Featured Articles

Money Laundering Deterrence in Europe: Time to Get Serious

It’s been 30 years since the Sommet de l’Arche in Paris established the Financial Action Task Force (FATF) to combat money laundering. So where have we come to in Europe and what remains to be done? The last three decades are not without their accomplishments. Money laundering has been criminalised… Read More

How cryptocurrency scams work

By Nir Kshetri, University of North Carolina – Greensboro Millions of cryptocurrency investors have been scammed out of massive sums of real money. In 2018, losses from cryptocurrency-related crimes amounted to US$1.7 billion. The criminals use both old-fashioned and new-technology tactics to swindle their marks in… Read More

Cryptocurrencies are finally going mainstream – the battle is on to bring them under global control

By Iwa Salami, University of East London The 21st-century revolutionaries who have dominated cryptocurrencies are having to move over. Mainstream financial institutions are adopting these assets and the blockchain technology that enables them, in what is perhaps the most profound development since the birth of cryptocurrencies through… Read More
By Reza Tajaddini, Swinburne University of Technology and Hassan F. Gholipour, Swinburne University of Technology There is disquiet about the French owners of the luxury brands Luis Vuitton, Christian Dior, Givenchy and Gucci giving a whopping €300 million to the rebuilding of Notre Dame Cathedral. Such… Read More
For many in the anti-money laundering (AML) compliance sector, cryptocurrencies remain an enigma better avoided than addressed. In some corners, it can sometimes seem like compliance staff have assessed crypto-related products and services wholesale and ended up with the oversimplified conclusion of  ‘cryptocurrencies: bad.’ Yet it’s apparent by now that virtual assets… Read More
KYC360 readers will be aware of the world’s largest money laundering scandal involving the Estonian branch of Danske Bank (“Danske”), which faces allegations that up to €200 billion in criminal proceeds, primarily from Russia, passed through its accounts. Understandably, the bank’s lawyers have their hands full engaging with criminal prosecutors… Read More
Earlier this month, Standard Chartered Bank signed a new deferred prosecution agreement and agreed to pay more than $1 billion in fines and forfeitures. This latest scandal evolved because, while the bank negotiated its earlier admission of guilt for intentionally violating sanctions against Iran and other… Read More
By Nafis Alam, University of Reading The US has unnerved the world oil market by ramping up the pressure in its long-running dispute with Iran. It has announced that, after May 1, it won’t renew the exemptions given to eight countries that enable them to buy Iranian… Read More
Recently, media outlets reported that Russian arms sales increased to USD $15 billion in the past year. Meanwhile, Moscow’s international adventurism and willingness to project military power beyond its borders seems unabated, as evidenced in recent weeks by the arrival of 100 military advisers in Venezuela to support the Maduro… Read More
Whether it’s linked to a case of whistleblowing, a problematic work culture or discrimination, the decision to sue an employer is never easy. For some compliance officers, however, there may come a point in which legal action is the only recourse available to them to expose wrongdoing, protect their professional… Read More
By William M. LeoGrande, American University School of Public Affairs The Trump administration has declared the most severe new sanctions against Cuba since President John F. Kennedy imposed an economic embargo banning all trade with the communist island in 1962. Speaking in Miami on April 17,… Read More
Love it or hate it, the risk-based approach (RBA) is a key aspect of compliance work. But what happens when the boss shows up one day with a woefully muddled up RBA plan and expects it to be implemented? A London-based compliance officer recalls being amused at the sheer… Read More
Banks and other financial firms the world over find they are faced with a fluid, fast-changing regime of sanctions programs, and hence they invest in skilled financial crime personnel and compliance solutions to help hedge them from regulatory breaches. It is not uncommon for staff at financial institutions to feel… Read More