The Laundry

Billions are invested in KYC, but only 1% of money laundering is stopped. So why is that?This week we have AML expert Louise Brown from Financial Compliance Group (FCG) in the studio to discuss this question and the following exciting topics:– The extensive and recent money laundering scandal in Sweden, where 34 out of 43 exchange offices were linked to direct criminal activities, and it emerged that one single foreign exchange office in Stockholm had laundered millions in drug money and transferred funds to terrorist organizations.– How criminals misuse the system and operate under the radar because government authorities are not permitted to share information due to local privacy legislation.– Why a "culture of trust", lack of background controls, and very little practice in following up and monitoring make the Nordic countries an easy prey.– And lastly, we deep dive into the "KYC bottlenecks" and look at how they can be removed.1) Limited human resources.2) Restricted data-sharing between government bodies3) Poor data quality in the register of unique beneficiary owners managed by the Swedish Companies Registration Office. Tune in and enjoy! Hosted on Acast. See acast.com/privacy for more information.

Now the popular crypto exchange FTX is bust, and crypto is plummeting. What happens next?We've invited the biggest crypto sceptic of them all to The Laundry, and according to him, the future for crypto does not look very bright.Liron Shapira, the self-proclaimed "Michael Burry of crypto" and the angel investor who turned a $10,000 investment in Coinbase into a $6 million profit, explains why he now thinks crypto is a big scam.Tune in to this week's crypto special in The Laundry! Hosted on Acast. See acast.com/privacy for more information.

(Episode in 🇬🇧) In today's episode, we go through Magnus' report on corporate transaction monitoring. We also include tips on what banks can do to uncover money laundering! In addition, we are introducing our new segment, "This Week in AML". Enjoy! Hosted on Acast. See acast.com/privacy for more information.

Denne uken har vi besøk av leder i enheten for finansiell etterretning (EFE) i Økokrim, Sven Arild Damslora.Jobben til teamet hans er å ta i mot rapporter fra rapporteringspliktige og bearbeide disse, for å så dele informasjonen med politi, tilsynsmyndigheter, og utenlandske tjenester. (Episode in 🇳🇴)Sammen med Sven Arild ser vi blant annet på disse temaene.Hvordan Økokrim mener en god MT-melding på en bedriftkunde bør se ut.Hvordan man kan vurdere transaksjonsvarsler opp i mot trendene innenfor de forskjellige industrikodene (NACE).Hvilke metoder og data man kan berike transaksjonsmonitoreringen av bedrifter med.Hvorfor samarbeidet mellom revisor, regnskapsfører og banken bør styrkes på dette området.Underrapporteres det innenfor bedriftssegmentet?Hvorfor små bedrifter utgjør mesteparten av det volumet som meldes inn. Og hvorfor det ikke er flere meldinger på større selskaper og konsern.Finnes det et “kompetanse-gap” hos rapporteringspliktige når det kommer til overvåkning av bedriftskunder?Avviker kvaliteten på MT-meldinger på bedrifter fra det som kommer inn på privatpersoner?Og hva er på toppen av agendaen til EFE nå fremover? Hosted on Acast. See acast.com/privacy for more information.

Cybercrime and financial crime are moving closer and closer together.A growing number of cyber-attacks are believed to be the work of organised crime and combine cyber techniques, fraud and money laundering.Despite this, most banks and financial services institutions continue to treat cybercrime and cybersecurity as one activity and AML, fraud and loss prevention as another.As a result, each team will have its personnel, tools, and operating procedures. In some cases, teams are located in separate offices or even separate cities.This siloed approach no longer works.So, in this episode, we explore where the synergies are, what it means, and why it is important to close the gaps between cyber and financial crime. Hosted on Acast. See acast.com/privacy for more information.

Banks and financial institutions at the forefront are moving into the next frontier of AML. They focus on four primary areas, which we look more closely at in this week's episode.What are those four areas?1: Synergies with other risk types. How Fraud, AML, and Cyber can benefit from each other and leverage the fact that these divisions utilize the same data and can feed each other with information.2: Operational excellenceHow banks can capture "gold-standard KYC" in the frontline to deliver better customer journeys, more precise services, and a better banking experience.3: Collaboration across the industryIndustry players want to collaborate, understand, learn, and jointly develop new ways to combat risk through data sharing. 4: Higher efficiencyFalse positives cause tremendous requirements in terms of people and time spent on investigation. So how can banks ensure that their teams spend time where it matters? Catching the big fish?Tune in to this week's episode, where we also have AML-expert Magnus Johannesen back in the studio! Hosted on Acast. See acast.com/privacy for more information.

4.5 billion dollars from the Malaysian sovereign wealth fund, also known as 1MDB, was diverted to enrich the fund’s directors and even the former Malaysian Prime Minister himself, Najib Razak. Xavier André Justo, a former employee in Petro Saudi; a company receiving funds from 1MDB, is todays guest. A reporter reached out to him some years after his involvement, and it turned out Xavier had critical pieces of information that could lead to the downfall of the corruption within 1MDB. In this episode, we go over how Xavier came over the information he had, how he had to face big legal trouble and where his life is at now. Join us, and take a deep dive into how everything panned out and how he became the whistleblower of this big scandal. Hosted on Acast. See acast.com/privacy for more information.

How can Compliance Officers deliver more human-centric programs? Traditional compliance programs often do not think about behavioral drivers. Instead, traditional approaches think about how we would like people to behave rather than how they are likely to behave. That's the theory behind Human Risk, a London-based compliance firm run by this week's guest, Christian Hunt. Christian has over 25 years of experience in financial services. And he brings a unique perspective to the compliance field, having both been a regulator with a subsidiary of the Bank of England and a Risk & Compliance Officer at UBS.Tune in and learn why you should bring behavioral science to your compliance program. Hosted on Acast. See acast.com/privacy for more information.

The Legal Entity Identifier (LEI) is a unique 20-character, alpha-numeric code that contains information about an entity's ownership structure and thus answers the questions of 'who is who' and 'who owns whom.' The LEI has broad potential in use cases but also creates business value in two ways: first, it reduces transactional and operational friction in identifying transaction counterparties. Second, it provides essential information about a legal entity's background. In this week's episode, we have invited LEI expert David Silverman, CEO of Global FinReg, to discuss the use cases that demonstrate the wide potential application of the LEI.Enjoy!Learn more about David by visiting his company webpages: https://www.globalfinreg.com/ and https://fintech.builders/ Hosted on Acast. See acast.com/privacy for more information.

Crypto-native companies have lacked a stable and secure banking foundation to run their businesses without fear of being shut down by their banking partner. Or even being approved to open a corporate bank account, to begin with. New players have entered the marketplace to close this gap by providing compliant payment services to crypto businesses and crypto services to banks.One super exciting company is Denmark-based Januar. And in this week's episode, we chatted with Januar’s Chief Risk & Compliance Officer, Marcus Mølleskov, about why crypto compliance matters and how crypto companies work with AML.Enjoy! Hosted on Acast. See acast.com/privacy for more information.