seminar - why financial crime compliance and risk management fails    Hong Kong,




   June 2019


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A Facebook campaign, apparently by a Hindu who seems to be acting alone or with a tiny number of supporters has tried to cause intra-faith trouble in Malaysia for the festival of Thaipusam.

It has long been a bone of contention in London that, in particular, US, Japanese and German banks set up local systems to comply with their head office measures, even where those fall short of requirements in the UK. In the case of US and Japanese banks, it's been a matter of arrogance. In the case of German banks, it started off as arrogance but that was complicated by the creation of "passported institutions" where a number of financial institutions have argued that home regulation trumps UK law and regulation. The FCA has had enough of that nonsense and has issued its biggest fine to date for money laundering control failures.

Editorial Staff

When Richard Head passed through the security screen at Frankfurt Airport on Friday afternoon on his way to a weekend in Amsterdam, he was taken aside and questioned about the penis pump that the XRay of his bags showed. An officer insisted on a practical demonstration. It didn't happen, we weren't there, but we're telling you about it anyway.

[Free content for Chinese New Year]

Case Summary: 

Edward Majerczyk, 29, of Chicago, has been sentenced to nine months in a US Federal jail after pleading guilty to "a phishing scheme that gave him illegal access to over 300 Apple iCloud and Gmail accounts, including those belonging to members of the entertainment industry in Los Angeles."

Type of conduct: 
Computer crime
Case Summary: 

Right from the days of snake oil potions and the Carbolic Smokeball Company, charlatans have sold fake pharma to the gullible and the desperate. Amongst the most desperate, and the most gullible, are those who believed the claims by a company that it had a herbal preparation that increased length and girth of the penis and increased sexual performance. As a herbal preparation, the product sidestepped US Food and Drug Administration approval. Thousands of customers who paid a substantial amount for the tablets complained they did not work as advertised, or at all. The Department of Justice and other agencies had to take a look.

Type of conduct: 
Money Laundering

German bank, Deutsche Bank has reportedly closed its correspondent relationships with National Bank of Kenya (NBK), a commercial bank. There are allegations of mismanagement and accounting fraud, plus suspicions of money laundering. Several members of the senior management team have left in recent weeks, not entirely voluntarily.

Sir John Hurt, CBE
was born on: 
22 January 1940
Chesterfield, Derbyshire,...
and died on: 
27 January 2017
London, England
Editorial Staff

AS more than one seventh of the world's population celebrate Chinese New Year (not that they officially call it that in China), we thought you'd like to know that China's leaders and Donald Trump aren't talking to each other and this is what they aren't saying.



The Solicitors Disciplinary Tribunal has published its November 2016 order that MOHAMMED ZAHIR UDDIN, sole director of Your Right Solicitors Limited, be struck off. His failings are legion and, even, disturbing.

CoNet Section: 

While much of US President Trump's first days in office have been signing off on relatively easy to accomplish Orders delivering on some campaign promises, his big things remain protectionism and the Mexican Wall. He's found a way to deal with both in one way after Mexico told him that his plans to make them pay for a wall would hit, well, a wall.

CoNet Section: 

Nigeria's Economic and Financial Crimes Commission is one of those rare beasts, an FIU with teeth. It has strong investigative powers and strong powers to freeze assets. Its officers even have US law-enforcement blousons with EFCC in big letters on the back which they wear during televised raids. Increasingly, the rich and powerful are coming into range and they don't like it. But the EFCC is not backing off. In fact, it's increasing its activity.

Case Summary: 

After pleading guilty to operating a Ponzi-style fraud based upon supposed returns from real estate investments, a Californian man has been jailed for six and a half years.

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Type of conduct: 
Ponzi / Pyramid fraud