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AML Basics

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August 13 2018 THE Sinaloa drug cartel was once the largest and most powerful in the world. The Mexican organised crime body at one point controlled so much of the illicit drug trade across Mexico and the United States that taking them down is a process that began in the...
OVERVIEW Use of financial structures and shell-companies in order to conduct laundering of proceeds of crimes against the Public Administration by Politically Exposed Persons. RED FLAGS External signs of disproportionate wealth. Politically Exposed Person (PEP.) Use of companies incorporated in little or no-taxation countries that do not show apparent business activity or are incorporated...
October 18, 2017 Do we need cash? Humans have used all sorts of things to exchange items of economic value — rare metals, strings of shells and even jugs of whiskey. Those objects have gotten more ephemeral, with paper money replacing most coins, and digital forms increasingly supplanting paper. Could...
September 9 2018 Money laundering is never far from the headlines. Last week ING in the Netherlands and the Danish Group Danske Bank were the lenders who found themselves in the spotlight. The former has agreed to pay €775m in fines for compliance failures that allowed the alleged laundering of...
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...
March 6, 2018 The term “anticorruption” has been at the forefront of Chinese president Xi Jinping’s rule. His housecleaning campaign has targeted (paywall) Central Committee and Politburo members, political rivals and powerful tycoons. And as China’s National People’s Congress removes restrictions on presidential terms, it is also expected to shore...