AML Basics

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

24 September 2018 FORMER prime minister Datuk Seri Najib Abdul Razak has been slapped with numerous counts of money laundering. As has lawyer Tan Sri Shafee Abdullah. Under a law that goes by the mouthful of a title – Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001. The public...
September 13, 2018 In the past week alone, cases of money laundering have hit headlines all around Europe. An investigation found that up to $30 billion of ex-Soviet and Russian money had potentially passed through the Estonian branch of Denmark’s largest bank, Danske Bank. It also emerged only last week...
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...
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...