If your job is looking for needles in a haystack, the last thing you want is a group of people standing by with pitchforks, throwing extra bales onto the pile. Yet that seems to be the situation the UK’s Financial Intelligence Unit (FIU) has found itself in when it comes… Read More
By Richard Parlour Topolcany Castle in the Slovak Republic is often acknowledged to be one of the best examples of mediaeval castle architecture anywhere in the world. It was built on the classic three lines of defence model. There is an outer wall, an inner wall, and a keep. Three… Read More
The money laundering scandal that has rocked Danske Bank – Denmark’s largest bank – highlights some key points, not just for the bank, but also for financial crime professionals the world over. To better understand this case, it is worth looking at the initial findings of the review conducted… Read More
The fundamental duty of a compliance officer is to keep the ethical integrity of a company uninjured. Compliance officers must make sure that the business activities of the organisation are carried out within a regulatory framework. To accomplish this, the compliance officer must possess a defined set of skills and… Read More
Banks and other financial firms the world over find they are faced with a fluid, fast-changing regime of sanctions programs, and hence they invest in skilled financial crime personnel and compliance solutions to help hedge them from regulatory breaches. It is not uncommon for staff at financial institutions to feel… 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
As per anti-money laundering regulations, financial institutions should take all rational steps to ensure that they do not knowingly or unconsciously help in hiding or passing the proceeds of corruption by political figures, their families and associates. This is because the risks presented by politically exposed persons (PEPs) will… Read More
The Financial Action Task Force (FATF), in conjunction with the Asia Pacific Group (APG, a FATF-style Regional Body, or FSRB), issued a report on financial flows in human trafficking. The report highlights both the opportunities and challenges of preventing and stopping the underlying predicate crimes by identifying the perpetrators and… Read More
Financial crime staff would be well advised to consider the findings of the review conducted by the Danish Financial Supervisory Authority (DFSA) into the country’s largest bank, Danske, its management and senior employees in relation to allegations of money laundering taking place at its branch in Estonia. In the… Read More
A Surrey detective marked a legal breakthrough for his team, after the courts granted him permission to convert bitcoin seized from the criminal underworld. The drama unfolded when a ‘wealthy’ man was suddenly bundled into a car, leading the police to a stunning stash of criminal goods. By Neil… Read More