A $3 Billion Mistake

TD Bank was recently slammed with a record $3 billion fine for failing to comply with AML laws. With $18 trillion in unmonitored transactions, the bank became a hotbed for criminal activity. What went wrong, and what can other financial institutions learn from this?

Beneficial Ownership: Who Owns What?

U.S. efforts to curb illicit finance are in full swing, as the requirement to reveal the beneficial owners of certain entities registered or operating in the United States came into effect this year. In this article, we explore key requirements, benefits, and deadlines as well as address some of the concerns organizations may have about the new regulation.

New BIS Export Compliance Guidance for Financial Institutions

The U.S. Bureau of Industry and Security recently published guidance for financial institutions on complying with strategic trade controls and discussing best practices, red flags, screening, and reporting. The latest guidance provides greater detail on due diligence and risk management to help financial institutions detect and deter emerging and evolving export controls evasion.

From Cash to Clicks – AML Challenges & Typologies for Digital Payments

Dive into the dynamic world of digital payments, where convenience meets innovation. Learn the challenges Payment Service Providers are navigating with smarter, technology-driven Anti-Money Laundering practices to ensure secure and efficient transactions.

Exploring the Balance of Innovation & Responsibility

In our recent webinar, industry leaders examined the intricacies of leveraging AI responsibly to enhance compliance strategies while safeguarding data privacy and ethics. Featuring a panel of industry experts including Shannon Barnes, Ajit Tharaken, and Catherine Woods, this blog post summarizes the key insights shared during the event.

The Risks of De-Risking

Compliance officers are guardians at the gate: protecting their organization and the global financial system from abuse while also ensuring that licit funds flow undisturbed. This is a delicate balance, as global regulations continue to grow in complexity, prompting some financial institutions to de-risk from high-risk clients. What are high-risk clients? Must a bank cease its relationships with these clients?

How has terrorism financing changed since 9/11?

While financial provisions enacted after the terrorist attacks of 9/11 have succeeded in addressing vulnerabilities in the global financial system, terrorist organizations have developed new methods of fundraising and moving assets, including digital assets and online platforms. In this article we examine how new technologies facilitate terrorism financing and the risks financial institutions should consider.

A Review of the Financial System Post 9/11

After the terrorist attacks on September 11, 2001, the private sector, especially financial institutions, began to play a vital part in protecting the U.S. and global financial systems. In this article we examine the changes to the financial system that resulted after 9/11 and discuss how the role of financial institutions has changed with respect to deterring and detecting the financing of terrorism.

The Ghost in the Shell

Shell companies, meaning businesses that have a legal structure but no real operations or assets, have been used extensively in money laundering, proliferation finance, sanctions evasion, tax evasion, and other types of financial crimes. There is now evidence that shell companies are increasingly being used for strategic trade control violations too. This is good news for financial institutions: existing controls designed to detect the misuse of shell companies for other financial crimes will catch export control-related activity in their net too – but some adaptations are required.

Collaboration Between Chinese Money Laundering Organizations & Drug Cartels

Global regulators are highlighting the growing threat of Chinese money laundering organizations that help transnational criminal organizations—particularly drug cartels—access and move assets through the global financial system. Global financial institutions must enhance their due diligence efforts, given the growing scope of the problem and the increasingly sophisticated methods used to launder drug proceeds.