Helena Wood Centre for Financial Crime and Security Studies, UK The British government claims to be focussing on its ability to seize the proceeds of organised crime, but the response remains piecemeal, underfunded and poorly coordinated As a seasoned follower of the UK’s progress (or lack thereof) in… Read More
A tale of drug money laundering spanning from the crowded streets of Casablanca to the pristine shores of Lac Leman, Geneva, has finally come to its conclusion in the courts in Paris – and an epilogue yet to play out in French prison. The story begins almost a decade earlier… 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
The banking system’s vulnerability to fraud, corruption and money laundering is once again a focal point of debate in the wake of recent disclosures by the Central Bank of Nigeria that major losses have been recorded by banks from armed robbery cases and other criminal activities amounting to N12bn… Read More
Treasury Secretary Steve Mnuchin has announced that the global financial messaging service SWIFT “would be subject to U.S. sanctions” if it does not remove designated Iranian banks from its system “as soon as technologically feasible.” He noted that humanitarian transactions with non-designated Iranian entities are permissible but warned, “People need to… Read More
A question I often hear asked by compliance workers is ‘what are the factors that determine the risk rating of a country?’ When performing customer due diligence (CDD), we look at data points pertaining to the customer and weigh the customer risk based on certain criteria such as geographical risk,… Read More
Earlier this month, Danske Bank A/S – Denmark’s largest bank – announced that the United States Department of Justice (“DOJ”) has initiated a criminal investigation relating to the bank’s Estonian branch. This follows the announcement of a series of high-profile investigations by European regulators and a September 2018 report… Read More
 A legal team from the UK offices of Allen & Overy discuss a recent case in which a London barrister sued his bank NatWest over suspicious activity reports it filed about him to the National Crime Agency. CASE: Lonsdale v National Westminster Bank [2018] EWHC 1843 (QB) (18 July 20181)… Read More
Regulators the world over are stepping up the war against financial crime, issuing a raft of rules and hitting banks with some serious penalties. Despite these efforts, it’s still not uncommon to hear of financial firms being entangled in stunning money laundering and fraudulent schemes. Read More
As someone who has been in the financial services compliance sector for a long time, I am often asked “What advice would you give to staff who are new to the compliance team?” Well, there are many aspects to consider in such a response. Firstly, compliance staff need to… Read More