Compliance Officers Playbook
Compliance Officers Playbook is a podcast that provides practical insights, best practices, and thought-provoking discussions for compliance professionals at all levels, from newcomers to seasoned Chief Compliance Officers. The show uses AI-assisted tools to produce timely content, with each episode reviewed and published by a human compliance professional to ensure clarity and accuracy.
Episodes
EU AI Act Explained: Compliance Strategy, Risk Categories & Governance Tools for Businesses
In this episode, we break down the EU AI Act and its risk-based approach to regulating artificial intelligence. We explore the obligations placed on providers, deployers, and importers—especially for high-risk systems and general-purpose AI models. The discussion highlights practical compliance tools like checklists and the AI Act Governance Pyramid, while addressing real-world challenges such as
Vietnam’s Inclusion on the EU Non-Cooperative Tax Jurisdictions List
In February 2026, the Council of the European Union updated its official list of non-cooperative jurisdictions for tax purposes, a tool designed to combat global tax evasion and promote fair governance. The latest revision notably added Vietnam and the Turks and Caicos Islands to the "blacklist" due to deficiencies in their transparency and information exchange frameworks. Conversely, Fi
Global Corruption Perceptions and the Decline of Institutional Integrity
The 2025 Corruption Perceptions Index reveals a global decline in public sector integrity, with the worldwide average dropping to its lowest level in over a decade. While Denmark continues to lead as the world's cleanest nation, established democracies like the United Kingdom and the United States have reached record-low scores due to political scandals and weakened oversight. In contrast, Est
FCA Enforcement: Influencers Fined for Unauthorised Financial Promotions
The UK’s Financial Conduct Authority (FCA) has significantly expanded its enforcement of financial promotion regulations, specifically targeting high-risk investments like cryptoassets and foreign exchange trading. Recent landmark legal actions include High Court proceedings against the exchange HTX and the successful prosecution of several high-profile reality TV stars for promoting illegal schem
U.S. Treasury Sanctions Iran: Crypto Exchanges Added to SDN List in Major Enforcement Shift
In this episode, we break down the latest U.S. Treasury sanctions targeting the Iranian regime and why they mark a turning point in global financial enforcement. The Department of the Treasury has added several high-ranking Iranian officials and financial facilitators to its Specially Designated Nationals (SDN) list, citing their roles in corruption, repression, and support of the Islamic Revoluti
Freemium - Australian Government AI Technical Standard Explained: Building Trustworthy and Ethical AI Systems
To listen to the full episode, head to Apple Podcast and search for PREMIUM version under the Same Episode Title. Thank you for supporting the Compliance Officers Playbook podcast show.In the full episode, we unpack the Australian Government AI Technical Standard and how it guides agencies in adopting artificial intelligence responsibly. The standard introduces a clear AI system lifecycle—Discover
Freemium - Bank of Scotland Sanctioned £160K: Russia Sanctions, Screening Failures, and UK Enforcement Trends
To listen to the full episode, head to Apple Podcast and search for PREMIUM version under the Same Episode Title. Thank you for supporting the Compliance Officers Playbook podcast show.In the full episode, we unpack the £160,000 fine issued by the UK’s Office of Financial Sanctions Implementation (OFSI against the Bank of Scotland in November 2025 for breaches of Russia-related sanctions. Regulato
Freemium - EBA Sanctions Guidelines Explained: New EU Rules for Banks, Payments, and Crypto Firms
To listen to the full episode, head to Apple Podcast and search for PREMIUM version under the Same Episode Title. Thank you for supporting the Compliance Officers Playbook podcast show. In the full episode, we break down the European Banking Authority’s newly issued guidelines designed to standardise how financial institutions across the EU implement restrictive measures and sanctions controls. Th
Inside Southeast Asia’s Scam Empire: AI Fraud, Online Gambling & the Global Crime Boom
