Money Laundering

Explore the intricate landscape of money laundering and anti-money laundering (AML) strategies, including insights into emerging trends, reviews of global AML standards and best practices, and expert analyses on regulatory frameworks to keep you informed on the latest money laundering trends.

The Convergence of Sanctions & AML

The convergence of sanctions and anti-money laundering efforts has significantly accelerated since Russia’s full-scale invasion of Ukraine in February 2022. FINTRAC in June 2024 released a special bulletin focusing on financial activity associated with suspected sanctions evasion. The report highlighted shared methodologies and insights to help compliance teams collaborate on best practices.

Three Lines of Defense: Case Study

The “three lines of defense” model is a widely recognized approach for effectively managing financial crime and regulatory risk. But how does it work in practice? This article explores how the three lines of defense applies using client due diligence as a real-life case study.

Crypto Under the Microscope

In the fast-evolving digital assets market, compliance is not just a regulatory requirement—it's a strategic imperative. From Binance's multi-billion-dollar settlement to the dramatic collapse of FTX, recent enforcement actions have sent shockwaves through the industry, underscoring the critical need for a robust compliance system.

Three Lines of Defense

The “three lines of defense” is a well-established model for implementing an organizational structure to effectively manage financial crime risk and regulatory compliance. Explore the three lines of defense, their responsibilities and the advantages of the three line model in this article.

Embracing Emerging Technologies through Capability Development

Risk is perceived to be higher when a subject area is unfamiliar, which is particularly likely for emerging technologies and products. One solution is to develop the capability of staff through training and experience, where Chief Compliance Officers can utilize partners to support upskilling and augment internal capability where required. Digital assets provide a good case study: detailed knowledge within financial institution compliance and business teams to manage risks while enabling business growth.

OFAC’s Compliance Guidance in Action

The Treasury Department’s Office of Foreign Assets Control (OFAC) five years ago published its Framework for OFAC Compliance Commitments. This guidance remains the most comprehensive articulation of OFAC’s compliance expectations to date. Although it notably stopped short of mandating a sanctions compliance program (SCP), recent enforcement actions demonstrate the implications of not having an SCP in place.

Golden Visas & Global Graft – How Criminal Actors Exploit Citizenship by Investment Programs

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While special naturalization programs offered in certain jurisdictions to foreign investors intend to attract foreign direct investment and economic and infrastructure development, these programs can be abused by criminals who seek to launder and conceal proceeds of crime or commit new offences, including financial crimes.

Are Casinos Havens for Money Laundering?

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A recent UN Office on Drugs and Crime (UNODC) report has found that casinos, junkets, and cryptocurrencies are exacerbating transnational organized criminal activity in East and Southeast Asia as part of the region’s underground banking and money laundering infrastructure. Although the use of casinos to launder money is not new, the proliferation of online gambling since the COVID 19 pandemic has aggravated the existing problem and has given rise to underregulated online gambling venues as more gamblers began playing from home.

Risky Russia – Government Agencies Warn Businesses of Possible Trouble

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The US Departments of State, Treasury, Commerce, and Labor in late February issued a business advisory warning firms and financial institutions about the serious legal, financial, and reputational risks of doing business in Russia. According to the State Department’s assessment, Russia’s kleptocratic environment undermines fair competition and the rule of law, exposing businesses to the risk of extortion, appropriation of assets, and US law enforcement action.

Domestic Terrorism – Understanding the Threat and How Banks Can Counter It

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Domestic terrorism is not a new threat in America, but in recent years we have seen a significant and horrific increase in violent attacks and activities carried out by individuals and groups motivated by a range of radical ideologies. In response to these troubling developments, our government has stepped up law enforcement, intelligence attention, and resources to combat these threats.