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Anti-money laundering

Money laundering obligations is one of the greatest challenges facing global businesses. Anti-money laundering (AML) refers to a set of procedures, laws or regulations designed to stop the practice of generating income through illegal actions. In most cases, money launderers hide their actions through a series of steps that make it look like money that came from illegal or unethical sources was earned legitimately. The implications are far reaching, event though AML laws cover only a relatively limited number of transactions and criminal behaviours.

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3 results for the Sector "Anti-money laundering"

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    Huge fines for Deutsche Bank for money laundering offences

    02.02.2017 |Anti-money laundering, Compliance

    In January 2017, Deutsche Bank received fines amounting to about £506m for failure to prevent money laundering. The UK’s Financial Conduct Authority (FCA) imposed its largest ever fine of £163m on the Bank, with the New York Department of Financial Services (DFS) imposing a fine of US$425m.

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    Convicted on singles’ day

    15.11.2016 |Anti-bribery, Anti-money laundering, Compliance

    On what has been declared singles’ day, Yak Yew Chee, a former private banker from BSI SA, became the first individual to be convicted in Singapore in the probe into the alleged multi-billiondollar misappropriation surrounding Malaysian state fund 1Malaysia Development Bhd (1MDB).

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    1MDB: 1 More Dirty Bank?

    31.10.2016 |Anti-bribery, Anti-money laundering, Compliance

    The 1 Malaysia Development Bank (1MDB) scandal is nothing short of newsworthy. With the incendiary ingredients comprising one minister of a resource rich developing nation, one Hollywood heartthrob, one state investment fund, a handful of corrupt cronies and several cooperative private bankers against the backdrop of a pessimistic economic situation, the meltdown was not going to be anything short of spectacular.