Despite enacting new laws this year aimed at money laundering and terrorist financing, Brazil has again come under fire for apparent weakness in its ability to meet international enforcement standards.… Continue Reading
Just because a country has a law — or a company has a compliance system, for that matter — it doesn’t automatically mean it works or is put to work. And so it is with countries’ anti-money laundering and counter financing of terrorism (AML/CFT) systems, in which this year’s Basel AML Index has recorded a spectacular lack of progress.… Continue Reading
I have been considering the events of the past 12 months from an anti-money laundering (AML) regulatory perspective, and with what we may be faced with in the year ahead.
For me, the main issue arising from 2018 is the ongoing debate I have been having with a variety of NGOs and pressure groups who would see public UBO (ultimate beneficial owner) company register systems implemented across the board, including the Caribbean islands that provide offshore company services to the globe.… Continue Reading
Artificial intelligence and machine learning technologies are expected to bring massive operational efficiencies to compliance and ethics program management tasks. But what exactly is behind these buzzwords?
A more holistic view leads me to a conclusion that what a machine technology can do is less interesting than how it should be taught to do it.… Continue Reading
The European Commission issued a statement last week announcing more robust rules on the criminalization of money laundering and penalties for offenses.
The new rules were proposed by the Juncker Commission in December 2016 and are intended to align money laundering offenses and sanctions throughout the EU, with a special emphasis on terrorism financing.… Continue Reading
The SEC Wednesday charged a chief compliance officer and two broker dealers with failing to file Suspicious Activity Reports after red flags came up for the sale of 12.5 billion shares of penny stocks.… Continue Reading
The SEC alleged Wednesday that two former anti-money laundering compliance officers for a New York broker dealer aided and abetted their firm’s AML violations.
One of the compliance officers settled the SEC charges.… Continue Reading
When consulting services are related to the FCPA, AML, ATF or KYC compliance, the potential for litigation is amplified. And while many compliance consultants purchase professional liability (errors & omissions) insurance, securing a properly structured policy is challenging.… Continue Reading
Boards of directors at financial institutions play a crucial role in the adoption and implementation of effective enterprise-wide Anti-Money Laundering (AML) and sanctions compliance programs.
It’s up to them and senior management to set the strategy, ensure there are adequate resources, and empower leaders to promote an effective AML compliance program and monitor the organization’s risk profile.… Continue Reading
The former Chief Compliance Officer of MoneyGram International, Inc. reached a settlement Thursday with FinCEN and the DOJ after he was held personally responsible for his company’s anti-money laundering failures.
Thomas E.… Continue Reading
It comes as no surprise that the authorities appear to have caught up with Mossack Fonseca’s founders, Jürgen Mossack and Ramon Fonseca, in Panama City and the firm’s offices raided.… Continue Reading