanks to the Fourth Anti-Money Laundering Directive (4MLD), and the central registers of beneficial owners that it will introduce.....More

Words by Simone Jones

15 March 2016

Beneficial ownership: A new era of openness? (France)

Beneficial ownership is a phrase likely to leave the average person baffled and probably not very bothered. But it’s a concept set to attract much more interest over the coming months and years, thanks to the Fourth Anti-Money Laundering Directive, and the central registers of beneficial owners that it will introduce.....More

Words by Mary Munford

9 March 2016

Reporting Suspicions of Money Laundering and Terrorist Financing – The German Perspective

....More

Words by Jason Morris

9 March 2016

Reporting Suspicions of Money Laundering and Terrorist Financing: Spotlight on France

We started discussing suspicious transaction reporting regimes around the world, wondering how the UK's figures compared to other countries, whether the challenges were similar and if there were similarities in the entities submitting the highest number of reports. This led to my taking a closer look at what was happening in France.....More

Words by Mary Munford

9 March 2016

Reporting Suspicions of Money Laundering and Terrorist Financing – A Closer Look at Switzerland

At the International Compliance Association we find ourselves discussing money laundering issues almost constantly. One of the reasons that I love my job is that I get to discuss the finer points of anti money laundering regulations with other like-minded people.....More

Words by Simone Jones

26 February 2016

The Senior Managers Regime - what are your priorities?

Several months ago we carried an article in our magazine InCompliance about the new Senior Manager and Certification Regime....More

Words by Sally Scutt

26 January 2016

Implementation Day presents a shifting sanctions landscape

“Implementation Day” – the lifting of sanctions following Iran’s compliance with the Joint Comprehensive Plan of Action (JCPOA) – came around more swiftly than some had anticipated at the time that the JCPOA was initially agreed. Anyone not expecting compliance to be achieved so rapidly will be feeling the pressure to get fully up to speed with this new landscape.....More

Words by James Thomas

5 January 2016

Infographic: ICA Open Day - 3 February 2016

Still wondering whether to come to the ICA Open Day (or one of the roadshows)? Then have a look at our infographic for a few compelling reasons to register your place this year....More

Words by Lily Harwood-Millar

26 November 2015

Infographic: Don't Look Won't Find - Transparency International Report Statistics

Billions of pounds in corrupt funds are pouring into the UK every year. Transparency International - Don't Look Won't Find Weaknesses in the supervision of the UK's anti money laundering rules.....More

Words by Dave Robson

29 October 2015

OECD: tax and anti money laundering bodies need to step up joint working

Joined-up thinking is something it’s hard to argue against. But while it’s a great idea in theory, co-operation, communication and collaboration don’t always materialise on an in-house basis, let alone where different organisations are involved, even if they are pursuing similar aims.....More

Words by Mary Munford

14 September 2015

Threat of “KYCC” highlights need for joined-up approach to financial inclusion and financial integrity

“There is a risk of setting a ‘know your customer’s customer’ standard for the whole global system,” Anders Borg, former Swedish Finance Minister, has warned.....More

Words by James Thomas

7 May 2015

South Asia: Reserve Bank of India fines and anti-bribery law amendments

The Reserve Bank of India, the national banking regulator, has issued INR1.5cr (USD165,276) fines to three public sector banks and issued to cautions to eight more for failure to implement appropriate measures to prevent and detect AML/CTF. The censure comes in the wake of a thematic review of KYC in banks which found a lack of due diligence carried out in public sector banks and a concerning use of intermediaries to open and operate accounts.....More

Words by Helen O'Gorman

6 May 2015

Terrorism and the UK - Did you realise?

"The figures for assets frozen are remarkably low..."....More

Words by Dave Robson

29 April 2015

Banks – between a rock and a hard place?

Yesterday the Financial Conduct Authority in the UK released a statement of their expectations of Banks’ management of money laundering risk:....More

Words by Dawn Fisher

20 April 2015

Lobbying: fostering a culture of integrity

There is a serious shortfall in transparency, integrity and equality of access within the lobbying process across Europe, according to a report released last week by Transparency International. This has created a need to “foster a culture of integrity among companies and organisations seeking to influence public policy,” says TI.....More

Words by James Thomas

13 April 2015

A Call for Information, but are we asking the right questions?