In this Compliance Officers Playbook episode, we uncover the rapid rise of transnational organised crime networks spreading across Southeast Asia—and how digital technology is supercharging their reach. From fortified scam compounds in Myanmar and Cambodia to billions of dollars laundered through crypto, these criminal syndicates are fusing illegal online gambling with cyber-enabled fraud on an in
Risk Leadership 2026: Moving Beyond Heatmaps to Real Strategic Decisions
This episode explores a fundamental shift in risk leadership as organisations look toward 2026—one that moves beyond surface-level compliance and toward risk as a driver of meaningful decision-making. We examine why traditional tools like risk heatmaps often fail to deliver value and how risk management only becomes effective when it influences corporate choices before problems materialise.The dis
Freemium - Fighting Financial Crime: SAR Reporting, AI in Compliance, and the Future of Market Integrity
This episode examines the rapidly evolving fight against financial crime, with a particular focus on the wholesale brokerage sector and the critical role of Suspicious Activity Reports (SARs). Drawing on insights from the Financial Conduct Authority (FCA), we explore key vulnerabilities in capital markets and why firms must combine effective transaction monitoring with strong customer risk assessm
Freemium - Crypto Compliance and Corporate Security: VPN Risks, Sanctions Enforcement, and OFAC Crackdowns
This episode explores the growing overlap between corporate IT security, cryptocurrency compliance, and international sanctions enforcement. We begin with the challenges system administrators face when employees use VPNs to bypass workplace controls, exposing organizations to hidden legal, security, and operational risks—while raising difficult questions about privacy and oversight.The discussion
EU DORA Explained: Building Digital Operational Resilience in Financial Services
This episode breaks down the Digital Operational Resilience Act (DORA), the EU’s landmark regulation aimed at strengthening the financial sector against ICT and cyber-related disruptions. We explore DORA’s five core pillars, including ICT risk management, incident reporting, resilience testing, and oversight of third-party technology providers.The discussion also compares DORA with other major EU
What Is AMLA? Inside the EU’s New Authority for Anti-Money Laundering Supervision
In this Compliance Officers Playbook episode, we explore the role and responsibilities of the European Union’s Anti-Money Laundering Authority (AMLA) and how it is reshaping financial crime supervision across member states. AMLA’s core mission is to create legal and regulatory consistency throughout the EU by developing binding technical standards, practical guidelines, and supervisory recommendat
Nationwide Fined £44 Million by the FCA: Inside the UK’s Biggest AML Failings
In this episode, we break down the Financial Conduct Authority’s Final Notice against Nationwide Building Society, which resulted in a £44.1 million fine for serious anti-money laundering (AML) failures. Covering the period from October 2016 to July 2021, the FCA found that Nationwide breached regulatory Principle 3 by failing to adequately organise and control its affairs.We explore the key weakn
FCA’s New Single Complaints Return: What It Means for Firms, Markets & Vulnerable Consumers
In this episode, we break down the Financial Conduct Authority’s (FCA) latest move to simplify and strengthen the way complaints are reported across the UK financial services sector. The FCA—responsible for regulating firms, overseeing markets, and protecting consumers—is rolling out a major change: replacing five separate complaints returns with one streamlined, consolidated report.We explore why
What Internal Audit Really Does: Independence, Assurance, and Value Creation - Compliance Officers Playbook
In this Compliance Officers Playbook podcast episode, we break down the core purpose of internal auditing—from its foundation in independence and objectivity to the two key services it provides: assurance and consulting. We highlight how assurance offers an unbiased assessment of risks and controls, while consulting supports improvement without taking on management roles. At a high level, we show
Risk Appetite vs. Acceptable Risk: The Fundamentals Every Leader Should Know | Compliance Officers Playbook
