The recent Civil Monetary Penalty (CMP) imposed by the Office of Foreign Assets Control (OFAC) on BIOMIN America (“BIOMIN”) seems appropriate, although the stated reasons for the penalty’s amount seem strange, given the facts in evidence. However, if you re-examine the entire fact pattern, there are better lessons to… Read More
If criminals have the advantage in the fight against financial crime, that’s due in no small part to how the anti-money laundering sector functions, according to Jim Richards, principal and founder of RegTech Consulting LLC. For one, bank supervisors are focused primarily on technical compliance with AML regulations rather than… Read More
The suspicious activity reporting regime is in need of a “wholesale revolution” that would allow financial institutions to deliver more actionable intelligence to investigators, according to Tom Keatinge, director of the Centre for Financial Crime and Security Studies at RUSI. In a recent episode of KYC360’s AML Talk Show,… Read More
If filing a suspicious activity report is more of an art than a science, it should be remembered that not all art is equal. Like a painting hung in a museum, a good SAR must be the product of focus and intention if it’s to engage its intended audience. For… Read More
Don’t accuse whistleblowers of being in it for the money. So says Tom Mueller, author of Crisis of Conscience: Whistleblowing in an Age of Fraud, during a recent episode of KYC360’s AML Talk Show hosted by Martin Woods. “The vast majority of whistleblowers that I interviewed, their… Read More
Sanctions are intended to exert economic pressure on targeted groups of persons and countries to either prevent conducting business as usual or, at the very least, make it more expensive to do so. It is hoped that such impediments will cause sanctioned parties to reconsider their course of action and… Read More
At times it can seem as if Swedbank’s recent history has been taken from the plot of a Nordic noir novel. There is a procedural bleakness to the Swedish bank’s money laundering scandal and a complexity to it all that does little to resolve the moral ambiguities of institutional malfeasance. Read More
Pressure within financial institutions to generate profits and inadequate enforcement by supervisory agencies have undermined nations’ efforts to fight money laundering, according to Jack Blum, a US-based financial crime expert who serves as a senior advisor for the Tax Justice Network. Blum, who recently spoke with RiskScreen CEO Stephen Platt for… Read More
When we asked our readers last week to let us know how things were going amid the COVID-19 pandemic, we received hundreds of survey responses from career professionals working in financial services businesses, government agencies, technology companies, law firms and other AML-related occupations all around the world. The message by… Read More
With all of the terrible economic news that has followed the COVID-19 pandemic, it’s easy to miss the fact that at least one line of work is welcoming new job seekers: money laundering. As the FBI noted earlier this month, organized crime groups are increasingly turning to so-called “money… Read More