AML Basics

If you are new to the AML area, you should start here…

July 25, 2016 If you are offered a handsome income for easy work or a commission to facilitate a banking transaction, don't fall for the offer. You could become an unwitting accomplice in a financial crime. Criminal syndicates are forever searching for people whose bank accounts can be used to...
July 18, 2016 Financial crime investigators are facing many challenges in Pakistan. The undocumented economy; the nonexistence of wealth tax, inheritance tax, and gift tax; unchecked foreign remittances; and deposit-oriented commercial banking make it difficult to track dirty money earned by tax evaders and corrupt individuals. Because of this, the...
July 19, 2016 The Financial Crimes Enforcement Network (“FinCEN”) is issuing these FAQs to assist covered financial institutions in understanding the scope of the Customer Due Diligence Requirements for Financial Institutions,” published on May 11, 2016 (the “CDD Rule”), available at https://www.gpo.gov/fdsys/pkg/FR-2016-05-11/pdf/2016-10567.pdf. These FAQs provide interpretive guidance with respect to...
July 14 2016 Since the September 11, 2001, terrorist attacks, U.S. law enforcement and financial regulatory agencies have focused on disrupting the use of the financial system by terrorist groups, criminal organizations and tax evaders to hide illicit funds. As part of these efforts, the Department of Justice (DOJ) and...
MAY 27, 2016 Despite a focused international crackdown lasting several years, the BSI bank scandal shows that the dirty stains of money laundering refuse to come out in the wash.  BSI is accused in both Switzerland and Singapore of aiding and abetting large-scale corruption. The Swiss bank is one of seven...
June 1 2016 The Home Office and HM Treasury have published an action plan for anti-money laundering and counter-terrorist finance. As part of the action plan, the government is seeking views on potential changes to legislation and have also issued a Call for Information: Anti-Money Laundering Supervisory Regime. Both consultations...