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AML for the Compliance Practitioner: The KPMG 2011 Survey on Anti-Money Laundering

Dick Cassin, writing in his FCPA Blog , has consistently raised the issue of Anti-Money Laundering (AML) in the wider battle against bribery and corruption. He set out some of his thoughts in a post entitled " 9/11 and the FCPA ". He also speaks regularly about AML laws as one component...

Unfolding Dimensions of an Anti-Money Laundering/Counter-Terrorist Financing Complex System

by Dionysios S. Demetis Over the past two decades, Anti-Money Laundering (AML) and the Counter-Financing of Terrorism (CFT) have undoubtedly emerged as two important contemporary themes that have generated considerable attention. The following Emerging Issues Analysis explores these two themes...

Transaction Monitoring: Fighting Corruption and Protecting National Security

In an article in the Tuesday Wall Street Journal (WSJ), entitled " More foreign banks probed for sanctions violations ", Brett Wolf reported that the New York County District Attorney's Office will shortly announce additional enforcement actions against banks for sanctions violations...

Anti-Money Laundering Compliance Issues

Anti-money laundering has been a key compliance and at times enforcement issue for years. This is particularly true since the passage of the PATRIOT Act in 2001. David Blass, Chief Counsel, Division of Trading and Markets, recently provided insight on past compliance and enforcement efforts and future...

How FATF Recommendations on Anti-Money Laundering Inform Your Compliance Program

The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions. Its mandate is to set standards and to promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing...

Anti-Money Laundering For the Non-Banking Entity

While many companies which operate under anti-bribery laws such as the UK Bribery Act or anti-corruption laws such as the US Foreign Corrupt Practices Act (FCPA), have compliance programs in place to review business relationships, I have found that one of the areas which most non-banking companies do...

Canadian AML Law

by Jeffrey R. Simser and Robert G. Kroeker * Introduction ... The AML regime in any country is apt to be vexing and complex. Canada's is no exception.. Overview of AML Law in Canada Canada is a country of immense size, bordered by the Atlantic, Pacific and Arctic oceans as well as by...

Fuel for Crime, Corruption and Tax Evasion: US$68.9 Billion Flowed Illegally Into or Out of Emerging EU Economies

Nearly US$70 billion in illicit financial flows – the proceeds of crime, corruption, and tax evasion – flowed into or out of developing and emerging European Union member-states in 2011, according to newly released information from Global Financial Integrity (GFI). In conjunction with...

Money Service Business Shut Down for Sending Wire Transmissions to Yemen without Anti-Money Laundering Controls

The Financial Crimes Enforcement Network (FinCEN) has assessed a civil money penalty against Saleh H. Adam, doing business as Adam Service, a money services business (MSB), after determining that, since November 2007, Adam Service committed serious and willful violations of the Bank Secrecy Act’s...

European Parliament Votes to Toughen Anti-Money Laundering Rules

The ultimate owners of companies and trusts would have to be listed in public registers in EU countries under draft anti-money laundering rules voted by the European Parliament. “The public registers will make life more difficult for criminals trying to hide their money. Our economy currently...

Something is Rotten in Denmark or Is It the Banking Industry?

“Something is rotten in the state of Denmark” is one of the signature lines from Shakespeare’s play Hamlet. I thought about that when I read a couple of recent articles in the New York Times (NYT), entitled “ Questions Are Asked of Rot in Banking Culture ”, by Peter Eavis...

Common Sense in the Definition of ‘Instrumentality’ Under the FCPA

In what can only be called a judicial decision based on common sense the 11 th Circuit Court of Appeals, in an opinion released on May 16, upheld the convictions of Joel Esquenazi and Carlos Rodriguez for violations of the Foreign Corrupt Practices Act (FCPA) and certain US anti-money laundering (AML...

Anti-Money Laundering -- Dealing with Politically Exposed Persons

by Prof. William H. Byrnes IV and Dr. Robert J. Munro Introduction A Politically Exposed Person (PEP) is a person that has been delegated with a powerful, foreign public position either formerly or currently. Family members and close associates of the person in a political position are also considered...