Log In | Subscribe | | |


GlobalKYC.com is crowd-sourced information for the financial crime risk management community.
Click here to add suspicious crypto assets to the Register

ASIC has disqualified Kathleen Whittle of New South Wales from being an approved self-managed superannuation fund (SMSF) auditor.

CoNet Section: 

While many recognised the successes of Michael Schumacher, he was never a hero to generations: his achievements were simply a target while those of e.g. Clarke, Senna and a handful of others were as much a matter of folk-lore as numbers. These, like Jenson Button and Filipe Massa had drawn adoration, even love. Lewis Hamilton currently holds pretty much every record there is to hold in Formula One but the status of icon eludes him. How come?

CoNet Section: 

Adriana Pinnisi of California has been charged with theft from her employer by using her corporate credit card. The case raises a number of fascinating money laundering related issues.

When the Commonwealth Bank of Australia (CBA) story first appeared, I instructed World Money Laundering Report that we should not become involved in what would inevitably become a frenzy of speculation and ill-informed comment as consultants (of which I am, obviously, one) and media outlets vied to benefit their own profile, and to get website visits, while the story was hot. I wrote what amounted to a placeholder article .

Often, one is tempted to shake one's head in amazement when a regulator or enforcement agency is proud that it's done something that has been obvious for, well, pretty much for ever, in money laundering terms. If one were to shake one's head with appropriate force at FinCEN's boast that it is to target shell companies that have been used to purchase expensive properties in seven expensive areas, there's a risk it would topple free of one's shoulders. Surely the point is not the FinCEN has just noticed, but that it's just noticed that banks, lawyers and estate agents have not been making reports. Shades of Commonwealth Bank, maybe?

When we launched PleaseBeInformed.com, one of our fundamental principles of design was that only those who we had taken reasonable steps to identify and verify would be permitted to post, even to comment. That decision was at the heart of our plan to charge a small annual membership fee, paid by credit card. While American-based social media networks spread across the world with more and more fraudulent accounts, China, it is reported, is taking steps to combat the use of social media for financial and "news" fraud, for that is what fake news and scurrilous social media comment is, at their heart.

CoNet Section: 

My grandmother, who worked in a police station, used to say "you know when you are getting old when policemen look young." It's strange to realise that many of today's senior people in offices have never known a world without the internet or a phone in their pocket.

CoNet Section: 

On several occasions recently, our filters have picked up e-mail from a company promoting itself as "5mins" and, as is common, offering directory services. But this one is a little different. No matter what, the target is in a lose-lose situation, which is odd because on so many levels, the mail appears to be acting both properly and legally. But there is just enough that isn't right to raise suspicions - and the UK's Information Commissioner's Office, which is responsible for the implementation of the new GPDR regime and is already having a hard time handling the scaremongering that's almost as bad as Y2K.

CoNet Section: 

In May 2017, I addressed the global annual conference of the Institute of Enterprise Risk Managers. During that presentation, aimed at the CEOs of major corporations, I explained that board members are responsible for the whole of the Group, not merely a division or even the company of which they are expressly a director of. In this article, I publish those comments, as scripted.

BIScom Subsection: 

Years ago, there was a cliché phrase that seemed to be repeated far too much: "a little knowledge is a dangerous thing." We need to relearn this for the benefit of society as a whole and for business in particular as comment-lite and narrow opinion is promoted as the norm across the whole spectrum of media.

CoNet Section: 

USA: Deaths from opioid overdose continue to rise - and the problem has spread outside the USA

Almost anything we can write as a first sentence about this subject sounds flippant and that is absolutely not the impression we want to give. For sure, a recent press briefing from Tom Price, the Secretary for Health and Human Services is written in such poor English that at times one has to re-read it to work out what he is trying to say, and that's ignoring all the superfluous verbiage as he tries to sound interesting. But cut through the mass of chatter and vague statements and the hard facts are far more than merely interesting, they are disturbing: every year, the number of Americans who die from an overdose of legal pain-killers is more than the previous year and the numbers are big...

Canada's Office of the Superintendent of Financial Institutions has issued a regulatory notice containing a reminder that there are a number of reserved words, particularly those relating to banking, which may not be used without authority, in relation to financial services. It goes far beyond the use of the words in the name of businesses and will tighten up sloppy language in marketing and so-called social media. It might, also, inadvertently, make the point that "fintech" companies are not banks and do not afford consumers the protection that governments provide to bank depositors.

BIScom Subsection: 

Yes, yes, we know. Commonwealth Bank's got its problems over a failure to properly design and implement an automatic system and for not acting on the reports it did produce. But that's not the only thing bad that's happening down at the bank that has more short-forms of its name than we can keep up with. CBA, Commonwealth, CB, CommBank... so much for the usual rule of construction that if it's called something different, it is something different.

BIScom Subsection: 

Case Summary: 

Two men in the USA claimed to run a fund trading in gold option in Japan. The scammed friends for almost three million dollars, which, on conviction, one of them has been ordered to repay in full.

Type of conduct: 
Securities fraud

The scandal over contaminated eggs originating in the Netherlands raises a serious question about one of the fundamental principles of the EU: the free movement of goods. Without taking sides one way or the other, we point out why this issue may be about eggs, but its ramifications are about something far more.

Here's why it's ironic that Brussels is in Belgium.

CoNet Section: 

Pages

 


 

hahagotcha