Underground bank and Money Laundering Typologies – Viets & Sino

The Perpetrator was Ruan Zhizhong who operated in China and Vietnam. In August 2009 Chinese law-enforcement raided an underground bank and money laundering gang that had sent an estimated USD1.46 billion abroad in illegal transfers. Chinese media reported that, “During a raid of the gang’s headquarters in Guangxi’s Fangchenggang City, Police seized 70 deposit books,Continue reading “Underground bank and Money Laundering Typologies – Viets & Sino”

Sudanese Banks take steps to end isolation

Banks in Sudanese have started moves to re-establish relations with foreign banks as the United States (US) prepares to remove Sudan from its state sponsor of terrorism (SSOT) list. Bankers and analysts say the process will likely be slow. Restoring international banking links could provide a vital boost to an economy still in crisis moreContinue reading “Sudanese Banks take steps to end isolation”

Why Banks carry out Enhanced Due Diligence (EDD) on Politically Exposed Persons (PEPs)

Some few salient points for further debate, discussion and dialogue. In my book, Financial Crime Risk Management and Compliance (2016) , I have provided some simpler working definitions for everyone to be on the same page. Money Laundering (ML) is the process by which criminals attempt to conceal or disguise the ownership and origin ofContinue reading “Why Banks carry out Enhanced Due Diligence (EDD) on Politically Exposed Persons (PEPs)”

The Ugly Ones are NOT YET born

The late Pablo Escobar, famous for the wrong reasons, was regarded as the richest and most successful criminal in world history. In 1989, Forbes magazine declared Escobar as the seventh (7th) richest man in the world. He had an estimated personal fortune of US$9 billion then. Pablo and his brother’s drug operational emporium were soContinue reading “The Ugly Ones are NOT YET born”

Genesis of Money Laundering – “Plata o Plomo”

In the field of Financial Crime Risk, operations, compliance, management, detection, investigations and prevention, the Professional and Certified Anti Money Laundering specialists (CAMS) and crime professionals have not yet all formally agreed on when or where the concept and act of “#money laundering” came from or invented. Some have argued that money laundering was notContinue reading “Genesis of Money Laundering – “Plata o Plomo””

Customer Due Diligence (CDD) – Final Rule

The regulatory landscape of Know Your Customer (KYC) Policies and Customer Due Diligence (CDD) requirements and expectations for Financial Institutions like Banks, Brokers, FinTech and Insurance Companies are always a moving target. In another write-ups I alluded to the Banking mandatory requirement of conducting Customer Due Diligence (CDD). For practical purpose and simplification, CDD wasContinue reading “Customer Due Diligence (CDD) – Final Rule”

Impact of COVID-19 on AML/CTF Regime

Authored by Diphat Tembo-CAMS, Director-Compliance and Prevention Department of the Financial Intelligence Centre-Zambia and Kunda Kalaba-CAMs, CFE, Managing Partner KEMMAN Consultancy. The Coronavirus-COVID-19 has infected more than 57,228,106 individuals globally, and killed over 1,365,461 people, since being identified in China at the end of 2019, spurring governments across the World introducing measures such as socialContinue reading “Impact of COVID-19 on AML/CTF Regime”

Simmering with Rage has a financial cost

We have heard of Road Rages. What with morning rush hour traffic Jams, Domestic Violence, Spouse Battery or Streets fights by Political Cadres all point to someone being very angry. Question is when you personally get angry do you simmer slowly or do you jump right to the point of boiling over, pull out theContinue reading “Simmering with Rage has a financial cost”

Henry Kapoko’s conviction upheld

In 2009 Henry Kapoko and four others were arrested by the Anti-Corruption Commission. 11 years later in 2020, the man – KAPOKO is still appearing in Courts of Law. There are hard Lessons to be Learnt and some friendly warning to others. Cases may take long (Imilandu kuti shilakokola) in Zambia to be disposed offContinue reading “Henry Kapoko’s conviction upheld”

Financial Intelligence Centre (FIC) Zambia

From 2010 to 2020, the Financial Intelligence Centre (FIC) Act in Zambia has gone through several legal surgeries or amendments. There is a proposed (Amendment) Bill, 2020 [N.A.B. 11, 2020] dated 7th of October, 2020 which is currently at first reading before the Zambian Parliament. The Bill seeks to amend the Financial Intelligence Centre Act,Continue reading “Financial Intelligence Centre (FIC) Zambia”