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Thought of the Day

We have some work to do over the money laundering regulations that were introduced in June

-- The Solicitors' Regulatory Authority (England and Wales) - 21 November 2017

“Few people knew the young, low level volunteer named George, who has already proven to be a liar,”

-- US President Donald Trump on Papadopoulous after his plea bargain was announced.

Simply, simply lovely

-- Mexican Grand Prix Team Radio - Red Bull - Verstappen after leaving the battle scarred Mercedes of Hamilton and Ferrari of Vettel behind after a first corner skirmish


“What happened in the last 30 years is not Saudi Arabia. After the Iranian revolution in 1979, people wanted to copy this model in different countries, one of them is Saudi Arabia. We didn’t know how to deal with it and the problem spread all over the world. Now is the time to get rid of it. We are simply reverting to what we followed – a moderate Islam open to the world and all religions. 70% of Saudis are younger than 30, honestly we won’t waste 30 years of our life combating extremist thoughts, we will destroy them now and immediately.”

-- Mohammed bin Salman, Crown Prince of Saudi Arabia, quoted in The Guardian.

Asked about the rubber marks from the tyres of other riders on his leathers, and from his bike on the leathers of other riders...

"If that's the game, it's how we have to play it. If they are going to be very aggressive, then I have to be even more stupid than them."

-- Valetino Rossi, VR46, Multiple MotoGP World Champion after the Australian Grand Prix 2017

Correction: In yesterday’s newsletter we referred to China’s equivalent of eBay as Taboo. The auction site is called Taobao. We have now turned off autocorrect on our computers. Apologies.

-- The Economist from Daily Dispatch | Wednesday | September 27th 2017

As more and more people become fascinated with AI can I point out that I, along with many others, have Actual, not Artificial, Intelligence? And ours is proven to work.

-- Nigel Morris-Cotterill - www.countermoneylaundering,com.

I was watching the terminal screen as a Linux PC updated itself today and saw the message "unpacking girl." "How do they get a whole girl in that little box? I thought."

-- Nigel Morris-Cotterill

Financial institutions are faced with a number of new and emerging risks — high consumer debt, record low interest rates, cyber threats, housing market uncertainties and geopolitical pressures, to name a few. In this environment, it is increasingly important for financial institutions to demonstrate that they have the necessary controls in place to manage the unexpected,

- Jamey Hubbs, Assistant Superintendent, Office of the Superintendent of Financial Institutions, Canada, June 2017

The moment [regulators] begin to over-prescribe, which is what regulation has been doing, then you begin to take away the power of businesses to be able to respond effectively to threats as they evolve"

-- Nigel Morris-Cotterill, counter-money laundering strategist, in interview, May 2017 https://www.youtube.com/watch?...

Rules on combating money laundering and terrorist financing in correspondent banking clarified by the Basel Committee

-- http://www.bis.org/press/p1706...

"Some bankers are under the wrong impression that once they have reported an account as [a non-performing asset] to their controlling offices and they, in turn, have reported it to the regulator and to investigating agencies such as police, CBI, Enforcement Directorate, etc., their job is over.

"It should not be felt so."

-- India's Vigilance Commissioner T M Bhasin