GONGO – Government Owned NGOs. Money laundering is shifting from little nits deposited into accounts to larger and larger sums moving under the colors of governments. The biggest offenders have been Government … Read More
Articles tagged "AML"
178 Billion in Fines
178 Billion in Fines 2014 has set a record for fines. According to an article in the Bank Rate 2014 has been the most expensive year on records for fines levied against banks and financial instructions around the … Read More
Over Reporting
Over Reporting A new hot topic is AML and SAR over reporting. Bankers and financial managers are both so spooked about not filing SAR’s and have such little knowledge of their clients that as soon as something … Read More
FinCEN wants Natural Persons
FinCEN wants Natural Persons The Financial Crimes Enforcement Network (FinCEN), has proposing rules under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for: (i) banks; (ii) … Read More
Laundering Money with a Hedge Fund
Laundering Money with a Hedge Fund Today most retail banks have become very good and I do mean very good at spotting money laundering. They have been doing it for some time and most have got the hang of spotting … Read More
Issues For Custodians
Issues For Custodians Proper funds, trustees, and escrow companies all use the services of a custodian. A custodian is an independent entity that holds on to an asset, or the title to an asset, on behalf of the … Read More
Exempt Entities
Exempt Entities There are a number of exempt entities from the BSA and AML requirements. Chief amongst these are government and quasi-government accounts. This is a surprise to many, but not to the criminals. … Read More
Russian Sanctions, A Panel Discussion
Russian Sanctions, A Panel Discussion Link to posted discussion http://www.blogtalkradio.com/bekkercompliancechat/2014/07/30/useu-sanctions-v-russia-global-impact-on-the-financial-services-industry This is a link … Read More
Iraqi Dinar
Iraqi Dinar I have watched this rube of an investment idea for years. The heart of the rube assumptions is that the Iraqi dinar will be revalued upward. At 1,168 to the US dollar – it more or less makes sense to … Read More
Poaching, the Animal Trade and Money Laundering
Poaching, the Animal Trade and Money Laundering The video is an effort to share with our readers a bit more about the illegal trade in poached animals in East Africa and how the money from the poaching is … Read More
International Associations of Financial Management
International Associations of Financial Management Athens, Greece Anti Money Laundering and Compliance June 10th – 13th, 2014 … Read More
Money Laundering and Anti-Money Laundering (AML) Compliance
Money Laundering and Anti-Money Laundering (AML) Compliance Club Quarters Hotel, Manhattan June 4th - 5th, 2014, New York City … Read More
NGO’s and Charities
NGO’s and Charities NGO’s and Charities have slowly evolved, under the radar, to become significant channels for laundering money. Charities alone in the US received 320 billion dollars. About 2% to 3% of US … Read More
AML and OFAC Applies to State Governments
AML and OFAC Applies to State Governments I had a short conversation, off the record, with several investigators that work for state unemployment agencies. The common complaint was the inertia with regards to … Read More
Simple Lesson on Bribery
Simple Lesson on Bribery So, we campaign loudly against bribery. Yet some say – ah yes, but when does a gift between friends become a bride? The answer is when the bribe motivates the choice maker to subvert … Read More
Continuous Risk Management for Financial Institutions
Continuous Risk Management for Financial Institutions CRM (Continuous Risk Management) is a discipline that runs through a step-by-step cycle of ‘Identify, Analyze, Plan, Track, Control’ – back to Identify … Read More
Market Tells
Market Tells A “tell” is a sign or a signal, intentional or not of an outcome. In gambling players watch each other for tells; signs of the strength or weakness of a hand. For example, my old roommate was … Read More
Cash and Revolutions
Cash and Revolutions There is a saying on the poster in our office “Come the revolution things will be different, no better just different.” No doubt one of the more optimistic sayings from Murphy and his … Read More
Memberships
Memberships A new form of money laundering is upon us. A small drug operation was busted where all of the payments for the drugs were via credit card and PayPal. The operation was small scale - but very slick. … Read More
Corporate Excuses to Avoid Compliance and Ethics Programs
