International Compliance Association (ICA) considers the following as financial crimes: fraud, ID theft, electronic crime, electronic fraud, embezzlement, plastic money fraud, insurance fraud, Tax evasion, money laundering, terrorist financing, bribery and corruption, market abuse and insider dealing, information security, etc.
A PEP is defined by many Financial Institutions and Regulators as “…an individual who is or has, at any time, been entrusted with prominent public functions and an immediate family member, or a known close associate, of such a person.”
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)”
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””
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”