Monthly Archives: August 2014

Standard-bearer no longer

I once had a very scary Latin teacher – scary because she could tell you off for doing something when she had her back turned while writing on the blackboard.  (She later confessed that she kept an eye on us … Continue reading

Posted in AML, Due diligence, Money laundering | Tagged , , , , , | 2 Comments

An ugly new word: de-risking

Over the past few years, we in AML have grown used to new terms.  We’ve learnt to leave behind KYC, and concentrate instead on CDD, to replace STRs with SARs.  While taking on board the risk-based approach (another new term), … Continue reading

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Quis custodiet ipsos custodes?

Who will guard the guards, asked the Roman poet Juvenal back in the first century, and it is a question that has troubled us ever since.  Last week, Shambhu Prasad Chalise, a section officer at the Department of Money Laundering Investigation (Nepal’s … Continue reading

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All the fun of the fair

My mother – herself one of two siblings – once told me that her greatest fear in bringing up an only child was how to teach me about fairness and sharing.  As it turns out, her fear was unfounded.  My … Continue reading

Posted in Legislation, Money laundering, White collar crime | Tagged , , , , , , , | 6 Comments

A right royal laundering mess

Some months ago, in a post on laundering by female PEPs, I mentioned the ongoing saga of Infanta Cristina of Spain – and as this is the silly season for news, I thought you might welcome a regal update with your … Continue reading

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What’s the German for “irony”?

Frankly, I’m a bit disappointed that I didn’t think of this myself, as an April fools’ joke to play on you all.  On 5 August 2014 a German court agreed to end the bribery trial of everyone’s favourite octogenarian, Warhol-alike, … Continue reading

Posted in Bribery and corruption, Money laundering | Tagged , , , , , , | 3 Comments

With friends like this…

On 6 August 2014, it was announced that Standard Chartered could face further fines for AML failings after US regulators identified new problems with the bank’s surveillance system.  Back in August 2012, the bank agreed to pay a US$340 million fine for … Continue reading

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More risky than we thought

I am still catching up on my reading from last month, so please forgive me.  But a more eagle-eyed reader in Jersey spotted that the UK’s financial regulator, the Financial Conduct Authority, chose the summertime – 18th July to be … Continue reading

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Overbooked

The Jersey Financial Services Commission recently published a paper entitled “Revisions to Commission AML/CFT Handbooks”, setting out their plans for (big surprise) forthcoming revisions to their handbooks.  As I was working my way through it, putting key dates in my diary … Continue reading

Posted in AML, Publications | Tagged , , , , , , , , , , , , , | 2 Comments

Calling a spade a spade

I am still catching up on all the ML/AML reading I missed while I was stuck up a Swiss mountain last month, so please forgive me for drawing your attention to an article that was the leader in the Spectator way … Continue reading

Posted in Legislation, Money laundering | Tagged , , , , , , | 2 Comments