The Isle of Man Government has updated its stance against money laundering and the financing of terrorism with a new national strategy published today (Thursday March 24, 2016). The document sets out priority goals and actions identified following a review of existing defences – a national risk assessment (NRA) – carried out across the public […]

The Financial Conduct Authority has today fined Barclays Bank £72m for failing to minimise the risk that it may be used to facilitate financial crime. The failings relate to a £1.88bn pound transaction that Barclays arranged and executed in 2011 and 2012 for a number of ultra-high-net-worth clients. The clients involved were politically exposed persons […]

You may be interested in what John Everett, Director of Funds and Fiduciary said at the STEP Jersey’s 23rd Annual International Conference on Thursday 5th November 2015 on the BRA as well as many other AML matters: BRA We do think that a firm’s Business Risk Assessment is a key tool in the fight against […]

Following the publication by the Financial Action Task Force of two statements identifying jurisdictions with strategic deficiencies in their anti-money laundering and counter-terrorist financing (AML/CTF) regimes (see daily news 2 March 2015), HM Treasury has published an updated advisory notice advising firms to: consider Iran, Myanmar and the Democratic People’s Republic of Korea high risk […]

Oct 19  2015 – After four years of campaigning, Gibraltar will now be subject to Moneyval’s anti-money laundering processes and procedures. MoneyVal was established in September 1997 by the Committee of Ministers of the Council of Europe to conduct self and mutual assessment exercises of the anti-money laundering measures in place in Council of Europe […]

AUSTRAC has filed papers in the Federal Court against three Tabcorp group companies for extensive, significant and systemic non-compliance with Australia’s anti-money laundering and counter-terrorism financing legislation. The application and statement of claim initiates civil penalty proceedings against Tab Limited, Tabcorp Holdings Limited and Tabcorp Wagering (Vic) Pty Limited. This action follows a long and […]

As the need for reliable due diligence checking continues to grow in a world with increasingly strict anti-money laundering (AML) and know your customer (KYC) regulations, some national governments have risen to the challenge. In India, where its Aadhaar project has provided secure biometric identification to most of the country’s citizens, the Indian finance ministry […]

As regulators globally become increasingly assertive in their enforcement activities, organisations in the regulated sector remain under the spotlight for the steps taken in response to corrupt practices. Compliance with anti-money laundering measures is a key part of this response, and one particularly difficult aspect is the need for such organisations to balance their reporting […]