AML Basics

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

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...
December 4 2018 Fraud, in its many guises, is a scourge of the industry at the moment, with consumers being seen as particularly vulnerable in falling victim to fraudsters when transferring large sums during the property purchasing process. However, businesses involved in property are also at risk of becoming a target...
January 8 2016 UK printing company Smith and Ouzman Ltd, convicted of making corrupt payments, was today ordered to pay a total of £2.2 million in a sentencing hearing at Southwark Crown Court. The conviction and sentence follows a four-year investigation by the Serious Fraud Office. The Eastbourne-based company, which specialises...
September 2016 Start delving into the murky world of money laundering in eastern Europe and the names of three countries turn up again and again: Latvia, Moldova – and the UK.  On numerous occasions over the past decade, dirty money from Russia – and elsewhere in CIS – has been...
March 23, 2017 Predicting and acting upon financial fraud is one of the prime areas of application of advanced big data techniques like machine learning (ML). Earlier this week, a case of money laundering known as the Laundromat was uncovered by the Organized Crime and Corruption Reporting Project (OCCRP) involving...
February 09, 2018 As correspondent banking becomes fraught with issues, but remains a central aspect of business, the industry is seeing an overhaul of its guidelines to ensure high standards of due diligence while still allowing business to flow. The update of the Wolfsberg questionnaire on due diligence has been expanded...