All AML articles – Page 22
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Article
OFAC closes investigation into Danske Estonia case
Danske Bank received a no-action letter from the U.S. Department of the Treasury’s Office of Foreign Assets Control regarding an investigation at the bank’s infamous Estonian branch.
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ArticleConfidence is the ultimate tool in fighting fraudsters
Con men will try to bully weak investigators and sell them their version of “the truth,” writes Martin Woods. The ultimate deterrent is to challenge their “facts” and act with the same confidence they display.
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ArticleThe growing demand for investigation skills in compliance
As the compliance world evolves, the skill sets needed by practitioners are changing. The ability to run investigations effectively is now highly prized, and key skills, such as understanding the use of technology, will be among the most fundamental in the years ahead.
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ArticleU.S. beneficial ownership efforts a welcome sight for global AML community
U.S. Congress’ defense spending bill requiring corporations to identify who owns and controls them is a significant milestone in the global effort to put an end to anonymous shell companies, writes Martin Woods.
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ArticleCongress passes defense bill with big ramifications for AML, whistleblowers
Congress’ defense spending bill approved Friday includes amendments that could dramatically alter the fight against money laundering, in addition to a new BSA whistleblower program with some kinks to be worked out.
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ArticleNew FinCEN guidance encourages information sharing among banks
FinCEN Director Kenneth Blanco announced updated guidance to encourage more financial institutions to share information among their peers regarding suspicious transactions.
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ArticleUBS chief facing investigation in ING money laundering case
A Dutch court has ordered a criminal investigation into UBS CEO Ralph Hamers for his role in the ING money laundering scandal that occurred during his tenure as the latter financial institution’s leader.
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ArticleFive challenges for European CCOs heading into 2021
Many of the problems European compliance officers faced in 2020 will remain in place going into the new year, but new risks and new regulations will also present new challenges.
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VideoVideo: Compliance pros, cons included in Congress defense spending bill
Beneficial ownership provisions contained in Congress’ defense spending bill should go a long way in the fight against money laundering, but holes in the bill’s proposed whistleblower program are open for criticism, says Aaron Nicodemus.
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ArticleNorway’s DNB facing potential $45M AML fine
DNB ASA, Norway’s largest financial services group, is facing a potential fine of NOK 400 million (U.S. $45.4 million) for inadequate compliance with the Norwegian Anti-Money Laundering Act.
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Resourcee-Book: Using immersive scenarios in your financial crime training
This free e-Book considers five questions that can help when designing immersive financial crime training scenarios for learners.
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ArticleCryptocurrency’s future: What compliance needs to know
Cryptocurrency is complicated, but it’s not going away anytime soon. David Povey of the ICA takes a look at what regulators are trying to do and offers tips on where compliance officers can go to study this complex topic further.
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Article
ICA partnership offers AML education in Lithuania
The International Compliance Association announced a partnership with Kazimieras Simonavičius University in Lithuania to offer the ICA’s full suite of professional qualifications.
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ArticleSurvey: Machine learning will (eventually) help win the war against financial crime
While the war against financial crime wages on, machine learning and artificial intelligence may give financial institutions the upper hand, according to a recent survey.
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ArticleMore data, more problems with FinCEN international transfer proposal?
A recent international wire transfer rule change proposed by U.S. regulators could go a long way toward combatting terrorist financing, but the increased transaction reporting may overwhelm an already taxed system, writes Martin Woods.
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ArticleJulius Baer reserves $80M for FIFA corruption settlement
Julius Baer has set aside nearly $80 million in a proposed settlement with the Department of Justice regarding the agency’s corruption investigation linked to world soccer federation FIFA.
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ArticleWorking together to stop money laundering: A conversation with Marcus Pleyer
Dr. Marcus Pleyer, president of the Financial Action Task Force, emphasized his commitment to stopping money laundering in a wide-ranging and forward-looking discussion at the ICA’s BIG Compliance Festival.
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ArticleCCO Philippe Vollot has a plan for Danske’s compliance reboot
Danske Bank CCO Philippe Vollot knows his journey to build a robust compliance program and culture at the troubled lender is far from over.
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ArticleBSA update proposal seeks more data on international transactions
FinCEN and the Federal Reserve Board have proposed lowering the threshold at which financial institutions must collect, retain, and transmit information on overseas transfers under the Bank Secrecy Act.
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Article‘FinCEN Files’ reaction poll: Corporate culture blocks AML compliance
In the aftermath of the “FinCEN Files” leak, financial industry practitioners polled by Fenergo say changing the system needs to start within their own institutions.