Multiple jurisdictions Depending on which jurisdiction a firm is active in it may be required to comply with the requirements of multiple sanctions regimes. Some jurisdictions’ requirements may also apply without a firm having an actual presence in that jurisdiction. The UK’S Joint Money Laundering Steering Group, suggests in its guidance that “firms should take […]

On 17 February 2015 the Central Bank of Ireland published a report of its observations in relation to AML/CFT and financial sanctions compliance. The report deals with the Irish banking sector, but the issues identified by the Central Bank will be familiar to compliance professionals working throughout the world and it is useful reading for […]

The Egmont Group of Financial Intelligence Units recently published a compilation of case studies taken from their Best Egmont Case Awards. It is essential reading for all AML and financial crime professionals. Published on 26 February 2015, the 22 model cases deal with bribery and corruption, drug trafficking, fraud, human trafficking, kidnapping, organised crime, and […]

The directive and regulation will strengthen EU rules against money laundering and ensure consistency with the approach followed at international level. The draft regulation deals more specifically with information accompanying transfers of funds. International recommendations The texts implement recommendations by the Financial Action Task Force (FATF), which is considered a global reference for rules against […]

The Swiss Financial Market Supervisory Authority FINMA has opened a consultation on the draft revised version of the FINMA Anti-Money Laundering Ordinance. The revised ordinance reflects both the revised Anti-Money Laundering Act of 12 December 2014 and the revised Financial Action Task Force recommendations. The revised ordinance also includes insights gained from supervisory practice and […]

The ultimate owners of companies will have to be listed in central registers in EU countries, open both to the authorities and to people with a “legitimate interest”, such as journalists, under a Parliament/Council deal endorsed by the Economic and Monetary Affairs and Civil Liberties committees on Tuesday. The new anti-money laundering directive aims to […]

On 21 January, the FCA held two live webinars which are now available to watch on demand. The first webinar focused on Managing money laundering and sanctions risk at smaller banks, http://bit.ly/1yB3fQx whilst the second webinar looked at Managing bribery and corruption risk in commercial insurance broking. http://bit.ly/1y6UUPO The webinars each comprise of a presentation from Rob […]

How small banks manage money laundering and sanctions risk: NOV 2014 Update and report follows the Financial Services Authority’s 2011 report on Bank’s management of high money-laundering risk situations (the 2011 AML review) and the subsequent enforcement action and regulatory guidance. It sets out the findings of our thematic review into how small banks manage […]