In this Compliance Officers Playbook podcast episode, we break down the essential difference between risk appetite—the level of risk a board is willing to take—and acceptable risk, the amount an organisation can tolerate without adding new controls. We highlight why zero risk is never realistic, how risk appetite guides what becomes acceptable, and why higher-impact risks are escalated to senior l
Crypto Mixers Under Fire: Privacy Tools, Illicit Finance, and the Global Crackdown | Compliance Officers Playbook
In this Compliance Officers Playbook podcast episode, we dive into the complicated world of cryptocurrency mixing services—tools like CoinMixing and CoinJoins that promise enhanced privacy by obscuring blockchain transaction trails. While these services offer legitimate anonymity benefits, they’re also frequently exploited for money laundering, sanctions evasion, and other illicit finance activiti
Cocaine in the Banana Boxes: Inside the Noboa Trading Smuggling Scandal Exposed by OCCRP | Your Compliance Officers Playbook
In this Compliance Officers Playbook podcast episode, we unpack a gripping cross-border investigation from OCCRP and KRIK that reveals how Balkan organised crime networks allegedly used banana shipments from Noboa Trading Co.—the family business of Ecuadorian President Daniel Noboa—to smuggle massive quantities of cocaine into Europe.Drawing on confidential Croatian prosecution files and decrypted
The Myth of the Risk Heat Map: Why Those Colorful Charts Can Undermine Real Risk Management - Compliance Officers Playbook
Freemium Episode: In this Compliance Officers Playbook podcast episode, we take a critical look at one of the most widely used—but deeply flawed—tools in corporate governance: the risk heat map. While these colorful grids may offer visual comfort, the source argues they create a dangerous illusion of control. Behind the neat presentation lie subjective scores, oversimplified assumptions, and an in
AMLD6 and the Rise of AMLA: How the EU’s New Framework Transforms Beneficial Ownership Transparency
In this episode, we break down the European Union’s sweeping overhaul of its anti–money laundering and counter-terrorist financing framework under Directive (EU) 2024/1640 (AMLD6). The new rules usher in a much more unified and transparent system for tracking beneficial ownership and cross-border financial structures across the EU.We explore how AMLD6 standardises and interconnects national benefi
Freemium - Inside the SFO’s Corporate Compliance Playbook: How Companies Are Evaluated—and Why It Matters
In this episode, we unpack the Serious Fraud Office’s newly detailed guidance on how corporate compliance programmes are evaluated across England, Northern Ireland, and Wales. The SFO relies on this framework in six key scenarios—from deciding whether to prosecute a company to determining whether a Deferred Prosecution Agreement (DPA) is appropriate.We break down what the guidance means for organi
EU Designates Russia High-Risk for Financial Crime
The European Commission announced in December 2025 that it has officially designated Russia as a high-risk jurisdiction due to serious strategic weaknesses identified within its anti-money laundering and counter-terrorist financing frameworks (AML/CFT). This action was taken pursuant to Delegated Regulation (EU) 2025/1393, which committed the Commission to reviewing nations whose membership in the
UK Passes Landmark Digital Assets Act: What It Means for Crypto, NFTs, and Ownership Rights
In this episode, we break down the United Kingdom’s groundbreaking Property (Digital Assets etc) Act, a new law that officially recognizes cryptocurrencies and NFTs as their own distinct class of property. This legislative shift modernizes centuries-old property definitions, carving out a third category beyond physical goods and traditional financial claims.We explore why this matters for investor
Freemium - Unpacking Morgan Stanley's €101 Million Dividend Tax Penalty
In this episode, we unpack the major enforcement action taken against Morgan Stanley after Dutch authorities uncovered its role in coordinated tax evasion schemes. Following extensive audits and criminal investigations, regulators issued a €101 million fine—the maximum possible—after determining that the firm used complex trading and derivative strategies to exploit dividend withholding tax rules.
