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There's a lot of talk about KYC when accounts are opened but a general lack of concern over accounts once they are established. The director of a company in liquidation has pleaded guilty to a fraud that could only have taken place because someone wasn't paying enough attention.

Editorial Staff
BIScom Subsection: 

Scenario: a prospective customer walks into your office, shakes hands with you and sits down. You look at his clothes, his bag, even his shoes. You check his haircut, his facial hair, if he has any. You even sniff to see if he smells and, if so, of what. You check out his shoes. You listen to his voice, the accent, inflection, the tone. You analyse the skin on his fingers and palm when you shake hands. You look at his fingernails and, even the way that he sits. And you form a view. But did you know that, subconsciously, there is something else that has influenced you, from the moment you looked at him when he walked through the door? New research says there was.

Reports that Australian banks are going to co-operate on KYC information are welcome but fall far short of the ideal. Also, conceptually, it's been tried before, and failed. We know: we covered one such attempt in WMLR Vol 5 No 3 in November 2003.

If someone describes themselves as an "expert" or a "thought leader" in relation to, let's say, financial crime or FinTech or even on-line banking, ask them this - and don't give them time to look up the answer: "what's Q-Coin?*" And, is Second Life about to get a second chance as a potential money laundering vehicle?

Editorial Staff
BIScom Subsection: 

 

 Midland Bank Griffin Logo HSBC's takeover of Midland Bank was a nightmare of regulatory challenges. Now, 25 years after eventually being taken over, the last little bit of Midland identity is being removed.

 

Editorial Staff
BIScom Subsection: 

A hashtag referring to the expression "the law is an ass" has produced some very unpleasant and disturbing consequences.

A cautionary tale...

Nigel Morris-Co...
Publication: 

When the most powerful anti-corruption body in a country as big and as corrupt as India tells banks to shape up and go back on dodgy deals to ensure recovery, the results may turn out to be shocking.

Editorial Staff

The rising tensions between North Korea and the USA are reaching a desperately disturbing yet ridiculously comical level. Here is a false conversation between the Supreme Leader of each of those countries.

*Free for seven days*

In Mumbai, a special money laundering court is the venue for the laying of charges against Vijay Mallya and 8 co-defendants. Mallya is described in Indian media as a "fugitive" because he left India for the UK where he lives in considerable luxury although he had divested himself of many assets including, reports suggest, at least some of his interest in the Force India Formula One team. The Court seems to agree..

The appeal in Abdul Ghani bin Tahir -v- the Public Prosecutor of Singapore resulted in the upholding of the conviction but a reduction of 50% in the sentence. The case draws together principles that have been developed in a number of jurisdictions and should be regarded as a leading case across all jurisdictions. Even more interesting, it involves a chartered accountant and glaring failures in any form of financial crime risk management system.

A post on LinkedIn recently * says "In the line of duty as a Compliance, I always said to my friend and subordinate; "Never ever say can not until the regulation really declare can not"."

Is this a safe policy?

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