Private bankers need to know as much as possible about the customers that pass through their doors, and the wealth that they carry. So each customer who wants to open an account is subjected to considerable processes of due diligence. If the customer is a businessman who has made his …
Banks encountering suspicious transactions will soon be able to file a collective SuperSAR to the financial intelligence unit at the National Crime Agency. The provisions of the recently published Criminal Finances Bill will give banks greater legal protection when they work together to investigate money trails and to accumulate and …
Hong Kong and Singapore face a money laundering clampdown in the next few months as local banking organisations and regulatory authorities launch rulebooks bringing local rules in line with international standards. These standards are recommended by the Financial Action Task Force (FATF) and the Basel Committee. Some Asian financial institutions …
Private bankers need to know as much as possible about the customers that pass through their doors, and the wealth that they carry. So each customer who wants to open an account is subjected to considerable processes of due diligence. If the customer is a businessman who has made his …
An extract from Nick Kochan’s book – The Washing Machine Our security depends on it. Our way of doing trade with trust is based on it. Global economic activity with nations relies on it. Money must be earned and spent fairly and openly. By the same token, money that is …
published in The Wall Street Journal April 11 2005 The creation, movement and spending of illegal money represents a greater challenge for bankers in Latin and South America than possibly anywhere in the world. The three-fold problem of pervasive illegal drugs production and selling, political corruption and poorly resourced regulatory …
The Serious Fraud Office is here to stay. That is the message sent out loud and clear by Richard Alderman, the SFO director, and its most vocal champion over its twenty year history. The speed with which he has turned the tables on the Government to ensure its survival is …
A curb on foreign bribery and corruption by British firms is in the wings as the authorities seek to catch up with clampdowns currently in place in Germany and the United States. The move comes in the wake of a welter of bad publicity over law enforcement’s inability to move …