Quiet Failures in Compliance: How Everyday Oversights Lead to Major Crises
In this episode, we explore the ideas behind “Compliance: Quiet Failure, Safe Guardrails,” a compelling look at how organisational breakdowns rarely result from one dramatic event. Instead, they stem from small, repeated oversights—missed documentation, ignored red flags, and routine shortcuts—that quietly stack up until they explode into full-blown regulatory failures or reputational crises.We di
Freemium - Why Coinbase’s €21.5M Fine Signals a New Era of EU Crypto Compliance Under AMLA
In this episode, we break down the landmark €21.5 million fine issued to Coinbase Europe Ltd by the Central Bank of Ireland—a ruling widely seen as a preview of what’s to come under the EU’s new Anti-Money Laundering Authority (AMLA).We explore how systematic coding errors left Coinbase’s transaction-monitoring system ineffective for nearly four years, allowing more than 30 million transactions to
Freemium - Digital Compliance: GDPR Enforcement and AI Convergence
In this episode, we unpack the increasingly complex landscape of the EU’s digital regulatory regime—one that continues to evolve around the foundations set by the General Data Protection Regulation (GDPR). Drawing on recent analyses, we explore how regulators are sharpening their enforcement approach, applying strict criteria that can lead to fines of up to four percent of a company’s global turno
Wise Unlocks South African Payments Gateway
In this episode, we dive into Wise’s major move into the African market, starting with its newly launched operations in South Africa. After securing conditional approval from the South African Reserve Bank to operate as a regulated foreign-exchange dealer, the London-based fintech is taking a significant step toward transforming one of the world’s most important remittance corridors.We break down
Australia's $82 Billion Organized Crime Bill, 2023–24
In this episode, we break down the Australian Institute of Criminology’s latest statistical report on the true economic toll of serious and organised crime in Australia during the 2023–24 financial year. The headline figure is staggering: an estimated upper cost of $82.3 billion, a sum that accounts for a significant slice of the nation’s GDP.We explore how this massive total is calculated—combini
Freemium - Offshore Secrecy: Assessing UK Overseas Territory Transparency
In this episode, we unpack Transparency International UK’s 2025 assessment of how the UK’s Overseas Territories are progressing—or failing to progress—on creating accessible registers of beneficial ownership. These registers are meant to shine a light on who really owns companies, a crucial step in fighting global illicit finance. But as the report reveals, the reality is far more complicated.We e
Freemium - PSD3 and PSR: Securing the Future of EU Payments
In this episode, we break down the major political agreement just reached by EU lawmakers on two transformative pieces of legislation: the Payment Services Directive 3 (PSD3) and the new Payment Services Regulation (PSR). Together, these measures set the stage for a modernized, fairer, and more transparent financial ecosystem across Europe.We explore how the deal aims to crack down on fraud, intro
Binance Pardoned Crypto (CZ) Faces Hamas Funding Lawsuit
In this episode, we dig into the new civil lawsuit recently filed by American citizens against Changpeng Zhao (CZ) and Binance. The plaintiffs — family members of victims killed or taken hostage during the October 7 attacks — accuse CZ and Binance of knowingly facilitating the movement of millions of dollars to designated militant organisations, including Hamas and Hizbollah, even after Binance’s
Freemium - FCA Regulatory Approach to Cryptoassets and Stablecoins.
In this episode, we explore the UK Financial Conduct Authority’s evolving approach to crypto regulation, drawing on key excerpts from the FCA’s mandate and a keynote speech by Executive Director David Geale.We break down the FCA’s vision for building a trusted, competitive, and innovative market for cryptoassets and stablecoins—one that doesn’t simply copy traditional finance rules but instead ref
Freemium - The Cost of Postponing Compliance: CSSF fines AllianzGI Luxembourg for AML/CFT failures
In this episode, we examine the story behind a major regulatory enforcement action in Luxembourg’s financial sector: the €283,000 administrative fine imposed on Allianz Global Investors’ Luxembourg branch for persistent anti-money laundering (AML) and counter-terrorist financing (CFT) failures.We unpack the findings of a 2018 CSSF inspection that uncovered serious gaps—including the omission of mo
Freemium - New Zealand No Longer Requires Address Verification for Customer Due Diligence.
