ANTI-MONEY LAUNDERING COMPLIANCE
Importance of AML/CFT Policy (Operations Manual)
Just before the closing of the year 2018, news broke out that: JPMorgan Chase Bank Hong Kong fined HK$12.5 million ($1.6 million) by the Hong Kong Monetary Authority (“HKMA”). Morgan Stanley Smith Barney LLC fined $10 million by FINRA. UBS [...]
An Overview of Non-Conviction Based Confiscation
Confiscation measures is a matter for FATF Recommendation 4. The Non-Conviction Based Confiscation (“NCB”) discussed in Chapter 2.12, First Edition, Money Laundering, A Handbook for CDD Compliance with a reference made to the triumphant story of NBC application enforced by [...]
Sovereignty and Political Corruption
The doctrine of Sovereignty is an essential matter in determining whether a person is in a position to attract bribery. See Chapter 8.3, Sovereignty, Power and Money, First Edition, Money Laundering, A Handbook for CDD Compliance and the Politician Impact [...]
Psychology and Customer Due Diligence
Customer Due Diligence (“CDD”) process can be time-consuming and costly if the CDD program to perform an AML/CFT compliance task is disorganised or performing without an AML/CFT Policy or AML/CFT Operation Manual. In practice, Compliance Officers may not have the [...]
A Symptom of Judicial Corruption
Today, judicial corruption remains a significant concern to the United Nations, FATF, the Western Balkans of the European Union accession countries, developed, developing and the least developed countries. Judicial corruption undermines a nation’s judicial system, violation of human rights and [...]
Why An IPPC Independent Audit Assessment Important?
In Chapter 10.12, Compliance Management, IPPC and Independent Audit, First Edition, Money Laundering – A Handbook for CDD Compliance enlighten the objective of compliance management with the aid of CSP Compliance Management Diagram 31. In Anti-Money Laundering (“AML”) language, an [...]