KYC

HSBC HK first into the fray with improved KYC on retail customers.

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Yes, yes, yes, we all know: HSBC is officially a UK bank except we all know it isn't. Not really. Yes, it has a big office in London and because of Stock Market rules its big bosses all have desks there but in truth, HSBC is still what it says on the tin. Even the Shanghai bit is coming back into use. So when HSBC in Hong Kong announced that it is starting to collect more detailed Know Your Customer information, it's good to take notice. And one reason it's good to take notice is that almost every other bank in the world is going to have to follow the HSBC lead as Compliance/Risk Management decisions inform business direction. And if they don't, they face appearing on a new OECD blacklist, an OFAC list and many more.

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Private Banker banned for bad advice - relevance of effective KYC

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Andrew Peter Panayiotides, an employee, no longer with the company, of Morgan Stanley Wealth Management in Australia has been banned from providing financial advice for "failing to act in the best interests of clients." The regulator, ASIC, has specifically drawn attention to the incentives structure. Are there also hidden messages about Know Your Customer?

BIScom Subsection:

Regulation

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KYC / Due Diligence on Counterparties - Identity fraud - Part 2

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Part 1 of this article is here. In this part: the position of estate agents.

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KYC / Due Diligence on Counterparties - Identity fraud - Part 1

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The Law Society's Gazette is reporting that Mischon de Reya, a London law firm has been ordered to pay damages to its client which purchased a property from a fraudster. The case is going to appeal. Nigel Morris-Cotterill looks at the first instance judgment of a case that has enormous implications for KYC/Due Diligence for financial institutions. Part 1.

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Joining the dots: how an immigration fraud case relates to multiple murders

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Mariyah Chernykh, 26, gives her address as in Ontario, Canada but she is a Russian citizen. She and several others have pleaded guilty to a fraud that ties her and several others to a murderous attack on an in-house seminar being conducted in San Bernardino, California. The case demonstrates that assessment of suspicion should not be based on obvious, close, circumstances and the relevance of Know Your Customer rather than the narrow aspects of so-called Customer Due Diligence.

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Australian Federal Police nab Aus' biggest ever drugs haul

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courtesy Australian Federal Police - arrest 201612

Take a moment to slow down so you can understand the scale of this: the Australian Federal Police have seized a shipment of cocaine that is 1,100 kilos.

Let's put that into perspective: bags of sugar come in 500 or 1,000 gramme packs. Imagine walking home from the supermarket carrying ten big bags.

Now imagine trying to get 110 times that past customs on the way out of a country, then on the way into another and to avoid detection at various way points in between. A diverse and difficult to identity group very nearly managed it.

FCRO Subsection:

Financial Crime News

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In the world of KYC, some people just defeat everything

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Artur Samarin is a name that will (or should) live on in the annals of infamy as someone who simply sidestepped all government and other identity checks to move to and openly live in the USA for four years.

FCRO Subsection:

Financial Crime News

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English Law Society's comments on money laundering due diligence

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The Law Society of England and Wales has issued an e-mail circular to solicitors referring to acceptable documents for client identification in relation to money laundering. Is it sufficient?

CoNet Section:

Legal Profession

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Compliance: UK's FSA issues position paper

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From World Money Laundering Report Vol. 2 No. 1 published 22 January 2000

The UK’s FSA has launched it a document called “Financial Services Authority – a New Regulator for the New Millennium”. Written in the kindergarten level English that now seems to be essential for all government public documents, the paper is not a consultative document but more a statement of intent. As such, it should be read against the background of the Financial Services and Markets Bill (“FSMB”).

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