Avoiding the next Wirecard scandal
Hindsight packs a powerful punch. Looking back at the Wirecard scandal, it seems remarkable that regulators, investors, suppliers and other stakeholders did not see the downfall of the German payment processing company coming. The Financial Times began investigating the
Managing the due diligence challenges posed by HNWIs
High net worth individuals (HNWIs) are an important target for asset and wealth managers (AWMs) in markets all around the world. But while HNWIs are an attractive and growing market, increasing 9% by number globally over the past year
Why five Dutch banks are teaming up to counter money laundering
The banking sector in the Netherlands knows it has to take tough action against money laundering. A series of scandals in the country have resulted in tough regulatory sanctions – and concern that trust in Dutch banking could be
How technology could help banks beat the 6AMLD deadline
Six months and counting. The European Union’s Sixth Anti-Money Laundering Directive comes into effect across its member states on 3 December 2020; regulated financial institutions will then need to be compliant by 3 June 2021. Getting to grips with 6AMLD
Why the COVID-19 crisis poses such a compliance challenge for banks
In times of crisis, we often see the best of people, with selfless and heroic individuals doing all they can to alleviate the suffering of others. Unfortunately, there are also people for whom crisis brings out the worst –
The case for enhanced due diligence in the pharma sector – and how to achieve it
Pharmaceutical companies are among the most regulated businesses in the world, from drug safety bodies with exacting requirements to competition authorities determined to prevent market abuse. But while pharma businesses have developed sophisticated compliance functions to meet their obligations,
Why insurers must get to grips with due diligence and financial crime
Insurers might assume financial criminals such as money launderers do not have them in their sights, but there is no room for complacency. It is true that they represent a less direct means to legitimise dirty money and to
Why mining companies must know their customers – and how to do it
How well do mining companies know their customers and suppliers? Those not engaged with the process around who they work with, could be storing up all sorts of trouble for the future. Mining companies have become accustomed to tough scrutiny
Why banks must remain vigilant of binary options
Beware binary options. Described by one commentator as speculation “on speed”, these contracts have been banned in Europe and are the subject of regulatory action in the US. But unethical and downright illegal brokerages continue to push them on
Why trade is the latest frontier in the war on money laundering
The battle against money laundering often feels like an extended game of “Whac-a-mole”. Crack down on one problem area and another one inevitably pops up elsewhere. Witness the rise of trade-based money laundering: as governments have got tougher on
Money laundering goes back to school
Are Britain’s private schools and colleges being used to launder the proceeds of crime? The National Crime Agency certainly fears so: last year its economic crime unit warned the UK’s independent schools were regarded as easy pickings