In this episode, we break down a sweeping Statutes Amendment Bill—an omnibus legislative package crafted to update and refine large sections of the existing legal framework. Spanning 42 separate parts, the Bill reaches across a wide array of principal Acts, making it one of the most comprehensive housekeeping efforts in recent legislative cycles.We walk through the key areas of reform, from enviro
AMLA In-depth Analysis: Future of EU Anti-Money Laundering and Supervision - Freemium
n this episode, we unpack a deep-dive analysis from the European Parliament’s Economic Governance and EMU Scrutiny Unit (EGOV) on one of the EU’s most significant reforms in financial oversight: the creation of the European Anti-Money Laundering Authority (AMLA).We explore how the EU’s 2024 AML/CFT package—including the new Anti-Money Laundering Regulation (AMLR), the Sixth AML Directive (AMLD6),
Record OFAC Sanctions Fine Against a Single Individual for Blocked Property Deal
In this episode, we dive into a landmark enforcement action from the U.S. Treasury’s Office of Foreign Assets Control (OFAC): the largest financial penalty ever issued against a single individual. The $4.67 million fine stemmed from a real estate professional who intentionally carried out a series of transactions involving a property tied to a sanctioned Russian oligarch—despite explicit notice th
Financial Sanctions Risk, Compliance, and Long-Term Strategy
In this episode, we break down the real—and often misunderstood—world of sanctions risk for financial institutions. Forget the idea that simply avoiding certain correspondent relationships will keep a bank safe. As we explore in depth, sanctions exposure is far more complex, encompassing secondary sanctions, reputational damage, and the growing reach of extraterritorial enforcement.We look at rece
Tone Versus Orders From The Top: The Board's Role in Compliance Culture
In this episode, we unpack the crucial difference between two very different leadership approaches to corporate integrity: “Tone from the Top” vs. “Orders from the Top.” Inspired by a recent article from Wael Al Halabi, we explore why a genuine, values-driven tone set by the board isn’t just good governance — it’s an organisation’s strongest defence against compliance failures and financial crime.
The Burden of the MLRO Role
In this episode, we dive into the high-pressure world of the Money Laundering Reporting Officer — a role that’s essential to protecting financial institutions, yet often misunderstood and overlooked. Drawing on recent insights, we explore why MLROs carry such an immense burden, how regulatory expectations can clash with limited resources, and why compliance is still too often viewed as a commercia
AI's Impact on Internal Audit: Challenges and Transformation - (Freemium)
In this episode, we explore how Artificial Intelligence (AI) is reshaping the internal audit profession. While there’s widespread agreement that AI won’t replace human auditors, it’s clear that it will transform their roles. We look at real-world perspectives from auditors who are already using AI to automate repetitive tasks like risk assessments and report drafting, freeing up time for more comp
FATF 2025: Money Laundering Risk Assessment Toolkit
The FATF (Financial Action Task Force) Toolkit provides a comprehensive framework for conducting National Risk Assessments (NRAs) on money laundering (ML), terrorist financing (TF), and proliferation financing (PF). It includes practical quick guides for evaluating complex areas such as corruption, virtual assets (VAs) and virtual asset service providers (VASPs), legal persons and arrangements, an
Internal Audit's Strategic Evolution: Navigating Future Risks - (Freemium)
In this episode, we explore the evolving role of Internal Audit under the Global Internal Audit Standards (GIAS 2024). Once seen primarily as a compliance checkpoint, internal audit is now transforming into a strategic, forward-looking partner within organisations. We discuss key shifts, including moving from static annual plans to agile, rolling models and transitioning from simply reporting prob
Freemium - Navigating Risk: From Certainty to Resilience
In this episode, we explore the complex and often uncomfortable world of risk management, especially for those with a perfectionist mindset. Unlike compliance, which operates with clear rules and definitive answers, risk management lives in the grey areas of uncertainty. We discuss why business growth actually depends on embracing this uncertainty rather than trying to eliminate it. The episode hi
Freemium - Swiss AML Debate: Credibility vs. Competitiveness
In this episode, we dive into Switzerland’s heated debate over proposed anti-money laundering (AML) reforms driven by FATF recommendations. Lawmakers are pushing back against stricter rules for lawyers, advisers, and trusts, arguing that excessive regulation could weaken Switzerland’s financial competitiveness and autonomy. This resistance comes despite warnings from the Federal Department of Fina
Georgia’s Defense Minister Charged with Abuse and Money Laundering
In this episode, we examine the corruption and money laundering case involving Georgia’s former Defense Minister, Juansher Burchuladze. According to investigators, Burchuladze abused his authority in 2023 by orchestrating a non-competitive procurement of medical equipment, inflating prices for personal and family gain, and causing more than 1.3 million GEL in losses to the Ministry of Defense. To
FinCEN Targets Chinese Money Laundering Networks
In this episode, we explore a recent advisory from the Financial Crimes Enforcement Network (FinCEN) on the growing threat of Chinese Money Laundering Networks (CMLNs). These networks play a key role in moving illicit funds, including those connected to cartels involved in fentanyl production. We break down FinCEN’s guidance for U.S. financial institutions, including how to detect and report suspi
