All AML articles – Page 27
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ArticleDanske faces criminal complaint over market abuse violations
Denmark’s financial regulator has filed a criminal complaint against Danske Bank for violating market abuse regulations concerning inadequate market monitoring and opposite trades.
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ArticleA country-by-country analysis of anti-corruption efforts in Latin America
CCOs looking to navigate the fluid corruption risk environment in Latin America will want to review a newly released report on how countries are uncovering, punishing, and deterring corruption—particularly now, amid a pandemic.
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ArticleAnalysis: Don’t ignore financial misconduct in ‘plane’ view
Compliance officers must let go of the fear that often accompanies respect for big money (or luxurious aircrafts) and hold the difficult conversations when ferreting out bad actors, writes financial crime expert Martin Woods.
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ArticleEuropol launches new financial and economic crime body
Europol has created the new European Financial and Economic Crime Center, with the aim of enhancing operational support to EU member states and EU bodies in the fields of financial and economic crime.
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ArticleWestpac outlines compliance failures that led to AML breaches
An internal report outlining compliance failures by Australia-based financial institution Westpac that led to 23 million breaches of the country’s AML/CTF laws concluded “a mix of technology and human error” were to blame.
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ArticleHow to scour your organization for pandemic fraud risks
“Only when the tide goes out do you discover who’s been swimming naked,” said Warren Buffett. With the pandemic tide out, here are some related frauds that are likely already occurring that corporations should be watching for.
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ArticleAnalysis: When a bonus becomes less incentive, and more compromise
Financial crime expert Martin Woods explores what happens when the annual bonus causes employees to disregard their values for want of a dollar.
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ArticleInvestigation into EY’s audit of Danske Bank dropped
Denmark’s state prosecutor has dropped its investigation into whether Big Four firm EY violated anti-money laundering laws in connection with its audit of Danske Bank.
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ArticleWestpac announces more executive changes amid investigation
Amid a money-laundering investigation and faced with allegations of facilitating child exploitation in the Philippines and Southeast Asia, Westpac has appointed a new head of financial crime compliance.
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ArticleAnalysis: Fraud in Germany propels new European AML plan
Financial crime expert Martin Woods reviews the “cum-ex” scandal and how a recent action plan from the European Banking Authority aims to help stop such schemes from burgeoning.
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ArticleEC unveils six-point plan to tackle money laundering
The European Commission’s new six-point plan highlights what measures the agency will take to enforce, supervise, and coordinate EU rules on combating money laundering and terrorist financing.
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ArticleJustice Department to recover more than $49M involving 1MDB
The Department of Justice reached a settlement to recover more than $49 million in assets associated with the international money laundering and bribery scheme involving Malaysia’s state development fund 1MDB.
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ArticleCyber-criminals have supply chains, too
All cyber-attacks leave a trail. These trails can be complex, of course, but the criminals cannot avoid them. Thus, they leave a supply chain of intelligence and data.
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ArticleLesson from Westpac: If you can’t do the simple things correctly, watch out
If a bank or a firm cannot execute on the simple things, such as cash transaction reporting, there is little reason to be confident of compliance in other more complex and challenging areas.
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ArticleBank Hapoalim’s bad day: $904M in tax evasion, FIFA fines
Israel’s largest bank and its Swiss subsidiary will pay a total of $904 million in separate DOJ settlements related to (1) a massive tax-evasion scheme and (2) its role in a money-laundering conspiracy with FIFA.
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ArticleIndustrial Bank of Korea to pay $86M for sanctions compliance failures
The Industrial Bank of Korea and its New York branch will pay a total of $86 million to resolve charges for systemic sanctions compliance failures that allowed more than $1 billion to be illegally transferred to the government of Iran.
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ArticleBack against wall, Libra turns to compliance
Looking to get back on track for its planned 2020 release, Libra is pushing a new word at the forefront of its latest attempt to get critics on board with its digital currency mission: compliance.
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ArticleU.K. court orders EY to pay $11M to whistleblower, a former partner
A former EY partner who blew the whistle on a massive money laundering scheme was awarded nearly $11 million by a U.K. judge, settling a lawsuit in which he claimed EY buried an audit that uncovered wrongdoing by a client.
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ArticleWestpac sets aside $570M to resolve money laundering violations
Westpac has set aside AUS$900 million (U.S. $570 million) for a potential fine with Australian enforcement authorities related to a money laundering scandal and for allegations of facilitating child exploitation in the Philippines and Southeast Asia.
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ArticleMy Compliance Library: ‘Crude Intentions’ gets at the why of compliance
A reading of “Crude Intentions” can go a long way toward educating those who work in high-risk regions as to the ramification of their misguided decisions.