Category Archives: Regulation

A word to the wise

Posted on July 22, 2020 by ihatemoneylaundering

MLROs and compliance folk are creatures of precision. I (proudly) count myself among them, and I know that when I am designing procedures or assembling training materials or writing this blog, I make sure that I check my sources very … Continue reading →

Posted in AML, Legislation, Regulation | Tagged AML, CDD, communication, due diligence, government, Jersey, legislation, MLCO, MLRO, money laundering, publications, writing | Leave a comment

Heading for the exit

Posted on January 22, 2020 by ihatemoneylaundering

One of my great ambitions – which I achieved for a short while in one jurisdiction – is to facilitate communication and foster understanding between the three sides of the AML triangle: regulator, law enforcement and industry. Now, that’s a … Continue reading →

Posted in AML, Money laundering, Regulation | Tagged bank, fiduciary, Guernsey, Guernsey Financial Services Commission, law enforcement, MLCO, MLRO, money laundering, Money Laundering Compliance Officer, Money Laundering Reporting Officer, regulation, regulator, training | 4 Comments

So near and yet so far

Posted on August 21, 2019 by ihatemoneylaundering

At the end of June 2019, the UK’s Gambling Commission – one of our five-star AML regulators, getting top marks from users for both approachability and communication – published its 2018 money laundering and terrorist financing risk assessment. This examines … Continue reading →

Posted in AML, Money laundering, Publications, Regulation | Tagged AML, casino, communication, due diligence, financial crime, Gambling Commission, government, money laundering, proceeds of crime, publications, risk-based approach | Leave a comment

Facecrook?

Posted on July 10, 2019 by ihatemoneylaundering

Here’s what I have read about Facebook Libra: According to the Financial Times, it is “a new global digital currency backed by assets and supported by more than two dozen companies ranging from Visa and Mastercard to Lyft and Spotify”. … Continue reading →

Posted in AML, Money laundering, Regulation, Supervision, Terrorist financing | Tagged AML, cryptocurrencies, due diligence, Facebook, FATF, Financial Action Task Force, financial crime, government, legislation, Libra, money laundering, proceeds of crime, research | 5 Comments

Glategny Court jester

Posted on August 8, 2018 by ihatemoneylaundering

“Please God don’t let it be money laundering” and “Heavens above, why can’t they get the concept of source of wealth?” may well be familiar phrases in the lexicon of the MLRO. But although a greater power – greater even … Continue reading →

Posted in AML, General thoughts, Regulation | Tagged AML, chaplain, financial crime, FIU, GFSC, Guernsey, Guernsey Financial Services Commission, ML Regulations, money laundering | Leave a comment

Training across the Board

Posted on December 18, 2017 by ihatemoneylaundering

At the end of each year I do a review of what I have done during that year. Each time I issue an invoice I categorise it by jurisdiction, by sector and by activity type, and this enables me to … Continue reading →

Posted in AML, Regulation, Training | Tagged AML, corporate governance, GFSC, governance, Guernsey, Guernsey Financial Services Commission, money laundering, risk, training | 4 Comments

Plea for proof

Posted on October 13, 2017 by ihatemoneylaundering

Over two decades of AML training, I have heard many questions over and over again. I don’t mind this at all, and I like to think that I have refined my answers so that they are more succinct and helpful. … Continue reading →

Posted in AML, Due diligence, Regulation | Tagged AML, communication, due diligence, financial crime, suspicion | 4 Comments

Not worth the paper

Posted on September 26, 2012 by ihatemoneylaundering

With stories hitting the headlines recently about employees who turn out to be something of a liability (such as Jessica Harper of Lloyds Bank and Kweku Adoboli of UBS), and emphasis being placed by regulators on screening employees, the role … Continue reading →

Posted in Due diligence, Money laundering, Regulation | Tagged communication, due diligence, financial crime, organised crime | 2 Comments

Innocent until, etc.

Posted on August 10, 2012 by ihatemoneylaundering

Last night I went out for dinner with some well-read friends (fish finger sandwich followed by mini doughnuts and chocolate dipping sauce, thank you for asking), and money laundering was the topic du jour. And I quote: “Your lot are … Continue reading →

Posted in AML, Money laundering, Regulation | Tagged AML, due diligence, financial crime, government, legislation, money laundering, proceeds of crime, Standard Chartered | 1 Comment

The FSA’s duck shoot

Posted on August 3, 2012 by ihatemoneylaundering

When I prepare a new training session, I always try to include a recent case study. Money laundering stories are easy to find; naughty people are forever committing crimes and then shifting the proceeds around. On the other hand, anti-money … Continue reading →