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Tried, tested, intractable? - three typologies
It might be thought that to know and understand a method of laundering is to know how to defeat it, and then do just that - if only life was so simple. Keith Nuthall and Dylan Carterlook at some recurring techniques.
Online Published Date:
27 April 2023
Appeared in issue:
6323 - 11 May 2023
EU threatens legal action against Italy, Latvia and Portugal over AML laws
The European Commission has opened infringement proceedings against Italy, Latvia and Portugal over failings in the way their national legislation applies the European Union's (EU) 5th anti-money laundering directive (5AMLD), which took effect in January 2020.
Online Published Date:
27 April 2023
Appeared in issue:
6323 - 11 May 2023
Reach for the SARs
The volume of suspicious activity reports in the UK rises year on year: the total stood at 463,938 in 2018, when the Financial Action Task Force last evaluated the jurisdiction; by 2022, it was 901,255. Jonah Anderson and Steve Rowland of White & Case look at whether the UK's financial intelligence unit is equipped to cope.
Online Published Date:
29 April 2023
Appeared in issue:
6323 - 11 May 2023
Unsatisfactory - UK legal & accountancy sector AML supervision
Here we go again - another year, another set of lacklustre findings on AML oversight by the UK legal and accounting sector supervisors, and a shaking of the wooden sword by their overseer, OPBAS, the Office for Professional Body AML Supervision.
Online Published Date:
30 April 2023
Appeared in issue:
6323 - 11 May 2023
Kingdom Trust pays US$1.5m to FinCEN over SAR process failings
South Dakota-based Kingdom Trust Company, which primarily provides custody services, has agreed to a civil penalty of US$1.5 million after the US Financial Crimes Enforcement Network (FinCEN) discovered major defects in its management and filing of suspicious activity reports between 15 February 2016 and 15 March 2021.
Online Published Date:
02 May 2023
Appeared in issue:
6323 - 11 May 2023
Threshold concepts in financial crime prevention
Threshold concepts, as transformative and challenging gateways to deeper understanding within a discipline, have gained increasing recognition across various fields of practice. However, their potential impact for financial crime remains underexplored. Mario Menz delves into the intriguing world of threshold concepts as they relate to financial crime prevention, exploring the pivotal ideas which induce paradigm shifts and lead to more sophisticated and effective strategies in the fight against money laundering and terrorist financing.
Online Published Date:
02 May 2023
Appeared in issue:
6323 - 11 May 2023
Poloniex, crypto trading platform, pays US$7.6m over US sanctions violations
Delaware-registered Poloniex, LLC is to pay the US Office of Foreign Assets Control (OFAC) US$7,591,630 for apparent violations of multiple US sanctions programmes between January 2014 and November 2019.
Online Published Date:
03 May 2023
Appeared in issue:
6323 - 11 May 2023
Rebuild, better? EU AML reform - the trilogue phase
Five years on from the Danske Bank case, when up to €200 billion in suspicious transactions flowed through its Estonia branch, the European Union is embarked on final stage negotiations for extensive revision of the anti-money laundering regime that applies across the 27 member states. Much remains to be decided, Sara Lewis, in Brussels, finds.
Online Published Date:
09 May 2023
Appeared in issue:
6323 - 11 May 2023
Ukraine-Russia conflict [26]: UK & EU sharpen sanctions
War in Ukraine grinds on: the UK and EU are both extending and refining their sanctions on Russia in response as Susannah Cogman and Elizabeth Head of Herbert Smith Freehills delineate.
Online Published Date:
10 May 2023
Appeared in issue:
6323 - 11 May 2023
Tuning up - transaction monitoring system currency
Finance was always a data business and as transaction flows increase in volume and complexity so monitoring, in real-time or batch, must needs keep pace. Keith Nuthalllooks at how the regulated sector is speeding to comply.
Online Published Date:
11 May 2023
Appeared in issue:
6323 - 11 May 2023
Balkan rebuild: AML in Montenegro
In 2015, Montenegro scored low with Moneyval but then embarked on a major overhaul of its anti-money laundering regime. Zlatko Čonkaš and Keith Nuthallreport on the how and a specific why.
Online Published Date:
12 May 2023
Appeared in issue:
6323 - 11 May 2023
Lit fuse - proliferation finance & compliance for containment
North Korea, already nuclear, is working on ever more powerful weapons; Iran remains set on acquiring the capability; and both may, with others, be building chemical and biological arsenals: the stakes could not be higher and so funds are on offer to match. The incentive to circumvent export controls and sanctions, often with state support, and the vast range of dual-use components in scope make, writes Paul Cochrane, for the most complex investigative and preventive threatscape.
Online Published Date:
17 May 2023
Appeared in issue:
6323 - 11 May 2023