Recent world events reinforce the need for continued vigilance on the AML front. As tensions throughout the world escalate, financial institutions can expect even greater regulatory scrutiny of their anti-money-laundering compliance programs. In turn, it will become even more challenging to strike a balance between corporate responsibility to address AML issues and concerns about the […]

The Financial Conduct Authority (FCA) has charged Paul Gerard Coyle (DOB: 20/04/1964), the former Treasurer and Head of Tax at Wm Morrison Supermarket plc (Morrison) with two offences of insider dealing, contrary to Section 52(1) of the Criminal Justice Act 1993. The offences relate to trading in Ocado Group plc shares between February and May […]

The GFSC have issued a FAQ to answer the following question We have discovered that we have not undertaken CDD in compliance with the requirements of the Regulations and/or rules in the Handbook.  We are reluctant to approach the customer and  Would like an exemption from having to comply with these requirements. GFSC response The […]

To effectively prevent and detect issues of corruption, bribery and fraud in business, compliance has to be an active part of the organization and culture. It is a continuous and ongoing process that must be monitored, maintained and nurtured. This requires a new paradigm that moves away from reactive fire-fighting to managing, monitoring for, preventing […]

For more than a decade, the precious metals and gems sectors have been highlighted by law enforcement as being an increasingly alluring conduit for criminals to launder ill-gotten gains, even as industry groups have tried to stress the importance of complying with financial crime laws. Industry lobbying organizations and international watchdog groups have also, in […]

Dubious businessmen are moving their cash around with ease, as one of Britain’s leading fraud experts tells Jim Armitage While there are rare exceptions, shootings, kidnappings and physical intimidation of those from unstable countries are rare in the British capital. The Met may have its failings, but when compared to Ukraine, China or Mexico, the […]

Following a Recovery Order first granted by the High Court in May 2013, the National Crime Agency has today recovered more than $7m from an alleged international fraudster and money launderer. In the civil recovery application the NCA submitted that Mr. Hakki Yaman Namli, who resides in Turkey, was involved in fraud on an international […]

This report provides an overview of the findings from a programme of themed on-site  examinations conducted by the Banking division of the Commission during 2013-14. The findings in this report are drawn from 17 on-site examinations of banks conducted  by Commission staff as well as responses to a self-assessment questionnaire that was sent  to each […]