The banking system’s vulnerability to fraud, corruption and money laundering is once again a focal point of debate in the wake of recent disclosures by the Central Bank of Nigeria that major losses have been recorded by banks from armed robbery cases and other criminal activities amounting to N12bn… Read More
Treasury Secretary Steve Mnuchin has announced that the global financial messaging service SWIFT “would be subject to U.S. sanctions” if it does not remove designated Iranian banks from its system “as soon as technologically feasible.” He noted that humanitarian transactions with non-designated Iranian entities are permissible but warned, “People need to… Read More
A question I often hear asked by compliance workers is ‘what are the factors that determine the risk rating of a country?’ When performing customer due diligence (CDD), we look at data points pertaining to the customer and weigh the customer risk based on certain criteria such as geographical risk,… Read More
Earlier this month, Danske Bank A/S – Denmark’s largest bank – announced that the United States Department of Justice (“DOJ”) has initiated a criminal investigation relating to the bank’s Estonian branch. This follows the announcement of a series of high-profile investigations by European regulators and a September 2018 report… Read More
 A legal team from the UK offices of Allen & Overy discuss a recent case in which a London barrister sued his bank NatWest over suspicious activity reports it filed about him to the National Crime Agency. CASE: Lonsdale v National Westminster Bank [2018] EWHC 1843 (QB) (18 July 20181)… Read More
Regulators the world over are stepping up the war against financial crime, issuing a raft of rules and hitting banks with some serious penalties. Despite these efforts, it’s still not uncommon to hear of financial firms being entangled in stunning money laundering and fraudulent schemes. Read More
As someone who has been in the financial services compliance sector for a long time, I am often asked “What advice would you give to staff who are new to the compliance team?” Well, there are many aspects to consider in such a response. Firstly, compliance staff need to… Read More
Following the 2008 financial crisis and the revelations of misconduct by major banks which attracted large fines, regulators across the world encouraged banks to reform the culture within their organisations so that, in future, customers would be treated properly and fairly. One way the banks responded was to create… Read More
Anti-money laundering expert and former undercover agent Robert Mazur has picked out some interesting aspects of the worrisome role compliance officers played in the Rabobank money laundering scandal in the US, which resulted in the bank being fined hundreds of millions of dollars and its top… Read More
In today’s environment sophisticated criminals are deploying (and ever more so) complex financial vehicles to conceal the location and source of misappropriated assets. Corrupt 0fficials in government departments or private firms are known to use such assets to purchase mansions, posh cars and other luxuries, and frequentky shift the cash… Read More