Real Estate and the Need for “Real” Reforms in Australian AML Regulations
“Incremental” is a word that is often used to describe the pace of AML/CTF reforms in Australia. The release in 2021 June of the latest Tranche 1.5 by the AUSTRAC is emblematic of the glacial pace at which reforms
Forced Labor & Covid-19 – What the Future Holds for AML Compliance
Greek myths tell the story of the Lernaean Hydra, a vicious monster with many heads. The serpentine monster was nearly impossible to kill, as its heads would regenerate when chopped off. In many ways, human slavery is like the
Cryptocurrency Exchanges and the Changing Tides of KYC Compliance
Even by cryptocurrency standards, the level of volatility displayed in 2021 has been quite astounding. In late May, a staggering crash wiped out $1.21 trillion in market value across popular currencies including Bitcoin, which experienced a 30% loss in
Why China’s Belt & Road initiative faces overwhelming odds in its fight against corruption
The Belt & Road Initiative (BRI) needs no introduction. Started in 2013, the Chinese infrastructural development project had come to embody its parent nation in many ways – audacious in scale, problematic from a wide range of perspectives, yet,
Between Covid & Compliance – the current highs and lows of the dope industry
The decriminalization of marijuana has been gathering increased momentum in recent years, particularly in the United States. At least 35 states currently allow the use of marijuana in one way or another (recreational vs medicinal). Driven by exceptional demand and
COVID-19: A Crisis or a Catalyst for Corruption?
Back in 2008, during an interview with Wall Street Journal, then-President-Elect Obama’s Chief of staff, Rahm Emanuel said ‘You never want a serious crisis to go to waste.’ While he meant that the silver lining to catastrophes can be
Antiquities and AML – the BSA finally comes calling in 2021
For decades, dealers and auction houses involved in the sale of art and antiquities have evaded the scrutiny of US regulators. The stringent provisions of the Bank Secrecy Act (BSA) did not cover the lucrative art market, worth well
2020’s largest AML fines show a troubling common thread
Compliance is the bulwark against money laundering and other financial crimes across the world. But as recent experiences reveal, increased compliance requirements put a heavy toll on banks and other financial institutions. According to Fenergo’s mid-year report, global financial crime-related
Compliance & conservation – joining forces to stop wildlife trafficking
Before 2020, illegal wildlife trafficking (IWT) was a relatively low priority area for law enforcement and financial crime task forces. Like the rest of the public, AML professionals too had bigger priorities, like organized crime, narcotics, and human trafficking,
AML during Covid-19: no room for complacency
Even common criminals and drug dealers are affected by Covid-19. As lockdowns and quarantines kept almost a third of the human population indoors, violent crime rates dropped drastically all over the world. Sadly, the same cannot be said about white
Decoding the links between modern slavery and money laundering
Viruses are deadly because they are not easy to kill, let alone eradicate from nature. Slavery is a bit like a virus that refuses to die down in human society. As of 2020, virtually all nations on earth have
How money laundering threatens the ‘least corrupt’ nations on earth
Come January each year, the issue of global corruption comes under the media spotlight. The reason - the annual release of the Corruption Perceptions Index (CPI) by the global watchdog Transparency International. Newspapers around the world churn out articles indicating