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Regulatory Update

3rd February 2017

Former British spy’s investigation ‘revealed South African bank corruption

Along-hidden, secret report by a former senior MI6 officer has triggered a financial scandal after allegedly uncovering evidence South African banks “looted the state” during the apartheid regime. Read More

2nd February 2017

US banks warn Trump will stick with tough money laundering stance

Big US banks are warning that money laundering is one space the place they anticipate Donald Trump to keep up tough regulatory requirements, regardless of the brand new president’s pledge to ease burdens the place potential. Read More

1st February 2017

Transaction laundering is the new, advanced form of money laundering

Transaction laundering is the new sophisticated form of money laundering and terrorism financing and is one of the biggest challenges facing the AML regime today. Read More

1st February 2017

UK: Former top City regulator joins Standard Chartered

A former City regulator, Tracey McDermott, has been appointed to a top job at the bank Standard Chartered. Read More

1st February 2017

AML Compliance Failure: The Gift that Keeps on Giving

It’s no state secret that Anti-Money Laundering (AML) compliance failures can cause serious harm. Read More

1st February 2017

A DAY OF RECKONING – THE USUAL AND ACCOUNTABLE SUSPECTS

It is nearly ten years since the onset of the largest financial crisis since the Wall Street Crash and Great Depression, and the search for its villains continues. Read More

1st February 2017

Philippines: RCBC hires former official of Anti-Money Laundering Council

Rizal Commercial Banking Corp. (RCBC) said Tuesday it hired a former official of the Anti-Money Laundering Council as chief compliance officer, as the bank continues to beef up its management team. Read More

1st February 2017

Deutsche Bank fined $630m over Russia money laundering claims

Authorities in US and UK issue fine after saying bank used offices in Moscow and London to move $10bn out of country. Read More

31st January 2017

UK: FCA fines Deutsche Bank £163 million for serious anti-money laundering controls failings

The Financial Conduct Authority (FCA) has today fined Deutsche Bank AG (Deutsche Bank) £163,076,224 for failing to maintain an adequate anti-money laundering (AML) control framework during the period between 1 January 2012 and 31 December 2015. Read More

31st January 2017

Terrorism financing methods: an overview

How do terrorists move money? This article examines six of the most widely used methods: cash couriers, informal transfer systems (e.g. hawala), money service businesses, formal banking, false trade invoicing, and high value commodities. Read More

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The Mexican drug cartel investigation that wasn’t an investigation at all

EU sets out plans to limit US dollar reliance, reduce sanctions risks