Freemium - Bunq Fined €2.6 Million for AML Failures
In this episode, we cover the recent case of Dutch neobank Bunq, which has been fined €2.6 million by the Dutch central bank for repeated failures in its anti-money laundering (AML) controls. Despite prior warnings and interventions, Bunq reportedly fell short in investigating suspicious transactions and applying adequate scrutiny to certain customers across multiple cases. This enforcement action
Freemium - Abramovich's Billions: Corruption and Money Laundering Investigation in Jersey
In this episode, we examine the ongoing criminal investigation into Roman Abramovich, former owner of Chelsea FC, led by Jersey authorities. The probe focuses on allegations of corruption and money laundering tied to the origins of Abramovich’s wealth, particularly his multibillion-dollar sale of oil and gas giant Sibneft in 2005. Swiss courts have ordered the release of key banking documents to a
Freemium - Europe's New Anti-Money Laundering Authority (AMLA): A New Era
In this episode, we introduce the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA), the European Union’s new decentralised agency designed to harmonise and strengthen AML/CFT supervision across member states. We explore AMLA’s core functions, including direct oversight of high-risk financial entities, coordination of national financial intelligence units (FIUs),
Freemium - Dormant Accounts: Risks, Management, and Best Practices
In this episode, we unpack the multifaceted world of dormant accounts—what they are, the risks they pose, and how they’re managed across different contexts. We explore best practices for identifying and securing inactive accounts, from fraud prevention to working with executors, while addressing potential risks like identity theft, unexpected fees, and credit score impacts. We highlight the UK’s D
FCA Convicts Daniel Pugh for £1.3M Ponzi Scheme
In this episode, we cover a recent enforcement case from the UK’s Financial Conduct Authority (FCA) involving the conviction of Daniel Pugh, who ran the £1.3 million Imperial Investment Fund—a Ponzi scheme that defrauded 238 investors. Largely promoted through Facebook, the scheme lured victims with promises of unrealistic daily, weekly, and annual returns. We discuss the charges brought against P
Beyond Financial Crime, ESG and Risk and Conduct Risk in Modern Compliance - Freemium
In this episode, we shine a spotlight on major financial crimes—money laundering, fraud, bribery, corruption, and market abuse—unpacking their definitions, common perpetrators, and methods, including the three-stage laundering process of placement, layering, and integration. We examine why certain financial products and corporate structures are especially vulnerable, and how strong measures like c
Mastering GRC: Driving Practical Compliance and Culture - Freemium
In this episode, we focus on the real-world application of Governance, Risk, and Compliance (GRC) within organisations. We break down what effective GRC looks like in practice, exploring the standards that guide firms in building strong controls and demonstrating the value of well-implemented frameworks. The episode highlights the vital roles and responsibilities of compliance functions and profes
Global Travel Rule: VASP Compliance Across Jurisdictions
This episode provides an overview of the Travel Rule's implementation across various global jurisdictions. The Travel Rule requires Virtual Asset Service Providers (VASPs) to share customer data during virtual asset transfers to combat money laundering and terrorist financing. Different countries have established varying thresholds, some having zero-threshold rules where all transactions are subje
EU AI Act: Guidelines on Prohibited Practices
The European Commission published guidelines in 2025 outlining prohibited artificial intelligence (AI) practices as defined by Regulation (EU) 2024/1689 (AI Act). These guidelines clarify the Commission's interpretation of Article 5 of the AI Act, ensuring consistent application across member states from February 2025. The document details specific AI practices considered harmful and in violation
FCA Review: Ongoing Financial Advice Services Analysis & Guidance
The Financial Conduct Authority (FCA) examined ongoing financial advice services to ensure consumers receive the services they pay for. The review analysed data from 22 firms regarding suitability reviews, finding they were mostly delivered. However, some clients declined reviews, and a small percentage of firms failed to offer them, raising concerns. The FCA expects firms to rectify any shortcomi
Bybit Hack: Multi-Sig Exploit, WazirX Connection, Security Lessons
Covering an article from Merkle Science reports on a $1.5 billion hack of the Bybit cryptocurrency exchange, highlighting vulnerabilities in multi-signature cold storage. The attackers manipulated the user interface of transaction verification tools, causing operators to unwittingly authorise a malicious transfer, and the stolen funds were then laundered through complex methods including DEXs, add
EU Sanctions Regarding Human Rights Violations in Russia
The European Union has enacted significant sanctions against Russia in response to human rights abuses, its aggression against Ukraine, and hybrid threats. These measures specifically target individuals and entities responsible for severe human rights violations, the repression of civil society and democratic opposition, and those undermining the rule of law. Sanctions include travel bans, asset f
Evaluating the European AI Office's AI Literacy Practices Repository
This Episode covers the the European AI Office's repository of AI literacy practices, which is intended to help companies comply with EU regulations. It highlights limitations of the repository, such as the vague descriptions and KPIs, the broad size and sector categorisations, and its non-recommendatory nature.
