The Laundry

As Head of Risk and Compliance at Vipps MobilePay, one of Europe's largest fintech companies, Silke Øverby knows that compliance is more than just a cost centre. Join us to learn how compliance functions can help improve customer satisfaction, boost customer loyalty, and reduce the chances of litigation - all while driving business growth.From this exciting episode, you'll learn:Strategies implemented to turn compliance into a driving force for growth (1:54 - 6:18)Balancing AML/KYC process in a fast-scaling business (6:18 - 8:46)Challenges faced in managing AML/KYC processes (8:46 - 11:14)  Important KPIs for compliance departments (11:14 - 12:10)  Biggest successes of Vipps MobilePay's risk & compliance team (12:10 - 13:37)  Ensuring the compliance team remains agile (13:37 - 15:49)  Changes to the compliance function & improvement to the Vipps MobilePay experience (16:00 - 17:13) Merging two compliance departments (17:13 - 19:50) Tone from the Top (19:50 - 21:27)Bringing compliance closer to the business function (21:27 - 23:29)The compliance bottlenecks, challenges, and opportunities in 2023 (23:29 - 30:30)Automating processes and decisions (30:30 - 32:54)Some great tips and tricks from Silke (32:54 - 36:13)Tune in and enjoy! Hosted on Acast. See acast.com/privacy for more information.

The EU's new Ultimate Beneficial Ownership (UBO) ruling has been making headlines all over Europe. At first glance, it appears to be a major win for those who think public UBO registers infringe on the right to privacy. But is it instead a gigantic Christmas gift to the criminals?In this episode, we explore the pros and cons of the new UBO ruling with Thom Townsend, Executive Director at OpenOwnership and look at how it could affect the fight against financial crime.Join us as we investigate whether the new UBO ruling is a blessing or a curse.From this episode, you'll learn:01:32 - 04:59 What is this recent ruling from the Court Justice of the European Union?04:50 - 06:06 An excellent example of why ending public access to UBO registers is a bad idea.06:07 - 10:40 Do the EU put privacy over AML?10:53 - 14:21 Are there any examples of documented harm due to the open UBO registers? 14:22 - 17:30 What were the key takeaways from the CSABOT (Civil Society Advancing Beneficial Ownership Transparency) conference in Brussels last week?17:31 - 20:17 Why the EU now has a massive responsibility for clarifying and defining the new ruling.20:32 - 24:28 Will AML6 overrule this?24:30 - 28:36 Why the banks and the public industry must step up now.28:39 - 33:08 Many countries are keeping their UBO registers open. Will governments put their national laws above the EU ruling?33:10 - 37:58 Which countries have the most effective implementation of ownership transparency right now? Hosted on Acast. See acast.com/privacy for more information.

(Episode in 🇳🇴) Finanstilsynet publiserte nylig et oppdatert rundskriv til hvitvaskingsloven som gir uttrykk for Finanstilsynets tolkning og forvaltningspraksis knyttet til hvitvaskingsloven. Det nye rundskrivet gjelder for alle rapporteringspliktige etter hvitvaskingsregelverket.Sammen med Julie Odden som er leder for kompetanseheving innen økonomisk kriminalitet i PWC går vi igjennom veilederen og ser på de viktigste endringene.Fra denne episoden vil du lære mer om:01:40 - 02:12 Julies generelle tanker om det nye rundskrivet.02:31 - 07:19 Hvordan går en regulert bedrift frem for å operasjonalisere stegene ved risikovurdering?07:21 - 08:48 Risikovurderingen skal baseres på en holistisk vurdering der egne erfaringer er inkludert. Hvilke eksempler på erfaringer bør inkluderes her?08:49 - 10:50 Rapporteringspliktige må revidere sine prosesser når det publiseres relevante risikovurderinger fra organisasjoner og myndigheter. Hvordan kan bedrifter sikre at denne typen endringer fanges opp?10:51 - 13:26 Tilsynet ønsker at arbeidsprosesser skal beskrives. Hvordan bør denne dokumenteringen av rutineverket se ut?13:27 - 14:55 Hva er kombinasjonsrisiko og hvordan kan regulerte bedrifter sikre at de operer i tråd med Finanstilsynets forventinger?14:56 - 19:13 Hvordan tolker Julie de nye anbefalingene for hvordan ulike riskoklasser skal behandles ulikt?19:14 - 25:05 Den oppdaterte veilederen har også noen endringer for kundetiltak. Hva innebærer disse endringene?25:06 - 27:16 Hvilke problemstillinger rundt helautomatisert onboarding bør regulerte bedrifter nå ta en ekstra vurdering rundt?27:17 - 30:13 Julie sine key takeaways fra det nye rundskrivet. Hosted on Acast. See acast.com/privacy for more information.

The financial frontline of Russia's war in Ukraine runs through the offices of overworked sanctions officers at banks and financial institutes everywhere.It's the bank's job to freeze the accounts and assets of sanctioned individuals, and the pressure is colossal. If you get it wrong or act too slowly, the impact on a bank's brand and bottom line will be felt for years to come.So how is one of the largest Scandinavian banks keeping up with the ever-evolving sanctions measurements? We invited Amalie Korning Wedege, the head of sanctions and FCC focus areas at Danske Bank, to understand how they adapt, operationalise and keep up with the sanctions legislation. From this episode, you'll learn:01:23 - 06:15: What has happened in the invasion's aftermath, and what is the current regulatory focus? 06:16 - 08:29: How has Danske Bank effectively implemented, operationalised and adapted to the ever-changing sanctions?08:30 - 10:49: Six important steps Danske Bank has implemented internally. 10:52 - 13:31: What have been the most challenging parts?13:31 - 16:31: Counterparty screening is a huge topic. How is Danske Bank ensuring its methods include counterparties and the "full picture"?16:32 - 19:47: Examples and potential indicators of sanctions evasion.19:49 - 21:27: Now, ten months after the Russian invasion, what have been the main learning points for Amalie?21:28 - 22:50: Technology, has it been a friend or foe?22:51 - 23:20: How has the "tone from the top" been like at Danske Bank?23:21 - 24:47: What's next? And what trends does Amalie see coming in 2023?24:48 - 26:26: Amalie's best tips to young professionals who are just starting out in compliance.Tune in and enjoy! Hosted on Acast. See acast.com/privacy for more information.

This week's special guest is Swedbank's former Chief Compliance Officer Viveka Strangert, also known through media as the "whistleblower" in the massive money laundering scandal.Swedbank was fined 4 billion SEK (€389.8m) in 2020 by Sweden's financial watchdog for severe deficiencies in its AML processes and for withholding information from authorities investigating its role in the scandal, which also implicated Denmark's Danske Bank. Was these scandals a result of a cultural problem? We will try to discover that in our fascinating chat with Viveka.From this episode, you'll learn:00:59 - 04:15: What happened, and what was Viveka's involvement in the Swedbank case?04:15 - 06:04: What it was like for Viveka to testify in court in such a big case.06:16 - 10:05: How these high-profile scandals have changed the culture of compliance among Nordic banks.10:06 - 14:52: Why the "tone from the top" is crucial to building a culture of compliance.15:22 - 16:13: Are the banks and FIs still as naive today as in 2016 when the Swedbank scandal happened?16:14 - 17:21: What advice would Viveka give young up-and-coming compliance officers?17:45 - 19:03: Over-regulation and the negative consequences.Tune in and enjoy! Hosted on Acast. See acast.com/privacy for more information.

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.