The Laundry

Law firms are responsible for some of the largest transactions globally – from M&As, to real estate deals, to setting up new companies.But no money movement is without risk and legal firms come close to some of the most high-risk sectors in the world!In this week's episode – our host, Marit Rødevand, is joined by Bruno Edenogie, Head of EU Compliance & Data Protection Officer at Orrick, Herrington & Sutcliffe. They discuss how does AML and compliance keeps the sector on the straight and narrow, the biggest challenges when it comes to money laundering, politically exposed persons, and sanctioned individuals, and why it's so important to get this right.Producer: Matthew Dunne-MilesEngineers: Nicholas Thon Jørgensen and George Stzuka____________________________________This episode of The Laundry is brought to you in association with the HVIDVASK & TERRORFINANSIERING Conference in Copenhagen.  Bringing together experts from across the financial, private and public sectors – it’s a chance to learn and discuss all the hottest topics in the industry right now. The conference is taking place October 11 &12, 2023. Find out more at: insightsevents.dk ____________________________________The Laundry podcast: Dive deep into the intricacies of financial crime, AML (anti-money laundering), compliance, sanctions, and the ever-evolving landscape of financial regulation.Hosted by Marit Rødevand and Fredrik Riiser – this podcast features renowned experts from sectors such as banking, fintech, compliance, and investigative journalism.Together, they shed light on the industry's trending topics, analyse mainstream news through a compliance-focused lens, and connect the fight against financial crime to its real-world consequences and ramifications.The Laundry is proudly produced by Strise, an AML Intelligence System.Get in touch at: laundry@strise.ai Hosted on Acast. See acast.com/privacy for more information.

From fine art to global wars – financial crime is everywhere! So, how does the industry keep up, who are the people fighting crime on the front line, and what are the consequences of not getting this right?Our new season of twelve episodes will be dropping every Thursday from September 28th.Make sure to subscribe to The Laundry wherever you get podcasts! Hosted on Acast. See acast.com/privacy for more information.

You've probably seen the disturbing images in the news—people appearing like zombies, ravaged by the ruthless grip of the deadly drug, Fentanyl.In this gripping episode, we take a deep dive into the hidden realm where digital wealth meets addiction, destruction, and death. With the help of our special guest Scott Chipolina, Financial Times journalist, we unravel the intricate and devastating links between cryptocurrencies, Chinese suppliers, and the wave of fentanyl-related fatalities sweeping the United States.Beyond examining the mechanics of how digital currencies fuel this lethal crisis, we'll also explore the major players in this dangerous game and the global efforts to mitigate the damage.Join us as we dive headfirst into this tangled web of deception, addiction, and technology.Sources: "Crypto’s dark role in the US opioid epidemic", "Chinese Businesses Fueling the Fentanyl Epidemic Receive Tens of Millions in Crypto Payments" Hosted on Acast. See acast.com/privacy for more information.

Dive into the complexities of Trade-Based Money Laundering (TBML) in this insightful episode.Join us with our guest, Bruce Viney, the Director of Financial Crime Compliance Training at CCL Academy, as we explore TBML's intricacies, how criminals manipulate trade, and the challenges financial institutions and regulated companies face.Get ready for an information-packed discussion covering topics such as:Defining Trade-Based Money Laundering (TBML) and exploring its unique methodsIdentifying key indicators, red flags, and risk-management measures to protect against TBMLThe importance of robust KYC processes and supply chain transparency in combating TBMLHarnessing advanced technologies and transaction monitoring systems for TBML detectionRoles of Free Trade Zones, major organizations, and collaborative efforts in mitigating TBML risksAdapting to the latest regulatory updates in AML and compliance related to TBML preventionDon't miss out on this fascinating look into the secretive world of Trade-Based Money Laundering.Enjoy! Hosted on Acast. See acast.com/privacy for more information.

In this week's episode, we speak with Patrick Skjennum, CTO of Strise, to delve deep into the fascinating world of Generative AI and its potential impact on the fight against financial crime.We uncover how Generative AI can revolutionize the financial industry, from combating financial crime to providing exceptional customer service. Patrick provides real-life examples of how companies are currently utilizing Generative AI in the financial sector, preparing you for the future of finance compliance.We also discuss how Generative AI can detect and prevent fraud, the challenges of using data for Generative AI models, and how to ensure transparency and ethical use of Generative AI in financial operations.Join us for an enlightening and comprehensive understanding of the emerging role of Generative AI and how it's changing the world of compliance. Tune in now to stay ahead of the AI game! Hosted on Acast. See acast.com/privacy for more information.