In the UK Anti-Corruption Plan, published on 18 December 2014, the Government committed to carrying out a review of the suspicious activity reports (SARs) regime contained in the Proceeds of Crime Act 2002 (PoCA) and the Terrorism Act 2000 by July 2015. The purpose of which is to develop ways of better identifying money laundering and the financing of terrorism, and to prevent the movement and use of the proceeds of crime. The Home Office has, therefore, launched a ‘Call for Information’ in relation to SARs and firms are invited to respond to various questions.....More

Words by Dawn Fisher

31 March 2015

When enforcing the tone from the top really appears to mean low hanging fruit

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.....More

Words by Lee Byrne

25 March 2015

UK AML/CFT supervision: proportionate and effective?

The HM Treasury Anti-money laundering and counter terrorist finance supervision report 2013-14, released earlier this week, aims to provide a snapshot of the progress made over the last 12 months by UK AML/CFT supervisors in:....More

Words by James Thomas

28 January 2015

Blacklists, PEPs, corruption and regulation. How is 2015 looking so far?

January 15th saw a round of face to face meetings for jurisdictions found to be lacking in the last FATF plenary, with the APG ML in Sydney....More

Words by Helen O'Gorman

10 December 2014

OECD report shines light into bribery in international business

The OECD Foreign Bribery Report, released earlier this month, provides some interesting insights into corruption within international business. Not surprisingly, it highlights the usual sectors as hotspots for bribery and corruption activity. Drawing on data from the 427 foreign bribery cases that have been concluded since 1999 (when the OECD Anti-Bribery Convention first entered into force) the report finds that the extractive sector accounted for 19% of these, construction 15%, and transportation and storage a further 15%.....More

Words by James Thomas

4 December 2014

Corruption Perceptions Index 2014

I went to the UK launch of the 2014 Corruption Perceptions Index on Wednesday night at Skinners' Hall. As expected some countries have gone up and some down in the rankings. A quick summary for you…....More

Words by Andrew Clarke

10 November 2014

AML and CTF: Are controls designed to mitigate risk also hampering firms?

The ‘over-zealous’ application of foreign money laundering rules means British banks are facing risks of slower growth abroad, while also meaning weaker economies are facing exclusion from global financial markets. Or at least, this was the signal sent by the BoE deputy governor, Andrew Bailey, on 4 November 2014, who said:....More

Words by Emmanuel Ioannides

21 October 2014

The winds of change have rolled in with the Asian Autumn

Since early October, students in Hong Kong have protested against China’s reneged promise of free and fair elections. This coming from the country who protested last when its citizens lost money en masse due to the misselling of minibonds in 2008. They used to say that HK only protests if the people lose their money. Clearly, this is no longer the case.....More

Words by Helen O'Gorman

15 September 2014

Organised criminals showing a greater appetite for food crime

In this age of increasingly enlightened, engaged and empowered consumers, last year’s horse meat scandal had many choking in outrage on their locally-sourced, organic, gluten-free cornflakes. The episode provided a clear red flag for potential shortcomings in the governance of global food supply chains, and the greater scrutiny that the food system has been subjected to by authorities in the aftermath of the scandal has begun to reveal the true extent of the market for counterfeit food.....More

Words by James Thomas

27 August 2014

How corrupt is the UK?

The conviction of three people in June for conspiracy to commit bribery relating to match fixing had me thinking (again)… can we use the number of corruption convictions as an indicator on how corrupt the UK actually is?....More

Words by Andrew Clarke

11 August 2014

European governments are now the main source of terrorist financing, according to the New York Times

An investigation published by the New York Times recently provided a fascinating read for anyone involved in countering the financing of terrorism (CFT). While it has long been believed that counterfeiting provides the primary source of financing for terrorists, the Times report suggests that ransom payments have now surpassed it.....More

Words by James Thomas

5 August 2014

A few smoking guns, but no fires spotted as yet - charting the progress of anti-corruption in Asia

Influential, wealthy and ‘lawyered-up’ entities are settling bribery cases with prosecutors by throwing money at the case in order to avoid admitting guilt or proving innocence. What message does this send out to the world?....More

Words by Helen O'Gorman

7 July 2014

Terrorist financing, Singapore crime figures and cultural change afoot

This month’s APAC bulletin from the ICA looks at the massive and sudden resurgence of terrorist financing threat from the Middle East, we glimpse inside the Singaporean financial sector and comment on how APAC financial institutions could get the jump on compliance culture changes spearheaded in Europe and the US.....More

Words by Helen O'Gorman

5 June 2014

Are Thai PEPs trying to smurf their cash out of the country?

