Will universities learn their lesson on money laundering?
A new report into potential money laundering involving universities’ overseas students is the latest warning of the higher education sector’s vulnerability. The imperative to act grows stronger by the day. What is banned in the UK’s scrapyards but perfectly legitimate
Why property is front and centre of the AML battle
The real estate sector is under pressure to improve its AML practices, as criminals step up their efforts to launder their dirty money through property. The UK’s property market has become a prime target for international money laundering, with high-end
OpenLux: exposing money laundering in Luxembourg
Revelations from the OpenLux investigation underline the need for financial institutions to invest in AML tools and technologies The wheels of international financial regulation often turn slowly, but five years after the Panama Papers scandal exposed the role played by
AML challenges for 2021: 6MLD, Brexit and Covid-19
The New Year message on money laundering could hardly have been clearer. Just seven days into 2021, HM Revenue & Customs published its latest list of businesses fined for breaches of money laundering regulations – including a record £23.8m
The continued shortfall in combatting trade based money laundering
Some 15 years after the Financial Action Task Force (FATF) published its first landmark report on trade-based money laundering (TBML), new research from the independent inter-governmental body makes sobering reading. Organised crime groups continue to exploit the complexities of
Why AML partnerships need a broader base
In the battle against financial crime, the partnership model makes sense. The world’s law enforcement agencies are charged with investigating and prosecuting crimes such as money laundering. But banks are responsible for operating the systems and processes through which
UWOs raise the stakes for banks on anti-money laundering
The UK has a new weapon at its disposal in the battle against money laundering – and it is not afraid to use it. Unexplained wealth orders (UWOs) potentially enable the UK authorities to seize the assets of those
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 –