In this episode, we're diving into the murky world of shipping and its challenges for banks. With little oversight and a global reach, the maritime industry presents complex problems for banks navigating regulatory compliance.Our expert guests, Tom Cardamone and Michael Byrne, CEOs of Global Financial Integrity and the Institute of International Banking Law & Practice, respectively, take us through the increasing pressures on banks to combat sanctions and combat financial crime compliance evasion. We explore the staggering statistic that 12.2% of active ships and vessels have unknown owners - and with 80% of all goods being imported by sea, the need for greater transparency in vessel ownership is more important than ever! Read the full report here.But the shipping industry's complexity has caused anxiety among banks, who are struggling to keep up with the expertise and tools needed to navigate these challenges. Tom and Michael provide unique insights into the risks and solutions to help banks stay compliant and understand the importance of monitoring suspicious vessel behavior.So grab a seat and get ready to uncover the secrets of the shipping industry and why it's causing such anxiety among banks. From this exciting episode, you'll learn: The staggering statistic is that 12.2% of ships have unknown owners, and how this impacts overall compliance and regulatory challenges.Key policy recommendations from the report include vessel ownership as a risk assessment tool and establishing a beneficial ownership registry for vessels.The importance of a nuanced understanding of the maritime shipping industry and specific recommendations for banks and insurance companies.The challenges that small or medium-sized banks face in navigating the shipping industry and ways to increase their understanding.Future developments in shipping industry compliance trends and how financial institutions can prepare for them.The role of vessel group ownership information in assessing compliance risk and how government regulators and port security officials can require transparency.The need for banks and insurance companies to better identify commodities and trade corridors where transhipment and ship-to-ship transfers may occur.The consequences of failing to comply with recommendations and guidelines issued by OFAC and OFSI.Tune in and enjoy! Hosted on Acast. See acast.com/privacy for more information.

Welcome to a special episode where we're thrilled to announce a very famous guest, ChatGPT!In this thought-provoking discussion, we delve into the complex and intriguing roles played by Artificial Intelligence (AI) as both an adversary to money launderers and an ally in the fight against financial crime. All responses come directly from the AI itself, providing unique insights into its nuanced roles within this critical domain.Join our host, Fredrik Riiser, and ChatGPT as they tackle the challenges of the AI "black-box" phenomenon and explore how AI can be a double-edged sword in the wrong hands. Together, they unravel the importance of transparency and the critical and pivotal role of human-AI collaboration in combatting financial crime for banks.We're confident this episode will captivate your attention and shed light on the ever-evolving intersection of AI and financial crime.Tune in to this week's episode of The Laundry and enjoy! Hosted on Acast. See acast.com/privacy for more information.

Get ready to uncover the secrets of one of the world's most notorious hacking groups - The Lazarus Group.In this episode, we chat with investigative journalist Geoff White and explore the inner workings of this elite North Korean group.Join us as we delve into their past and present operations, including their staggering theft of billions of dollars through cyberattacks, targeting everything from cryptocurrency businesses to major corporations like Sony Pictures Entertainment.Geoff will reveal how North Korea gains from conducting these illegal activities, evading sanctions, and the group's evolving tactics over the years. We'll also explore the evidence of their involvement in cryptocurrency and similar groups and countries engaging in these activities.Take advantage of the exclusive sneak peek into season two of The Lazarus Heist, where we will continue investigating the group's new methods and North Korea's denial of involvement.Tune in for a thrilling and informative conversation with Geoff White, and discover the surprising truth about the Lazarus Group. Hosted on Acast. See acast.com/privacy for more information.

Join us as we sit down with Jørgen Holmlund, who brings over 25 years of experience in intelligence, to discuss sanctions and intelligence work. This episode is brought to you in partnership with Penningtvättsdagarna – Sweden's largest event for AML/CFT professionals, taking place on May 3-4 in Stockholm. In this episode, we explore the ever-changing world of sanctions and look at Russia's recent steps to circumvent EU and US sanctions. We also delve into the current status of intelligence work, the most worrying trends Jørgen and the intelligence community see, and how to utilise technology to stay ahead of criminals.Finally, we'll explore what recommendations Jørgen has for privately owned companies, banks and regulated companies.Tune in now to hear this important conversation.From this episode, you'll learn:00:00 - 04:56 What is the main motive behind imposing sanctions, and what has been the effect?04:56 - 07:57 What steps has Russia taken since 2014 to circumvent EU and US sanctions? 07:57 - 11:36 Where have sanctions worked as intended, and why were they successful?11:36 - 17:55 What are the current trends in intelligence work?17:55 - 25:17 How do we utilise technology to help?25:17 - 31:00 What are the most worrying trends the intelligence community sees?31:00 - 38:52 How do we stay ahead of the next move of the criminals? Hosted on Acast. See acast.com/privacy for more information.

In this episode, we'll take a closer look at the collapse of Silicon Valley Bank (SVB), one of the biggest US bank runs in over a decade.We'll examine how the bank's risk management may have been the leading cause of its downfall and get an exclusive perspective from Marcus Mølleskov, Chief Risk & Compliance Officer at Januar and Simon Taylor, Head of Strategy at Sardine.ai. Tune in as we untangle the complexities of this case and find out what lessons can be learned.From this episode, you'll learn.00:00 - 08:01: What happened?08:01 - 11:30: Why the SVB collapse is an outlier.11:30 - 15:33: SVB had no official Chief Risk Officer for eight months. How has this potentially affected this?15:33 - 26:13: How will other banks address risk management in the wake of the SVB collapse?26:13 - 28:39: How will it affect the importance of KYC and customer due diligence for other financial institutions?28:39 - 31:46: What can we expect of new government regulations after this? Hosted on Acast. See acast.com/privacy for more information.