The new era of anti-financial crime compliance

By Marios M. Skandalis, Director Group Compliance Division, Bank of Cyprus. Abstract: Following the Panama   papers and to a lesser extent the Bahama   papers scandals a number  of persons, physical and legal, have  been revealed as potentially  exposed  in  corruption  and/or other forms of money  laundering activities. This scandal was a reminder  of the need …

Western Union Completes Compliance Upgrades To Fight Money Laundering

The Western Union Company and Arizona Atty. Gen. Mark Brnovich announced Monday (June 12) that they have successfully completed the secondary recommendations for the Southwest Border program, aimed at combating money laundering. In a press release, the company said the Superior Court of the State of Arizona accepted the conclusions of an independent monitor’s final…

Tax Havens, Offshore Finance Centres & Secrecy Jurisdictions

Can You Tell the Difference Between Them? The month of April saw a number of publications produced for the European Parliament’s PANA Committee about various financial crime (“FC”) concerns identified by the Panama Paper disclosures last year. From my review of these publications, the following was one of the topics I found to be of…

UK Govenment to set up new anti-money laundering watchdog

The Government is to set up a new watchdog to close loopholes used by criminals as part of a wider clampdown on money laundering and terrorist financing. It plans to launch the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) – a new group that will sit within the Financial Conduct Authority (FCA) – by…

New York Raises Bar on AML and Sanctions Programs

Some US and foreign banks with New York offices will soon face the challenge of proving that their transaction monitoring and sanctions filtering programs for catching criminal activity really work. The New York Department of Financial Services (DFS) believes that although banks and banking-regulated institutions may already have AML programs, there are still too many illegal…