The Cost of Sanctions: Impacts on Russian Imports
This research from CEPII examines the economic impact of sanctions on Russia, particularly concerning strategic and dual-use goods. Sanctions do not entirely block access to these items, but they do increase import prices, especially from non-sanctioning countries. The price index of Russian imports saw a notable jump after sanctions were implemented. Strategic goods have experienced a particularl
WGS Solicitors Fined for Money Laundering Breaches
A law firm, WGS Solicitors, and one of its partners, Bridget Catherine Miller, have been penalised by the Solicitors Disciplinary Tribunal (SDT) for breaches of anti-money laundering regulations. The firm admitted to failures, including improper handling of client funds and inadequate customer due diligence between 2017 and 2021. WGS Solicitors received a fine of £25,258, while Miller was fined £3
UK Gambling: AI, Crypto, and AML Compliance Risks
FinCrime Central reports that the UK Gambling Commission is concerned about the gambling industry's AML compliance, highlighting failures in scrutinising customer data and verifying the source of funds. The rise of AI-generated fake documents and cryptocurrency use for illegal transactions are significant emerging threats. The Commission is piloting financial risk assessments and collaborating
Trump's Executive Order Targets Independence of Regulatory Agencies
The White House document details an executive order mandating increased Presidential oversight of independent regulatory agencies. This order seeks to ensure these agencies are accountable to the President and, through him, to the American people, by requiring regulatory actions to be reviewed by the Office of Information and Regulatory Affairs (OIRA). The Government Executive article reports on t
Trump Administration's Pause on FCPA Enforcement: Implications and Analysis
A recent executive order signed by President Trump has paused future investigations and enforcement actions related to the Foreign Corrupt Practices Act (FCPA). This order directs the US Attorney General to revise FCPA guidelines, potentially prioritising American economic interests and foreign policy objectives. While the FCPA itself remains law, this halt could create uncertainty, particularly r
Britain's Role in Combating Global Corruption After US Retreat
The episode highlights a shift in global anti-corruption efforts, spurred by the US's recent decision to retreat from this arena. It argues that the UK must now step up, filling the void left by the US, which was historically a leader in combating financial crime and kleptocracy. The piece criticises the UK's past involvement in facilitating corruption through tax havens and anonymous shel
Hong Kong's Virtual Asset Market: An "A-S-P-I-Re" Roadmap
Hong Kong's Securities and Futures Commission (SFC) has released a regulatory roadmap called "A-S-P-I-Re" to future-proof the region's virtual asset ecosystem. This framework, detailed in the document, addresses the complexities of the virtual asset market, valued at over US$3 trillion, and the need for balanced regulation. The roadmap's five pillars - Access, Safeguards, Pro
AI-Driven Crypto Fraud: Risks, Regulation, and Exchange Compliance
Criminal elements are increasingly exploiting cryptocurrency platforms, utilising sophisticated technologies like AI to perpetrate fraud and launder illicit funds. Regulators worldwide are responding with increased scrutiny and enforcement actions against crypto exchanges, particularly concerning anti-money laundering compliance. AUSTRAC, the Australian financial crimes regulator, has put numerous
London Property Empire Hidden by Offshore Trusts
An OCCRP investigation reveals how the family of Azerbaijan's president used offshore trusts to conceal ownership of hundreds of millions of dollars worth of London properties. Despite UK transparency reforms aimed at exposing such practices, loopholes, particularly those involving trusts, allow the ultimate beneficiaries to remain hidden. While some properties' ownership is now public, others rem
AUSTRAC Investigates Australian Crypto Exchanges for Money Laundering
