Featured Articles

Breakdown: The Kleptocracy Asset Recovery Rewards Act

On January 9th, US Rep. Stephen Lynch (D-MA) introduced H.R. 389, a measure that would “authorize the Secretary of the Treasury to pay rewards under an asset recovery rewards program to help identify and recover stolen assets linked to foreign government corruption and the proceeds of such corruption hidden… Read More

For HSBC, Questions Remain Following Moldovan Asset Seizures

KYC360.com readers will be aware of the asset forfeiture order granted to UK authorities in February to seize more than £466,000 from a London student living in a luxury apartment off Cadogan Square in Knightsbridge. The young man, as one might imagine, was no ordinary student. Rather, the agency had targeted… Read More

Look to ‘Sales Side’ Prosecutions for Real AML Change: Ex-U.S. Investigator

Recent headlines pointing to suspected money laundering networks and tax fraud schemes operating within European banks should startle compliance professionals, according to KYC360.com contributor and bestselling author Robert Mazur. While the ongoing investigations of Danske Bank, Swedbank, UBS and other institutions echo similar financial crime scandals of the past decade, the… Read More
In recent years the European Union has looked to flex its legislative muscle and come up with an array of laws aimed at cracking down on money laundering and terrorism financing. Key to its package are its various directives, which impact national laws, banking operations and other industries across… Read More
A London-based compliance officer looks back at some of the requests he came across and tells KYC360 how he reacted on the occasions he smelt trouble. He did not wish to disclose his name and details. Being a compliance officer has some highs and lows, and some colourful moments too. Read More
The global nature of trade brings with it huge compliance risks, exposing businesses to a wide array of rules and regulations requiring them to mitigate their exposure to money laundering and other financial crimes. One of the biggest risks that businesses face is employing third parties, be they suppliers, agents,… Read More
Stephen Platt has spearheaded countless investigations on behalf of regulators into the conduct of financial services businesses, both on- and offshore. He is the original author of the International Compliance Association Diplomas and author of bestselling book Criminal Capital. He is widely regarded as one of the world’s leading financial… Read More
The European Commission has published its list of high-risk third countries – dubbed the blacklist – which it says have weak anti-money laundering and terrorist financing regimes. It says the list was established after an ‘in-depth’ analysis, and the that the method reflected the ‘stricter’ criteria of the Fifth Anti-Money… Read More
On February 7th, Kollmorgen Corporation (“Kollmorgen”) of Radford, Virginia, agreed to a settlement with the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) for six apparent Iran sanctions regulations violations by its Turkish affiliate Elsim Elektroteknik Sistemler Sanayi ve Ticaret Anonim Sirketi (“Elsim”). Despite significant preventative, investigatory, and remedial… Read More
With its publication in the Official Journal of the European Union in late 2018, the Sixth EU Anti-Money Laundering Directive (6AMLD) is now on its way. Member-states have until December 2020 to transpose the directive into domestic law—an effort that would standardize criteria across the economic bloc for when predicate… Read More
Does the ‘perfect’ path to anti-money laundering (AML) exist? The quest for the perfect plan can be traced back to criminals causing immeasurable damage for many economies through money laundering. In response, governments are continuously trying to fight back, issuing a raft of rules and penalties for financial institution (FIs)… Read More
In recent years, the United Arab Emirates (UAE) has been looking to become more stringent regarding compliance, alongside its aims to encourage the establishment of an open economy to facilitate foreign investment. However, there are some challenges regarding foreign investment and compliance. One issue is the complexity to detect the… Read More
The U.S. Office of Foreign Assets Control (OFAC) recently removed three companies from its Specially Designated Nationals (SDN) List, where they had been each designated under two Executive Orders as part of OFAC’s Ukraine-/Russia-related program. The delisting process for these firms, which was elongated due to the Congressional oversight mandated… Read More