Why good organisations sometimes do bad things

According to the UNODC, about 70% of all criminal money flows through the financial sector, making it by far the biggest institutional conduit for money laundering. So, it will come as no surprise…

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Understanding FEC risks when working from home

We like to take a pragmatic and hands-on approach in our work with FIs on the topic of FEC prevention. It’s important to have regulations, policies and control measures in place but we believe it all…

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The crucial role of a business-wide risk assessment

In its recently revised ML/TF Risk Factors Guidelines, EBA stated that financial institutions should use the findings from their business-wide risk assessment[1] to inform their AML/CFT policies,…

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2021 Q2 Trend Letter

The i-KYC Trend Letter this quarter features Edwin Hers as the guest contributor. Edwin, a seasoned Compliance professional with a passion for training and coaching shares his observations about the…

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Four recommendations to improve operational compliance – lessons from downunder

For this Trend Letter I’ve found 2 articles with a link to Australia. The first is about the never-ending ingenuity of money launderers and the phenomenon of cuckoo smurfing…

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CDD analysts: they ‘look’ but what does it take to make them ‘see’?

Edwin Hers – June 2021 Authorities are showing their teeth. Multiple financial institutions have settled with the authorities over the last couple of years related to inadequacies in their KYC…

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MONEYVAL 2020 Annual Report

With its 36 member-states and territories MONEYVAL is the largest of eight FATF-style regional bodies. It is the monitoring body of the Council of Europe entrusted with the task of assessing…

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2021 Q1 Trend Letter

Following the 2008 financial crisis regulators and the industry resolved to improve their control of the OTC derivatives markets and a raft of regulations ensued. For Europe EMIR was adopted and in…

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The AML system is broken

Conventional wisdom dictates that an investment is justified by the return it provides. This clearly is not a driver for the $180B banks spent in 2020* fighting money laundering because, let’s face…

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Of course they knew

Reading this summary https://www.riskscreen.com/kyc360/news/newly-obtained-audit-report-details-how-shady-clients-from-around-the-world-moved-billions-through-estonia/ of what happened at Danske Bank…

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