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terrorist financing

First look: Quick To Learn More - Key Concepts - Money Laundering and Terrorist Financing.

We have put up, marked for pre-order but really just so that clients can see the curriculum, information relating to the compulsory module Key Concepts - Money Laundering and Terrorist Financing, part of the Quick To Learn More series for front liners to managers, from beginner to intermediate.

FCRO Subsection: 
Learning

Securities brokerage Responsible Officer banned for money laundering, etc. compliance failures

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The responsible officer of a securities brokerage has been banned from the industry for ten months as a result of his "failure to discharge his duties as an RO" and a member of the company's senior management. The company has been fined a substantial amount, too.

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Health and Safety case - lessons for compliance officers

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The obligation to train staff for e.g. counter-money laundering purposes is hardly a surprise. But, as Nigel Morris-Cotterill says, the training of temporary and agency staff is often overlooked. As this health and safety case shows, that is not acceptable.

FCRO Subsection: 
Learning

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What is "cognitive bias" and why does it matter to Financial Crime Risk Officers, etc.?

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"Cognitive bias" is one of those expressions, along with various other forms of bias, that's become popular in recent months. However, there's nothing new and nothing clever about cognitive bias. In fact, it's one of the most fundamental aspects of decision making. We all, without exception, do it. But the problem is that it underpins one of the reasons that financial crime risk management fails, over and over again.

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Of cacti and succulents and New Year's resolutions

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We, the people, are discriminatory. You , me, he, she are all guilty of one of the most fundamental forms of discrimination. Yet, if we reject that attitude, we become better at so many things. Importantly, it all comes down to two fundamental prejudices. And, if you are a LinkedIn user, it's almost certain that you exercise it with every visit. Read on for why your New Year's resolution should be to reject this particularly unwise way of life.

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FCRO Subsection: 
Financial Crime Risk Officers - OpEd

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UK's Sanctions and Anti Money Laundering Act 2918 now partly in force

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It would be far more sensible if the UK scrapped its money laundering laws, wrote something comprehensible and properly structured and kept it all in one place. But no, that would make life far too simple. So, we have the latest Act that has to be read in the light of, and which makes amendments to, other legislation. But it's important and so no one can simply say "stuff it" and delete it. As it comes into force, there is a hint as to at least some of the priorities in relation to international financial crime.

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Singapore's new financial crime law: a criminal's opportunity?

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Yesterday, Singapore passed its Serious Crimes and Counter-Terrorism (Miscellaneous Amendments" Bill. The Lion City's approach to suspicious assets has logic on its side, but it doesn't work in practice. Here is WMLR's analysis of the relevant parts of the Act and its consequences, including risk for compliance / risk officers.

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AUS: Consultation - money laundering - securities

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AUSTRAC has released a consultation paper relating to counter-money laundering regulations in the securities sector.

BIScom Subsection: 
Regulation

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Dubai Financial Services Authority issues counter-money laundering consultation paper

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Titled "PROPOSED CHANGES TO THE DFSA’S ANTI MONEY LAUNDERING, COUNTER-TERRORIST FINANCING AND SANCTIONS REGIME," the consultation paper was issued on 18 February 2018 and the consultation period ends on 24th March 2018.

Notes by Nigel Morris-Cotterill, The Anti Money Laundering Network

BIScom Subsection: 
Regulation

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EU MLD IV - EU financial supervisory authorities issue "joint opinion." (part 2)

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PART One of this article appears at http://www.pleasebeinformed.co...

In its Conclusion the Joint Opinion implies a monumental failure of the European machine. And it has little to say beyond that already known and widely not acted upon.

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BIS proposes new counter-money laundering guidance.

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"Banks will have clearer guidance on how to best manage risks related to money laundering and the financing of terrorism...in correspondent banking," says the Bank of International Settlements' Basel Committee.

FCRO Subsection: 
Financial Crime News

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