Analysis - KYC360

Barclays in 2018: Something to smile about — regulators, revival and compliance goals

One would think Barclays has had a rocky start to the year, judging by events in recent weeks. On the surface, the combination of a $2 billion fine from the US Department of Justice (DoJ), fines over CEO Jes Staley’s pursuit of a whistleblower and a Q1 earnings loss does… Read More

Trump exit from Iran nuclear deal enters uncharted territory

AP — It’s not as simple as just saying “we’re out” of the Iran nuclear deal. If President Donald Trump follows through on his threat to pull the U.S. out of the Iran nuclear deal on May 12, the rest of the world will be thrust into uncharted… Read More

Facing up to laundering

Susan Grossey has been making her living from crime for over twenty years. She provides anti-money laundering training and advice to the regulated community in the UK, Guernsey, Jersey, the Isle of Man and Gibraltar, and writes and talks on the subject at every opportunity. As her hobby she… Read More

Kodak and blockchain: A token for survival?

By Raisa Ostapenko Nearly 130 years ago, George Eastman founded the Eastman Kodak Company – or Kodak, as most people know it today – and with it revolutionised and democratised the art of photography. It was Eastman’s company that gave the once abstruse, almost elitist craft, in which every image… Read More

Biometrics: Challenges and opportunities for anti-money laundering, fraud prevention

The rapid adoption of biometric technology by the financial sector is likely to drive profound changes in anti-money laundering and counter-terrorism financing (AML/CTF) efforts. As biometric technology becomes more reliable, more affordable and more accessible, it is becoming increasingly appealing to financial institutions and regulators alike… Read More

Malta had concerns about bank with Azeri clients, kept it open

Last April, a Maltese journalist published stories saying a private bank on her island was serving high-ranking customers in Azerbaijan, and alleging it was processing corrupt payments. Six months later the journalist, Daphne Caruana Galizia, was murdered. Many of her claims, including the one about corrupt payments, remain unproven. Read More

Confessions of a compliance officer: Do you trust overseas colleagues’ KYC work? Guess what …

Does the Compliance Department get it wrong sometimes, and what happens when an extremely important KYC report turns out to be flawed? A London-based compliance officer looks back at a tricky moment he faced, and the lessons to be learnt from it. He does not wish to disclose his name… Read More

The compliance and KYC link between banks, bitcoin and exchanges

By Rachel Crabtree, senior associate, and Michael Carter, director, Alvarez & Marsal Disputes & Investigations With cryptocurrency vastly on the rise, crypto proponents are pushing for more open financial systems to, in part, serve the under-banked… Read More

AML update: Understanding the new EU measures on bank registers, cross-border access

The European Union has outlined plans to tackle the quick movement of criminal and terrorist cash between Member States. Presently, crime gangs are able to transfer funds between different bank accounts in a matter of hours to prepare their terror acts or launder the proceeds of crime, the EU said. Read More

Bitcoin in Nigeria: Regulatory challenges and the ingrained fraud factor

Cryptocurrency trading in Nigeria presents challenges to regulators, and conventional banking and fraud risks to potential investors. While the Central Bank of Nigeria (CBN) is the primary financial body that regulates banks and other financial institutions in the country, the Securities and Exchange Commission (SEC) regulates Nigeria’s capital markets, including… Read More