The military coup in Thailand is well publicized. As of May 31st, General Prayuth Chan-ocha, the junta chief has declared he will remain in charge of Thailand until the country is ready to elect a new civilian PM via democratic elections. He estimates this will mean at least 15 more months of army control for Thailand. So far, it does not appear to be making much of a difference to tourism. I saw no changes on the small island I live on, nor in Bangkok where bars, cafes and street side massage chairs were open after ten and full of customers, nor on the Thai Burmese border where farang pubs are closing the doors at curfew, but keeping the customers inside.....More

Words by Helen O'Gorman

28 May 2014

Guilty pleas: still too big to jail?

Recent reports suggest that BNP Paribas may be facing fines potentially in excess of US $5bn for sanctions violations and, moreover, that the bank is being pressed to plead guilty to criminal charges as part of any resolution.....More

Words by James Thomas

9 May 2014

Who are China’s ‘problem rich’? (1)

The Hurun Report has been producing an annual list of China’s wealthiest people for the past 15 years, based upon estimations of how rich someone is according to the information made public about them. Both the Forbes and Hurun lists agree that Wang Jianlin is China’s richest man with somewhere between USD14bn and USD22bn under his control. Putting aside the trifling USD8bn difference for a moment, a new small but significantly wealthy and connected group of people has emerged in China. The so called ‘problem rich’ are under the spotlight for all the wrong reasons.....More

Words by Helen O'Gorman

5 February 2014

Combatting global corruption

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.....More

Words by Lee Byrne

23 December 2013

Getting tougher at the top?

2013 comes to a close in the UK with two significant developments which demonstrate that regulators and lawmakers have their sights set firmly on senior bankers. First came the news that Standard Chartered had stripped its Finance Director of responsibility for risk, reportedly under instructions from the Prudential Regulation Authority (PRA). Next, the Banking Reform Act received Royal Assent on 18 December.....More

Words by James Thomas

22 October 2013

Stick, twist or fold? How best to manage emerging trends and best practice in money laundering and terrorist financing

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

Words by Lee Byrne

8 October 2013

Restoring trust: the long game

It would be an understatement to say that the financial sector has an image problem. Scarcely a day passes without the emergence of some new financial debacle or the imposition of some new high profile regulatory sanction.....More

Words by James Thomas

12 June 2013

The only way is ethics

Having had the privilege of attending the AMLP Forum on Anti-Bribery and Corruption in London last week, ethics (as well as collaborative action) was a key message.....More

Words by Anthony Beckett

12 March 2013

The Asian rate fixing scandal: continuing lessons for organisational culture

We’ve been covering the topic of “culture” extensively within inCOMPLIANCE. And with good reason – cultural change at banks is increasingly being acknowledged as a board-level strategic challenge, and one which the compliance community can make a positive contribution towards.....More

Words by James Thomas

4 February 2013

Executive remuneration and cultural change: the long haul

Bonus season is guaranteed to provide some talking points, and this year is no different.For many within the City, the award of massive payouts for those at the helm of major financial institutions is simply the cost of employing such “talent”; a relatively small price to pay given the massive demands of the job.....More

Words by James Thomas

25 January 2013

FCPA Guidance: Emerging Benchmarks for an Effective Anti-Corruption Compliance Program?

Over recent years, we have all been witness to the US Department of Justice ("DOJ") and the Securities and Exchange Commission ("SEC") aggressively pursuing enforcement action against businesses and individuals under the Foreign Corrupt Practices Act ("FCPA").....More

Words by Mushtaq Dost

10 December 2012

Offshore secrets highlight the need for transparency and strong oversight

The UK Guardian’s “Offshore secrets” series, and BBC Panorama’s concurrent investigation into the burgeoning trade in sham directorships, provided some fascinating (albeit depressing) reading/viewing for anyone interested in the prevention and detection of financial crime.....More

Words by James Thomas

12 November 2012

Changing the enforcement target: regulators, it’s time to stop just focussing on the MLRO

We have a problem. Money Laundering Reporting Officers must increasingly hit the highest standards of professionalism. This is a good thing.....More

Words by Pekka Dare

19 September 2012

The Adoboli trial will shine a light on controls and culture at UBS

It’s early days in the Kweku Adoboli trial, which started last week, but it looks as though the outcome (and its broader fallout on UBS and the banking sector) will hinge to a large extent on how much of a “rogue” Adoboli is.....More

Words by James Thomas