Tag Archives: regulator

You’d need Speedy Gonzales for all this

Posted on August 11, 2021 by Susan Grossey author

The pandemic has put many things on hold – holidays, weddings, house moves – but not the requirement to provide staff with AML/CFT training. As we head towards September, and people’s minds turn towards a new school term, I am … Continue reading →

Posted in Uncategorized | Tagged AML, communication, due diligence, financial crime, GFSC, Guernsey, Guernsey Financial Services Commission, legislation, money laundering, regulator, training | Leave a comment

Fishy business

Posted on January 27, 2021 by Susan Grossey author

For years, the AML community has been trying to get their message heard at the highest levels of the regulated sector. Business schools have various terms for it, from “tone from the top” to “business culture” to “the rotting fish” … Continue reading →

Posted in Uncategorized | Tagged AML, banking, board of directors, CEO, embezzlement, FINMA, money laundering, regulator, senior management, Vatican Bank | Leave a comment

Head, brick wall, etc.

Posted on January 6, 2021 by Susan Grossey author

I first started designing and delivering AML training in 1996. That’s a full quarter-century ago. And can you imagine how many times I have said, over those twenty-five years, things like “check regularly for PEPs – regulators are hot on … Continue reading →

Posted in Uncategorized | Tagged AML, FCA, Financial Conduct Authority, Guernsey, guidance, money laundering, PEP, Politically Exposed Person, regulator, source of funds | 5 Comments

Calculators at the ready

Posted on May 13, 2020 by Susan Grossey author

Sometimes words enter your vocabulary and you can’t remember where or when you first heard them but suddenly they’re there and you’re hearing and using them all the time. I’m not talking about “lock-down” or “social distancing” or “flattening the … Continue reading →

Posted in AML, Bribery and corruption, Money laundering | Tagged AML, bribery, corruption, due diligence, Indonesia, MLRO, money laundering, PEP, regulator, research, risk-based approach | Leave a comment

Heading for the exit

Posted on January 22, 2020 by Susan Grossey author

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

Do unto others

Posted on December 13, 2017 by Susan Grossey author

The Guernsey Financial Services Commission has been rather busy recently, what with working away on revised AML/CFT legislation and guidance, and now putting out a pair of publications to explain why and how they regulate the Bailiwick’s financial services sector. In … Continue reading →

Posted in AML, Due diligence, Legislation, Money laundering | Tagged AML, communication, due diligence, financial crime, GFSC, Guernsey Financial Services Commission, money laundering, regulation, regulator, risk-based approach | 2 Comments

Regime change for the better

Posted on September 29, 2017 by Susan Grossey author

The UK Financial Conduct Authority’s Senior Managers and Certification Regime is now two years old. Under the regime (which currently applies to UK banks, building societies, credit unions, branches of foreign banks operating in the UK and the largest investment … Continue reading →

Posted in AML, Due diligence, Money laundering | Tagged AML, financial crime, legislation, MLRO, money laundering, regulator | Leave a comment

Outside the tent

Posted on September 25, 2017 by Susan Grossey author

Regulation has been on my mind lately – and doubly so since the decision last Friday by Transport for London not to renew the private hire licence for “ride-hailing app firm” Uber. Not that I’m affected personally – I’ve never … Continue reading →

Posted in AML, Legislation, Money laundering | Tagged AML, Bitcoin, due diligence, financial crime, legislation, ML Regulations, money laundering, organised crime, proceeds of crime, regulation, regulator | Leave a comment

Dire warnings

Posted on November 26, 2015 by Susan Grossey author

They say that if you can’t be a good example, then aim to be a dire warning instead. And this is always the spirit in which I have read reports of “findings” – the more palatable term for regulatory punishments. … Continue reading →

Posted in AML, Training | Tagged AML, due diligence, FCA, Financial Conduct Authority, regulator, training | Leave a comment

The FCA’s to do list for this year

Posted on March 25, 2015 by Susan Grossey author

This week the UK’s Financial Conduct Authority has looked into its crystal ball and published its “Business Plan 2015/16”. Whereas previous editions of this document were accompanied by a Risk Outlook, this time the two have been united into one … Continue reading →