For compliance professionals and the programs they run, politically exposed persons are a big deal. PEPs trigger money laundering and corruption concerns and therefore attract enhanced due diligence. So, I always assumed PEPs are easy to identify.… Continue Reading
The Treasury Department’s Financial Crimes Enforcement Network or FinCEN released new guidance this month that sets out its approach to enforcement practices and reassures financial institutions about the agency’s “clarity and transparency.”… Continue Reading
Germany updated its anti-money laundering and countering financing of terrorism (AML/CFT) regime to be consistent with the EU’s Fourth Anti-Money Laundering Directive, by imposing cryptocurrency licensing requirements effective from January 1, 2020.… Continue Reading
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