Tag Archives: High Value Dealer

One-stop knocking shop

Following a recent Financial Times article on money laundering through cash-intensive businesses in the UK (albeit in the “luxury sector”), a investigation in New Jersey is a timely reminder for us all about how useful to criminals are businesses that … Continue reading

Posted in Due diligence, Money laundering | Tagged , , , , , | 5 Comments

Regulatory arbitrage

No, that’s not the name of a minor – probably dastardly – character in a Mills and Boon novel: it is what happens when differing standards of regulation allow criminals to wriggle their way through the system by exploiting those … Continue reading

Posted in AML, Legislation, Money laundering | Tagged , , , , , , , , | 4 Comments

Cash will do nicely, sir

Remember the days of “cash is king”?  It may still be handy for getting a good deal on a second-hand car, but otherwise, for those of us in the AML community, cash is a pain in the proverbial.  The Fourth Money … Continue reading

Posted in AML, Money laundering | Tagged , , , , , , , | 3 Comments

Wham, bam, no AML, ma’am

Some while ago I wrote about a draft of the Fourth Money Laundering Directive that had sneaked in a much-extended definition of “high value dealers”.  What this earlier draft said was that HVDs would be “other natural or legal persons … Continue reading

Posted in AML, Legislation, Money laundering | Tagged , , , , , , , , | 9 Comments

A blind eye for art

Some years ago, I was asked to do some AML training for a well-known art auction house.  I remember two things about the day: I was by far the shortest and fattest woman in the place, and everyone spoke in … Continue reading

Posted in Money laundering | Tagged , , , , , , , | 4 Comments

HMRC fines HGV HVD for AML failings

In its first AML prosecution of a high value dealer, the UK’s HMRC has fined Bedfordshire company director Grenville Eames £16,000 for failing to abide by the Money Laundering Regulations 2007.  Eames’ company, JGE Commercials Limited, was also fined £16,000 and … Continue reading

Posted in AML, Legislation, Money laundering | Tagged , , , , , , , | 6 Comments