Recent headlines on “money laundering scandals,” “laundromats” or [INSERT SENSATIONAL NICKNAME HERE] have gotten the attention of policymakers, governments and banks in such a way that it might like seem like the underlying criminality is a new phenomenon. But none of it should be surprising to those tasked with fighting… Read More
On January 9th, US Rep. Stephen Lynch (D-MA) introduced H.R. 389, a measure that would “authorize the Secretary of the Treasury to pay rewards under an asset recovery rewards program to help identify and recover stolen assets linked to foreign government corruption and the proceeds of such corruption hidden… Read More
KYC360.com readers will be aware of the asset forfeiture order granted to UK authorities in February to seize more than £466,000 from a London student living in a luxury apartment off Cadogan Square in Knightsbridge. The young man, as one might imagine, was no ordinary student. Rather, the agency had targeted… 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 the… Read More
A London-based compliance officer looks back at some of the requests he came across and tells KYC360 how he reacted on the occasions he smelt trouble. He did not wish to disclose his name and details. Being a compliance officer has some highs and lows, and some colourful moments too. Read More
The global nature of trade brings with it huge compliance risks, exposing businesses to a wide array of rules and regulations requiring them to mitigate their exposure to money laundering and other financial crimes. One of the biggest risks that businesses face is employing third parties, be they suppliers, agents,… Read More
Recent headlines pointing to suspected money laundering networks and tax fraud schemes operating within European banks should startle compliance professionals, according to KYC360.com contributor and bestselling author Robert Mazur. While the ongoing investigations of Danske Bank, Swedbank, UBS and other institutions echo similar financial crime scandals of the past decade, the… Read More
Stephen Platt has spearheaded countless investigations on behalf of regulators into the conduct of financial services businesses, both on- and offshore. He is the original author of the International Compliance Association Diplomas and author of bestselling book Criminal Capital. He is widely regarded as one of the world’s leading financial… Read More
The European Commission has published its list of high-risk third countries – dubbed the blacklist – which it says have weak anti-money laundering and terrorist financing regimes. It says the list was established after an ‘in-depth’ analysis, and the that the method reflected the ‘stricter’ criteria of the Fifth Anti-Money… Read More
On February 7th, Kollmorgen Corporation (“Kollmorgen”) of Radford, Virginia, agreed to a settlement with the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) for six apparent Iran sanctions regulations violations by its Turkish affiliate Elsim Elektroteknik Sistemler Sanayi ve Ticaret Anonim Sirketi (“Elsim”). Despite significant preventative, investigatory, and remedial… Read More