Anti-Money Laundering – Industry News

Global Anti-Money Laundering Survey 2014, KPMG

KPMG launched its online survey in November 2013. The survey was distributed to AML and compliance professionals in the top 1,000 global banks, according to the

2013 edition of The Banker Magazine, as well as to KPMG’s AML contacts in over 40 countries.

The overarching aims of this year’s global AML survey include:
  • Identifying emerging trends,opportunities and threats;
  • Capturing industry perceptions on regulation, cost, and effectiveness; and
  • Benchmarking AML efforts in the financial services industry.
In addition to the topics covered in our previous surveys, the 2014 survey also asked respondents to consider money laundering in relation to the following:
  • Trade Finance
  • FATCA and Tax Evasion
  • Insurance Sector
  • Asset Management Sector [Read More…]

DNB 2014 Guidance On Money Laundering, Terrorism Financing And Sanctions

The Dutch Central Bank recently published its updated guidance on money laundering, terrorism financing and sanctions. The guidance, though not legally binding, explains key topics such as client due diligence and monitoring processes, clarifies DNB’s interpretation of the relevant laws and outlines what it expects of supervised companies regarding compliance. This 2014 guidance is highly relevant for institutions supervised by DNB as well as pension funds and other insurers subject to supervision under the Sanctions Act. The Dutch Central Bank (DNB) first published its guidance on sanctions legislation to prevent money laundering and terrorism financing in 2011. This guidance was aimed at implementing recommendations of the Financial Action Task Force. [Read More…]

Two Canadians accused in alleged money-laundering plot

The sting operation took almost a year and unfolded during meetings in Quebec, California and the Cayman Islands. The goal: to expose an alleged scheme for laundering money and evading taxes. Now U.S. authorities have arrested two Canadians, Eric St-Cyr and Patrick Poulin, and an American, Joshua Vandyk, in connection with the alleged plot. The three men, based in the Caribbean, are facing criminal charges of money laundering. The arrests took place earlier this month in Miami and were announced on Monday. [Read More…] Police have arrested three York University employees over an alleged $1.6-million fraud – the second seven-figure theft uncovered at the school in the past four years. The alleged scheme involved fraudulent billing over seven years – from November, 2005 to October, 2012 – when York officials were alerted by a whistle-blower and contacted police. Vittoria Caparello, 51, and Yossi Zaidfeld, 38, are both charged with fraud. Melissa Caparello, 27, is charged with possession of property obtained by crime. [Read More…]  

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