A recent article in the The Law Society Gazette – the publication of record to solicitors in England and Wales – highlighted concerns raised by the Solicitors Regulation Authority over many firm’s approach to dealing with AML. The key concern raised was that most firms are simply doing little or nothing to meet their obligations. […]
KYC (know your customer) needs no introduction. We all think we know why it’s done and what it’s for. Keeping bad apples out of the barrel might be one line of thinking. Name screening checks are therefore performed on potential new customers to ensure they have no terrorist or criminal links. A myriad of vendors […]
Money laundering is the process by which criminals attempt to hide and disguise the true origin and ownership of the proceeds of their criminal activities and thereby have these funds enter the normal economy to make it seem as if they have been obtained legitimately. The thinking is that the “dirty” money becomes “cleaned” – […]
(Financial Action Task Force) was established in 1989 by the G7 to develop policies to counter money laundering which was increasingly being seen as a major international problem. Not only was crime going global, but it also had the potential to destabilise the global economy. Understanding underlying money laundering trends and more importantly, combatting it, […]
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