By Heather Vogell, ProPublica For many years, the federal government has required banks, brokerages and even casinos to take steps to stop customers from using them to clean dirty money. Yet one major part of the financial system has remained stubbornly exempt, despite experts’ repeated warnings that it is… Read More
The issue of culture and conduct is a big deal in the banking sector, the authorities say. Basically, following big scandals and ensuing damages caused, regulators want bankers to change the way they behave, and make them more accountable for their actions. Banks have admitted the need for change… Read More
Despite the efforts of the incumbent President to fight corruption, Nigeria remains one of the countries that constantly top the world’s corruption rankings. According to  Transparency International’s 2017 Corruption Perception Index, Nigeria is one of the most corrupt countries in the world, ranking number 148 out of 180 countries covered… Read More
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