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Money Laundering

Yesterday, the USA's Financial Crimes Enforcement Network (FinCEN) today issued an Advance Notice of Proposed Rulemaking(ANPRM) to solicit public comment on a wide range of questions pertaining to potential regulatory amendments under the Bank Secrecy Act.

Our sister venture, Financial Crime Risk and Compliance Training, has released a micro-course about Deutsche Bank, the New York Department of Financial Services and Jeffery Epstein.

The case creates a new class of risk for all regulated businesses everywhere in the world. There is an early bird discount.

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The USA's Financial Crimes Enforcement Network (is that horrible logo new? FinCEN used to be so elegant) has issued a civil money penalty notice against a former Chief Officer of U.S. Bancorp N.A. for "failure to prevent" breaches of the Bank Secrecy Act during his employment at the company. But, FinCEN's allegations go further than simply "failing to prevent."

This is a fascinating idea: if a financial services business operates in "more than three" EU member states, its regulators will create a "college" so as to make sure that it's not using regulatory arbitrage between member states.

Just one point: is this a recognition that the EU has failed to impose and enforce pan-European Regulation?

OK, there are lots more than one point.

The trouble with looking for transactions ‘consistent’ with ‘known’ patterns ‘indicative’ of child exploitation payments to countries with ‘known’ risks is that countless legitimate payments exhibit similar features, says Dr Ron Pol of AML Assurance and La Trobe University.

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AUSTRAC, Australia’s anti money-laundering and terrorism financing regulator, has today applied to the Federal Court of Australia for civil penalty orders against Westpac Banking Corporation (Westpac).

The civil penalty orders relate to systemic non-compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). AUSTRAC alleges Westpac contravened the AML/CTF Act on over 23 million occasions.

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We all know that getting any kind of new project off the ground is a complex, stressful and potentially ruinous venture. So, while there are those that spend their own capital, sweat equity, there are those that seek funding in the forms of loans or investment. So what happened when two New Jersey men decided to bootstrap their proposed development of a leisure complex with bunker-like, "doomsday", apartments designed to withstand every thing from biological threats to a nuclear winter?

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UK's HMRC secure conviction against PPI claims lead generator

David Buckley, 51, a company director of Basingstoke in England instructed Mahmood Sadiq Poptani, 60, an accountant of Swansea in Wales and together they diverted money collected on behalf of HM Revenue and Customs in respect of income tax and National Insurance deductions from the salaries of staff and value added tax. They are now in jail.

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Criminals and others who act against the interests of society at large are almost always ahead of financial crime and other risk managers when it comes to the the planning and execution of activity. Criminal and anti-social activity are magnified in relation to the effect on economies, even ultimately being an accelerant in the fires that led to the global financial crisis that only the most naive or self-centred deny is over. The fascinating thing is this: while they don't know it, the seeds of major, even pandemic, crime are easily visible. You just need to know where to look.

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The UK's Financial Conduct Authority has revealed that, in 2017, it secured the conviction for money laundering of one Richard Baldwin. However, the case was kept out of the public eye due to reporting restrictions.

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This fraudster pretends to be a partner with a London law firm called "Richardson Lawyer Chamber" - without realising that the name contains a grammatical error that raises suspicion within the first few lines. And then there's his name: "David T Duddias" - a format very rarely used in the UK. Finally, the mail is sent from a mail address which may or may not be real and may or may not be spoofed but it's in Japan which raises its own questions and his return address is with that current favourite of fraudsters, Outlook.com. As if that's not bad enough, the spam-scam is plain: he wants to commit a fraud against someone else and he wants your help to launder the proceeds. Obviously, what he really wants is to defraud you. Read the full e-mail below.

"It was the computer wot done it, guv," is the latest excuse to come out of a major bank caught with its money laundering knickers around its ankles.

There's just one incy-wincy-little point. It wasn't the software - it was the people .. and it's the same problem that makes reliance on so-called AI so dangerous, Nigel Morris-Cotterill says.

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On 13 May, the Monetary Authority of Singapore issued its market-segment specific "GUIDELINES ON PREVENTION OF MONEY LAUNDERINGAND COUNTERING THE FINANCING OF TERRORISM-DIRECT GENERAL INSURANCE BUSINESS,REINSURANCE BUSINESS, ANDDIRECT LIFE INSURANCE BUSINESS (ACCIDENT & HEALTH POLICIES)". Here are ten key phrases.

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It has become fashionable to talk of "The Three Lines of Defence" in relation to money laundering, terrorist financing, etc. Is it just more more quasi-militaristic buzzwords, so loved by Americans, and a pretence of intellect or is there genuine merit here?

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