15th Annual FIBA AML Conference – March 2015 – Hyatt Regency Miami

The 15th Annual FIBA AML Conference on 5th – 6th March 2015 at the Hyatt Regency Miami and the main headline is: Staying Alive:  How to Survive the Regulatory Storm Join over 1,400 AML professionals from over 50 countries in Miami for a one-of-a- kind, world class confluence of innovation and learning. What’s […] Continue Reading »

US Ukraine Sanctions – 11 names – E.O. 13660 – 17 March 2014

   President Obama today (17 March 2014)  issued a new Executive Order (E.O.) under the national emergency with respect to Ukraine that finds that the actions and policies of the Russian government with respect to Ukraine -– including through the deployment of Russian military forces in the Crimea region of […] Continue Reading »

14th Annual FIBA AML Compliance Conference – February 20-21, 2014 – Miami

  Does your financial institution have a well-defined culture of compliance? What does that even mean in terms of policies and procedures, controls, audit, hiring and training? These are questions compliance personnel should consider in the current enforcement environment. Financial institutions are being subjected to heightened scrutiny as a result […] Continue Reading »

US Definition of a PEP – Politically Exposed Persons

US Definition of a PEP – Politically Exposed Persons   According to the US Bank Secrecy Act, Anti-Money Laundering Examination Manual, Banks should take all reasonable steps to ensure that they do not knowingly or unwittingly assist in hiding or moving the proceeds of corruption by senior foreign political figures, their […] Continue Reading »

Financial Action Task Force – FATF – Members

The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions.  The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to […] Continue Reading »

Politically Exposed Persons – Bank Secrecy Act – Anti-Money Laundering Examination Manual

US Definition of a PEP – Politically Exposed Persons   According to the Bank Secrecy Act, Anti-Money Laundering Examination Manual, Banks should take all reasonable steps to ensure that they do not knowingly or unwittingly assist in hiding or moving the proceeds of corruption by senior foreign political figures, their families, […] Continue Reading »

USA – History of Anti-Money Laundering Laws

  Money laundering is the process of making illegally-gained proceeds (i.e. “dirty money”) appear legal (i.e. “clean”). Typically, it involves three steps: First, the illegitimate funds are furtively introduced into the legitimate financial system. Then, the money is moved around to create confusion, sometimes by wiring or transferring through numerous […] Continue Reading »