AUSTRAC, the Australian financial crimes regulator, is scrutinising cryptocurrency exchanges due to concerns about money laundering and the financing of illegal activities. The regulator has issued notices to 50 exchanges suspected of failing to report suspicious transactions and has already taken action against several firms. These actions include deregistering some exchanges and imposing conditi
EU Tax Haven List Update: February 2025
The Council of the European Union updated its list of non-cooperative tax jurisdictions, retaining the same 11 nations previously identified. The update acknowledges cooperative efforts from some jurisdictions to improve tax governance. Costa Rica and Curaçao were removed from a monitoring document after addressing deficiencies in their tax information exchange. Brunei Darussalam has committed to
Mauritius: Ex-PM Arrested in Money-Laundering Scandal; AML Focus
FinCrime Central reports the arrest of former Mauritius Prime Minister Pravind Jugnauth amidst a money-laundering scandal. The article details allegations of financial irregularities, police raids uncovering incriminating evidence, and the potential misuse of political power. It examines the political repercussions for Mauritius, which includes scrutiny of his legacy and the country's ongoing
Marine Re/Insurers, Shadow Fleets, and Sanctions: Navigating Regulatory Pressures
Increased scrutiny of shadow fleets is causing waves in marine re/insurance as regulatory bodies intensify sanction enforcement, particularly concerning Russian oil. Ship-to-ship oil transfers and opaque ownership structures are key evasion tactics under watch. Flag states and international bodies are taking action, with Panama deregistering vessels and the EU expanding sanctions. The US is also i
Largest Crypto Crimes in History
Discussing Amlcube.com 's recent document covering five of the most significant crypto crimes in history. The report highlights collapses at FTX, OneCoin, BitConnect, PlusToken and Thodex. FTX saw $8 billion disappear due to diverted customer deposits. OneCoin, BitConnect and PlusToken are exposed as Ponzi schemes or exit scams. Thodex involved a CEO fleeing with $2 billion, leaving users lock
AI-Driven Financial Crime: South African Banks' Compliance Response
South African financial institutions face a rising tide of financial crime enabled by artificial intelligence. Nearly 60% have observed an increase in these technologically advanced crimes, driving up compliance costs to an estimated $1.4 billion. Firms are investing in AI-powered monitoring systems and blockchain to combat this growing threat. Public-private partnerships are increasingly importan
McKinsey on Risk: Strategic Resilience, Risk Management, and Digital Transformation
The collection of articles from McKinsey on Risk addresses institutional resilience in the face of global challenges. It emphasises strategic approaches to risk management, moving beyond traditional defensive measures. Several articles explore specific risks, including ransomware, non-financial institutional risk and the impact of climate change. The collection provides valuable insights for firms
Crypto-Assets: Lending, Borrowing, Staking, DeFi Developments & Risks
Crypto lending, borrowing, and staking involve users transferring crypto-assets in exchange for collateral or future returns. This system, along with Decentralised Finance (DeFi), aims to replicate traditional finance on blockchain networks, but without intermediaries. The EU's engagement with DeFi is currently limited, with the main activities being staking, lending, borrowing, and exchanging
ECB Clarification: ICAAPs, ILAAPs, and Package Submissions
This European Central Bank (ECB) document clarifies supervisory expectations for banks' Internal Capital Adequacy Assessment Processes (ICAAPs) and Internal Liquidity Adequacy Assessment Processes (ILAAPs). It highlights governance expectations, focusing on continuous processes with strong internal controls and management body approval. The guidance covers forward-looking capital and liquidity
Recommended
100 Famous Dogs
#100MasterCoaches with Mel Leow, MCC
100% Mixtape Podcast
100 With The Hunter's
10-41: A UCSO Podcast
108.3 WGKSRADIO DEEP HOUSE PARTY
10 at a Time
10Fold Founders
10% Happier with Dan Harris
10-Minute Contrarian
10 Minutes Korean - Learn Korean & English Naturally
10 Minutes with Jesus
