The U.S. Office of Foreign Assets Control (OFAC) recently removed three companies from its Specially Designated Nationals (SDN) List, where they had been each designated under two Executive Orders as part of OFAC’s Ukraine-/Russia-related program. The delisting process for these firms, which was elongated due to the Congressional oversight mandated… Read More

The European Commission has published the findings of its investigation into EU members’ citizenship and residency schemes.

The probe revealed financial crime risks, such as money laundering and tax evasion, associated with the programmes.

Here’s an outline of some of the facts and issues pertaining to the schemes and the study, or a Q and A, sourced from the European Commission which can be downloaded here.

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Anti-money laundering author Ehi Eric Esoimeme devles into the issues surrounding pension fraud in Nigeria. Of interest is a revised approach to the processing of death benefits in one of Africa’s most populous states. Will the new measures prove effective, or can more be done?… Read More
Someone asked me how I won an internal award or recognition for my compliance work at the bank where I worked, and I am pleased to share my little adventure. My tale goes back to when I arrived at the glossy reception area of a smart block of offices. It… Read More
After a tumultuous 2018, which saw some eye-watering penalties, the rollout of new privacy laws and Europe’s ‘biggest banking scandal,’ anti-money laundering compliance officers may be ready for a fresh start. But regulatory expectations, the promise of fintech solutions and money laundering issues linked to ongoing political corruption scandals, are set to loom large for… Read More
By Robert Mazur Testimony in the ongoing New York federal trial of “El Chapo” Guzman offered a repeat of facts heard in hundreds of similar trials since the prosecution of Al Capone. Despite that blaring reminder, governments, including the one now prosecuting El Chapo, appear to turn a deaf… Read More
By Robert Mazur Testimony in the ongoing New York federal trial of “El Chapo” Guzman offered a repeat of facts heard in hundreds of similar trials since the prosecution of Al Capone. Despite that blaring reminder, governments, including the one now prosecuting El Chapo, appear to turn a deaf… Read More
Have you ever worked with a ‘spoilt rotten’ star trader before, watched him feted by bosses and get his or her own way – yes, even with compliance matters! What ever becomes of such an individual? A London-based compliance officer looks back, aghast, at the time he worked with… Read More
A key element in the application of the risk-based approach (RBA) to financial crime is the identification by a firm of those countries with which its customers are closely linked and which are also adjudged to be high risk in financial crime terms. There are many lists of such high-risk… Read More