There are all those sayings about how the optimist and the pessimist encounter the world, starting with the old "glass half-full or half-empty" adage. The 33rd Cambridge International Symposium on Economic Crime offered fodder aplenty for both world views earlier this month in the United Kingdom. Speakers' remarks evidenced the growing internationalization of the fight against economic crime, with a particular focus on anti-money laundering (AML), countering the finance of terrorism and tackling the rising threat of cybercrime. This phenomenon represents a change over the past decade. Efforts to legislate and regulate AML/CFT standards were once mostly the agenda of...
I've always found it offensive when tabloids use terms like "rat" or "squealer" to describe the actions of those who report or testify about criminal behavior. It's no less offensive when one of the terms is used in defense of attorney-client privilege.
Reports that Benjamin Lawsky will step down early next year as superintendent of the New York State Department of Financial Services highlight how time can paradoxically seem to pass both quickly and slowly, almost simultaneously.
"This time it's personal" was a promo line for "Jaws: The Revenge," the unsuccessful fourth Jaws movie featuring a great white shark that pursues a family from New England to the Bahamas. To the degree regulators are pursuing individuals for compliance failures, this time IT IS personal too.
What do foreign diplomats and porn stars have in common? If you were thinking the question is a set up for a joke, you haven't been reading the news lately. It turns out that both porn stars and foreign government officials face difficulties finding a U.S. financial institution that will bank them.
Looking at two guidance pieces from the Financial Crimes Enforcement Network (FinCEN) you get a quick lesson in how difficult it can be to regulate issues that society -let alone state and federal government- hasn't reached a consensus on.
In the wake of Senate hearings on HSBC and New York State's $340 million settlement with Standard Chartered, the popular press is giving anti-money laundering issues a lot more attention. That's good and bad news for compliance officials.