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AML Basics

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September 4 2018 The heavy pressure brought to bear by the United States on financial institutions worldwide in its fight against money laundering has changed world banking over the last decade. Discrete tax shelters for wealthy clients who made their fortunes in an ambiguous manner have been required to police...
August 30 2018 Europe has an AML blind spot. European Union leaders are being told to bolster their anti-money laundering rules following a succession of banking scandals. But the bloc’s fifth AML directive, which member states have until 2020 to comply with, doesn’t address the root problem. At present, there’s no...
August 27 2018 Anyone in Kenya who does business outside the country, especially with American, British, or European customers, will be familiar with the three letters KYC. Standing for ‘Know Your Customer’, this is the growing collection of laws, rules and regulations for international financial transactions designed to root out money-laundering...
August 23 2018 A vast web of shell companies is operating freely in Britain despite flagrant warning signs and documented ties to suspected money laundering, alleged bribery, and even Donald Trump’s convicted former campaign manager Paul Manafort. The network of more than 100 firms shows that despite promises by successive British prime...
August 17 2018 On the long list of cybersecurity threats facing corporate leaders, romance scams would at first glance hardly seem to crack the top 10. What could cons of lonely middle-aged singles have to do with the business email compromise (BEC) attacks increasingly targeting American corporations? Plenty, it turns...
July 26 2018 A number of key agencies are involved in the different stages of combating financial crime, and the organisational models adopted by these agencies vary from country to country. These models form the framework around which arrangements for interagency co-operation are built. Taking into account the different agency models...