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Editors

Harry Cassin
Publisher and Editor

Andy Spalding
Senior Editor

Jessica Tillipman
Senior Editor

Bill Steinman
Senior Editor

Richard L. Cassin
Editor at Large

Elizabeth K. Spahn
Editor Emeritus

Cody Worthington
Contributing Editor

Julie DiMauro
Contributing Editor

Thomas Fox
Contributing Editor

Marc Alain Bohn
Contributing Editor

Bill Waite
Contributing Editor

Shruti J. Shah
Contributing Editor

Russell A. Stamets
Contributing Editor

Richard Bistrong
Contributing Editor

Eric Carlson
Contributing Editor

Singapore closes Falcon Bank, arrests local manager for 1MDB-linked offenses

Singapore’s bank regulator Tuesday shut down a second bank for “serious failures in anti-money laundering controls and improper conduct” linked to Malaysia’s 1MDB fund.

The Monetary Authority of Singapore (MAS) said Falcon Bank “demonstrated a persistent and severe lack of understanding of MAS’ AML requirements and expectations.”… Continue Reading

President Obama ends Burma sanctions

President Barack Obama issued an Executive Order Friday lifting U.S. sanctions against Myanmar that had been in place for nearly 20 years.

Last month President Obama met in Washington with Myanmar’s leader Aung San Suu Kyi.… Continue Reading

Singapore charges two ex BSI bankers in 1MDB case

Authorities in Singapore Monday charged two ex-BSI SA bankers for their role in helping divert money from a Malaysia sovereign wealth fund.

Private banker Yak Yew Chee, 57, was charged with seven criminal counts, including forgery and failing to report suspicious transactions.… Continue Reading

Singapore rig builder calls Brazil payments ‘suspicious’

Keppel Corporation said certain payments made by an agent in connection with Petrobras contracts may have been “suspicious.” 

Keppel said it notified authorities in the relevant jurisdictions of its intention to cooperate and work toward the “resolution of the underlying issues arising from or in connection with the transactions.”… Continue Reading

Joe Murphy: Do compliance programs work?

This has always been a challenging question: How do you prove that preventive work stopped something bad from happening?

Over the years one thing I have noticed is that people who have done compliance and ethics work have actual stories about getting calls from employees, or talking with them at training, or dealing with helpline calls, where we know our work has helped head off a violation. … Continue Reading

Dan Adamson: Sorry, watchlists aren’t due diligence either

With the growing number of data sources and changing regulation, compliance teams are under incredible pressure and scrutiny to implement the most thorough due diligence process available.

They are frustrated by the tools at hand, which are actually growing increasingly ineffective due to recent changes such as the “Right to Be Forgotten” rule. Continue Reading