HSBC wins $300 million Shah claim – Businessess and their MLROs have welcomed a London High Court decision that saw wealthy Zimbabwean businessman Jayesh Shah fail in his $300 million claim against HSBC Private Bank. This HSBC case has been running for four and half years and has already been the subject of six reported […]

FSA fines bank and money laundering reporting officer – The FSA has fined Habib Bank AG Zurich (Habib) £525,000 and its former Money Laundering Reporting Officer (MLRO) Syed Hussain £17,500 (both with a 30 per cent discount) for failure to take reasonable care to establish and maintain adequate anti-money laundering systems and controls, in breach […]

FSA fines Swiss banks UK branches £525k over money laundering failings – Regulator fines Habib Bank AG Zurich and its former money laundering reporting officer over reporting failures. The Financial Services Authority has fined the following for failings in relation to its anti-money laundering systems and controls. Habib Bank AG Zurich £525,000 and its former […]

Jersey SARS – States of Jersey Police & Customs Joint Financial Crimes Unit – Guide to compiling a Suspicious Activity Report (SAR) – October 2008 Introduction – This document has been produced to assist compliance and money laundering reporting officers within the Jersey Financial Services Industry in the submission of a SAR to the States […]

Managing bribery and corruption risks – IMPACT ANALYSIS – The FSA’s thematic review of anti bribery systems and controls found that most firms had not properly taken account of FSA rules before or after the Bribery Act 2010. Evidence suggested that organisations had only put systems and controls in place post Bribery Act. According to […]

Suspicious Activity Reporting Process Implementation Checklist – A companion document to the Findings and Recommendations of the SuspiciousActivity Report (SAR) Support and Implementation Project reporthttp://www.ijis.org/docs/SAR_Process_Implementation_Checklist.pdf

SAR Activity Review – Some Tips for Auditing the SAR Program – In each issue of The SAR Activity Review, representatives from the financial services industry offer insights into some aspect of compliance management or fraud prevention that presents their view of how they implement the BSA within their institution. The Bank Secrecy Act (BSA) […]

AML Spotlight on international arbitration – International arbitration provides a very tempting proposition for organised criminals seeking an apparently legitimate cover for moving large amounts of criminally obtained money from one jurisdiction to another. The laundering methodology behind the use of arbitration, as with litigation, is that criminally sourced funds are placed in what appears […]