Tag / Articles
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The Three Lines of Anti-Money Laundering Defense
The “Three Lines of Defense” is a widely used phrase for describing how organizations should manage their anti-money laundering (“AML”) risk. As the United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) regulations has applicability outside U.S. borders, all individuals and entities are required to comply when conducting transactions in U.S. dollars. […]
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Latin America Struggles in its Fight Against Corruption
On February 21st, Transparency International released its Corruption Perceptions Index, which listed numerous Latin American and Caribbean countries among the world’s most corrupt. According to Transparency International’s survey, 62% said corruption had risen in the previous year, more than half said their government is failing to address corruption, and nearly a third said they had […]
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The Final Rule on Beneficial Ownership and Customer Due Diligence
In May 2016, The United States Department of the Treasury’s Financial Crimes Enforcement Network issued its final rule on Customer Due Diligence Requirements for Financial Institutions. This rule requires institutions to establish and maintain written procedures to identify and verify the identity of the beneficial owners of all legal entity customers. These institutions include depository […]
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Signs your Company has a Dishonest Employee
There are many signs your company is dealing with a potentially dishonest employee. Internal audit departments and supervisors can track the performance of company employees, but competence and honesty do not always go hand in hand. Internal controls and strict documentation can help prevent fraud and theft, but dishonest employees often find vulnerabilities they can […]
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How can Money Laundering Affect your Business?
How can Money Laundering Affect your Business? In 2018, anti-money laundering (“AML”) regulations and enforcement measures are reaching new heights across the globe. While some countries, such as Colombia, are rife with illicit profits from criminal enterprises, they have also made strides in recent years strengthening their AML and terrorist financing programs. Other nations, however, […]
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Cannabis Curtain
Recent changes in state cannabis legislation has resulted in yet another California gold rush. Creative investors have started pouring money into ‘legal’ grow operations. Federal lawmakers are rattling their sabers. Eager customers are crashing the ticket booth. News pundits sit in the grandstands with their beer and hot dogs cheering the opposing sides. Money, marijuana, […]