Corporate Excuses to Avoid Compliance and Ethics Programs by Michael Volkov Change is difficult. I understand that. Business leaders know the importance of change, adaptation and innovation. However, when it comes … Read More
Iranian Sanctions Cause Investment Growth in Georgia
Iranian Sanctions Cause Investment Growth in Georgia A Potential Red-Faced Moment for US and EU Authorities Shaun M. Hassett, CAMS, CDDP A recent Wall Street Journal Article’s opening line reads: “Economic … Read More
Virtual Currency
Virtual Currency In the Wake of Mt. Gox, and Liberty Reserve ~ Where do we Go From Here? There has been plenty of excitement over the past several months in the land of virtual currencies as viable alternatives to … Read More
AML and The Securities Industry
AML and The Securities Industry The securities industry is in for a very rude and expensive awaking. The securities markets, commodities markets, and hedge funds are being used to launder money. No, they are not … Read More
“Old MacDonald” of Sanctions Compliance and Customer Due Diligence
“Old MacDonald” of Sanctions Compliance and Customer Due Diligence If you are keeping score, it seems that Sanctions Compliance is a bit like the old nursery rhyme Old MacDonald Had a Farm. You know “…here … Read More
There’s Too Big to Fail, But What About To Small?
There’s Too Big to Fail, But What About To Small? In the Compliance world there is Too Big to Fail… you know, the global financial institutions that are so large that some question whether they are even capable … Read More
Some Signs of Money Laundering
Some Signs of Money Laundering Laundering money is moving money in such a way that the sole economic purpose behind the movement is deny to a viewer or participant the ability of ever knowing the real source of the … Read More
Too Big To Jail? Well, Maybe Not
Too Big To Jail? Well, Maybe Not According to a Reuter’s news article, dated March 22, 2013, The U.S. Treasury is changing its previous posture and plans to hold bankers personally responsible (including … Read More
Corruption, How Do We Stop It
Corruption How Do We Stop It Corruption is Fiscal Terrorism? I have seen this argument and we have a good deal of empathy for the assertion and legitimacy in the assertion of the argument. The difference between … Read More
A Question Of Due Diligence
A Question Of Due Diligence The crime of money laundering continues to be a growing area of concern in the United States. Law enforcement agencies and the financial sector devote considerable time and resources to … Read More
Newest Iranian Sanction Developments
Newest Iranian Sanction Developments US Treasury Advisory: Iran and the Use of Exchange Houses and Trading Companies to Evade U.S. Economic Sanctions against Iran. On January 10, 2013, the U.S. Treasury’s Office … Read More
NACHA Banker
“Its beginning to look a lot like… fraud! During the end of the year with Holiday celebrations, year-end activities and planning for the year ahead, it is also a good time to remind you that the fraudsters are … Read More
Trade Based Money Laundering
The money launders have been moving physical cash as well as using the financial systems to move money for years and years. And while the “Black Market Peso Exchange” has been known to be operating between … Read More
Pakistan – Sanctions, terrorism and war.
Sanctions are brewing against Pakistan. The United Nations is threatening sanction on Pakistan for failing to curb anti money laundering and terrorist financing. Some initiatives are also being taken to improve … Read More
Practice at Laundering Money
This was fun - oh my gosh this was fun! Every so often we challenge each other in the office to see how good our skills can be in the dark arts. This month challenge was to launder money. Since there was no … Read More
The Confusion of CTR Exemptions
Many institutions that handle large sums of money cause a good deal of problems for those who are required to file CTR - Currency Transaction Report. The idea is that these institutions handle so many large … Read More
HSBC Screwed Up Really Big
Shortly after you read this HSBC will have settled with the US regulators for allowing Iran to launder 250 Billion dollars - yeah $250 billion dollars. How much is that, well it’s just about the same amount of … Read More
Negotiation and Access to Information
The general consensus is that people do not like conflict and thus conflict resolution is “hard” because of this distaste. The “This is my financial answer on offers” is the beginning to the process of … Read More