AML Basics

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

August 2016 A new survey developed by NextAngles with SourceMedia shows that AML, KYC and cybersecurity are the leading concerns of compliance officers at banks with more than $3 billion in assets. The survey revealed Anti-Money Laundering (AML) as one of the topmost concerns. This NextAngles™ white paper discusses the...
August 8 2016 Two related enforcement actions by the U.S. Department of Treasury’s Office of Foreign Assets Compliance (OFAC) are stark reminders that health insurance providers (and other insurers) must maintain adequate U.S. trade sanctions compliance programs, including conducting screening of customers and others. While the insurance company and its...
November 6 2017 Google is the most recent company known to have discovered evidence of Russian covert influence on its books. As more media companies realize Russia bought advertising space or promoted news stories — fake and otherwise — on their platforms, covert influence has become the new money laundering. Anti-money...
October 19, 2017 The pattern of illegal money flowing from the developing world to the West has been well-established.  Funds are stolen by kleptocrat X in developing country Y. They’re laundered through Western banks and law firms, ending up in a tax haven (often a UK crown dependency or overseas territory),...
April 4 2018 As authorities spend sleepless nights in efforts to effectively monitor financial transactions, criminal enterprises have equally upgraded to beat the improved surveillance. Over the years, several regulations have been passed and regulatory bodies are also working. The Public Officer Ethics Act (2003) introduced declaration of wealth to facilitate...
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...