Keith Furst, Founder of Data Derivatives, discusses how originating banks can intentionally or unintentionally be misusing the MT 202 SWIFT message type. In this guest post, he discusses the risk this scenario poses to financial institutions and their anti-money laundering /…
Buying property through anonymous companies registered offshore is an ideal way to legitimise money earned through corrupt means, as cases in Russia have shown. More specialist knowledge is required if David Cameron’s proposed beneficial ownership register is to be successful.…
Trillions of dollars may be missing from U.S. government coffers due to widespread corporate tax evasion and criminal money laundering strategies. FIU College of Business professor John Zdanowicz conducted an analysis of 12 years’ worth of U.S. Customs data and found that…
Posted by Deepa Chandrasekhar The Financial Action Task Force’s (FATF) best practice paper on Trade Based Money Laundering is useful, but it can be educational to look at an actual case study concerning money laundering and fraud to get a better…
Posted July 11, 2016 by David Caruso & filed under Negative News. In 2005 I was the AML Officer for Riggs Bank overseeing an AML team and hordes of consultants. Riggs was caught up in a whirlwind of regulatory, law enforcement and Congressional investigations. Selling the…
By Bachir El Nakib, Founder Compliance Alert, SARL Risk Management Framework for Non-Profit Organisation (NPO) transactions is like many others, are under increasing pressure from regulators to prove that they are performing the necessary due diligence on international payments relating…
By Bachir El Nakib, Founder Compliance Alert Mapping The Islamic State Formed 2002 Disbanded Group is active. First Attack October 28, 2002: Members of Jama’at al-Tawhid wa’l Jihad (which would later become AQI and then ISIS) assassinated USAid officer Laurence…