All AML articles – Page 25
-
ArticleFINMA orders Banca Credinvest to improve AML measures
The Swiss Financial Market Supervisory Authority found Banca Credinvest “seriously breached” anti-money laundering regulations with regard to dealings with PDVSA in Venezuela.
-
ArticleProgress on beneficial ownership key to AML fight
With the British Virgin Islands vowing its commitment to a beneficial ownership public register, financial crime expert Martin Woods turns his attention toward how the U.K. and U.S. are progressing in the space.
-
ArticleThree tips on how to design financial crime training with impact
Simone Jones of the International Compliance Association offers three ways to get employees to both embrace financial crime training and use the knowledge learned in their daily roles.
-
ArticleWith ‘FinCEN Files,’ don’t shoot the messenger
It’s important we understand with the “FinCEN Files” that the enemy is not a journalist, a regulator, or a banker. The enemy is the money launderer, and this is where we need to focus our thinking and resources, writes Martin Woods.
-
ResourceWhite paper: Improve Compliance Team Efficiency by Automating AML Workloads
Compliance teams are under increasing pressure to reduce risk and drive financial crime out of their institutions with limited resources.
-
ArticleBoA a silver lining in damning ‘FinCEN Files’ report; Wells Fargo CEO puts foot in mouth
Bank of America gets a pat on the back for going beyond an “observe and report” approach to filing a SAR, and we learned this week that Wells Fargo’s CEO needs a little unconscious bias training.
-
Article‘FinCEN Files’ show Europe’s AML efforts maybe aren’t so world class
The damning revelations from the “FinCEN Files” leaks have once again put Europe and its supposed world-leading anti-money laundering rules under the spotlight.
-
ArticleWestpac set to pay record $912.6M civil penalty for AML failures
Westpac is bracing for a record AUD$1.3 billion (U.S. $912.6 million) civil penalty issued by Australia’s financial crime regulator related to a money-laundering scandal and the facilitation of child exploitation in the Philippines and Southeast Asia.
-
Article‘FinCEN Files’ fallout: Where do banks go from here?
The “FinCEN Files” report raises the question: What should banks be doing to address the trillions of dollars’ worth of banking transactions that are facilitating criminal activity every year?
-
ArticleFinCEN leaks impart key lessons on basics of writing SARs
Martin Woods, who has analyzed many of the suspicious activity reports released as part of the “FinCEN Files,” offers best practices for compliance officers in writing SARs.
-
Article‘FinCEN Files’ highlight bank leadership flaws, not compliance flaws
Compliance has been taking some heat in the wake of the “FinCEN Files” reports, but it’s banks’ senior leadership that failed, not the folks filing all those SARs.
-
ArticleFinCEN leaks damage trust between banks and regulators, but serve higher purpose
The “FinCEN Files” leaks divided opinions within the community of financial crime compliance officers. Trust has been damaged, writes Martin Woods, but these leaks could facilitate real reform.
-
Article‘FinCEN Files’ report casts compliance officers in unfair light
The BuzzFeed “FinCEN Files” investigation purportedly uncovered evidence of a catastrophic, international collapse of internal controls within the world banking system. But that argument is misleading, to the point of being disingenuous.
-
ArticleSwedbank being investigated for suspected market abuse
Swedbank announced the Swedish Financial Supervisory Authority has opened an investigation into the bank for potential violations of the regulation on market abuse in connection to the disclosure of suspected money laundering.
-
ArticleRecent OCC case shows widespread liability when a BSA program fails
Who faces liability when a Bank Secrecy Act program is deemed to be deficient? A series of recent enforcement actions taken by the OCC against individuals at a now-defunct New Jersey bank provides a case study.
-
ArticleFinCEN seeking comment on AML program overhaul
The Financial Crimes Enforcement Network has proposed a plan to issue AML guidance every two years to encourage financial institutions to align their Bank Secrecy Act compliance programs with the agency’s enforcement priorities.
-
ArticleGut instinct keeps humans ahead of AI in fight against financial crime
As artificial intelligence evolves and takes on new tasks, whether it can develop the instinct of an experienced compliance professional will be key to its prevalence in the AML world, writes Martin Woods.
-
ArticleForget the status quo: Proactive AML is the path forward
The AML community is guilty of tolerating the failing status quo, and very few have dared to confront, challenge, and disrupt the inefficient and ineffective practices. A proactive approach could be the solution, writes Martin Woods.
-
ArticleBest practices KYC: What to do when your client is in the headlines
How do we, as AML professionals, assess negative media alerts? It should start with a conversation with the client relationship manager, but it shouldn’t end there, writes Martin Woods.
-
ArticleFCA proposes expanding scope of financial crime reporting obligations
The U.K. Financial Conduct Authority seeks comment on a new proposal that would widen the scope of its annual financial crime reporting obligations to include firms whose regulated activities potentially pose a higher money laundering risk.