British bank Standard Chartered has hired two experts in the US to monitor criminal activities in its transactions, following various complaints of violations of law. The two former prosecutors have been recruited in November and December, coinciding with a federal probe of Standard Chartered’s past compliance with sanctions laws, reported Reuters. Former assistant director of […]

The FCA has published two thematic reviews: Managing bribery and corruption risk in commercial insurance broking; and How small banks manage money laundering and sanctions risks, following earlier reviews in 2010 and 2011. The purpose of the reviews is to establish how small firms manage financial crime. The FCA reviewed ten commercial insurance intermediaries and […]

Handbook For The Prevention And Detection Of Money Laundering And The Financing Of Terrorism For Financial Services Business Regulated Under The Regulatory Laws. 1. This part of the Handbook sets out the amendments applied as a consequence of changes to the Money Laundering Order and other relevant legislation and comments received on the clarity and […]

The FCA has published a webpage with a list of countries considered high risk in relation to the FCA’s financial crime objectives, which are linked to tackling money laundering, sanctions systems and controls, terrorist financing, and bribery and corruption. The publication comes after the FCA was forced by a Freedom of Information Act request to release the […]

(Reuters) – The United States has taken control of more than $480 million looted by former Nigerian dictator Sani Abacha and his associates after a court ruling, the Justice Department said on Thursday. The money stolen during Abacha’s 1993-1998 de facto presidency of the oil-rich African nation and stashed in banks around the world will be returned […]

Anti-Money Laundering (AML) has never been higher on senior management’s agenda, with regulatory fines now running into billions of dollars, and regulatory action becoming genuinely license threatening. Financial institutions are making significant changes in response to regulatory action and increasingly far-reaching global AML regulations; with numerous new regulations across Asia, and the US Foreign Account […]

The Basel Committee on Banking Supervision (BCBS) has issued a set of guidelines to describe how banks should include the management of risks related to money laundering and financing of terrorism within their overall risk management framework.  These guidelines are consistent with the Financial Action Task Force (FATF) “International Standards on Combating Money Laundering and […]