seminar - why financial crime compliance and risk management fails

 

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The European Union has issued a new blacklist for money laundering. The reaction from those appearing on the list, EU members and even the FATF has been rapid and forceful: the list is not acceptable. But there is more at play, including the imposition of direct control on those conducting business in the EU, by the EU without the filter of national parliaments. This example of federalism is not going down well in several large EU states. Also, the "war on dirty money" is a convenient diversion for governments who want the media to focus on that rather than something else. Also.. it might not happen.

Nigel Morris-Cotterill

The USA's Office of Foreign Assets Control has reached an agreement with a company from Connecticut over "apparent violations" of US sanctions against Iran.

Hang on... "apparent violations"? And the company has agreed to pay? It's time to abandon the linguistic and legal pussyfooting around.

Publication: 
chiefofficersnet

The flood of sextortion e-mails demanding payment in bitcoin continues. However, while the body of the mails is increasingly standardised, the anti-avoidance methods used by the criminals is mutating, analysis of reports at GlobalKYC.com indicates.

CoNet Section: 

It's been a while since spammers hawked "meds" in spam. But recently, we got one. The amazing thing is that it's the same as they ever were.

Open Letter to ( CEO ): 
Mr Travis Katz
Open Letter to ( Company ): 
Trip.com (Part of Ctrip)
Location: 

trip.com

Town: 

Phuket

Summary: 

The Trip.Com website has some serious errors. One is where it takes payment even though the user leaves the payment page without clicking "pay."

There is a phrase, so often repeated that it is now impossible to tell who originally said it, that integrity is what you do when no one is watching. No, it's not dad dancing, that's.. well, something entirely different. Ethics actually has two separate meanings: the rules set down by a group to which a person belongs (e.g. professional ethics for lawyers and doctors) and, far more nebulous, the way individuals conduct themselves within the bounds of society. So, one has rules and one does not. Ethics is a fascinating, sometimes disturbing, subject that touches on all aspects of life and society. In this overview, we'll look at some of the concepts around which the subject revolves.

In his Newbury and Hobbes series of novels, author George Mann writes fantastical stories about where the Victorians' obsession with developing new technologies might go. They provide a bleak and terrifying future where automatons are available to pretty much anyone with money to spare and a will to kill. There are no benevolent butlers, no automated beauties as Hollywood portrays - only clunky machines with the single purpose of destruction - some with a worrying tendency to act alone once given instructions. Set 100 years ago, they are a parable for what some now want to ban. But the tech is only part of the problem. What about the people?

CoNet Section: 

Don't say that: 

Historic when you mean, simply, that it happened in the past

Do say this: 

Historical

In what might just count as the simplest money laundering scheme ever, a senior officer of a US bank is to be banged up for two years.

A new report by ASIC into its supervision of registered liquidators between January 2017 to June 2018 reveals significant review of the regulation of the sector - and some pretty serious negative news about it.

CoNet Section: 

In American's frozen north, authorities in Alaska have identified persons they say were behind a website offering Distributed Denial of Service or DDoS services. DDoS is where, by one of several means, internet servers are bombarded with vast numbers of requests to the intent (and often the effect) that the websites are overwhelmed with the result that access is denied to legitimate visitors and those servers are presented from accessing the internet. In Anchorage, Alaska's biggest town but not its capital, U.S. Attorney Bryan Schroder has announced the seizure of an internet domain associated with DDoS-for-hire services as well as criminal charges against a Pennsylvania man who facilitated the computer attack platform.

CoNet Section: 

The EC has released a note on a meeting held last week between the EU's President Juncker and the UK's Prime Minister May. It's pathetic. Read it below. Then read on to find out why we say they are both right but they are both wrong.

In the past day or so, a company called emailmovers limited using the domain xmr3.com have sent out a number of spam e-mails addressed to personal e-mail addresses at companies. They claim "Emailmovers is one of the UK's only B2B email data owners who provide Full Email Marketing services in house" which is, in itself a nonsensical statement.

But it's their claim for how many people they feel it's OK to send unwanted commercial email to that is interesting. Just how did they get it and how do they think it's legal to use it? And is it a predicate crime for money laundering purposes if they have breached GDPR?

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