Posted in Financial Crime

EU List of “third parties”- deep dive comparison raises more questions – Ethiopia & Mauritius

Following the EU Commission’s proposed changes to its list of 3rd countries whose money laundering deficiencies pose a significant threat to the financial system of the EU published in early May, 2020, the results, can be criticised. For example see previous post here. The results suggest the EU list is based on a flawed methodology that overweights the response and underweights the threat. The result of the EU exercise is to add 12 new countries and remove 6.

Since the publication of the revised EU list, Financial Crime News have concluded “deep dives” on both a country removed from the list, “Ethiopia” and a country added to the list “Mauritius” and compared the two from a financial crime perspective and against 38 other Sub Saharan African Countries. 

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Posted in Financial Crime

Interview with Wendy Ennis Head FCC at new Virtual Bank in Hong Kong “Mox”

In this interview with Wendy Ennis, FCC Head at new virtual Bank “Mox” in Hong Kong, Financial Crime News wanted to hear about Wendy’s journey from an established large Bank and team to a new startup and virtual Bank, the opportunities challenges and the experience along the way.

Q1 What is Mox?

Mox is the Hong Kong virtual bank backed by Standard Chartered, in partnership with HKT, PCCW and Trip.com. We have the combined power of a well-trusted international banking group, Hong Kong’s telecom and lifestyle market leader and Asia’s largest online travel agency. Our aim is to deliver a suite of retail financial services as well as lifestyle benefits all in one place, growing your money, your world and your possibilities.

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Posted in Financial Crime

International Forests Day

Today is “International Forests Day,” a day to raise awareness of the challenges forests face around the world and in turn our own futures.

Forests are home to about 80% of the world’s terrestrial biodiversity and are under threat, with rates of deforestation at unsustainable levels. A significant piece of this is due to illegal logging carried out by criminal enterprises fuelled and facilitated by corruption. Of all the so called Green Crimes, Illegal logging is likely to generate the most in illicit proceeds. It’s estimated (by Chatham House), that around 30% of the worlds timber production from 9 main tropical forest producer countries is illicit and that nearly 10% of imports into consumer countries are from illegal sources. 

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Posted in Financial Crime

In conversation with Standard Chartered’s Praveen Jain and Vishal Marria CEO of Quantexa.

In November, 2019, Standard Chartered Bank announced that it had joined forces with Quantexa to boost further their approach to fighting financial crime. In this conversation with SCB’s Head of Financial Crime Strategy & Innovation, Praveen Jain, and Quantexa’s CEO Vishal Marria, Financial Crime News probes deeper into the “why”, the “what” and the “how” to provide insights into an “industry first” and why it’s important.

FCN: What was the problem and what was the solution? 

PJ: SCB was looking for a best in class solution to support its more than a thousand investigators in its hubs as well as in its Global Financial Intelligence Unit conducting complex financial investigations generated from processing over a billion transactions a year.

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South Africa Country Threat Assessment by FCN - Premium

In this Threat Assessment, the focus is on South Africa which is the second largest economy in Africa. South Africa faces its own ML/TF challenges, not least due to its advanced developed status and its regional financial hub status, challenges with corruption and organised street gangs and crime. ...

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Posted in Financial Crime Premium

Sweden Country Threat Assessment by FCN - Premium

In this Threat Assessment, the focus is on Sweden which is a top 30 Country by the size of its economy. Sweden faces its own ML/TF challenges, not least due to its advanced developed status and its openness, with particular challenges on fraud organised crime and money laundering.

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Liechtenstein Country Threat Assessment by FCN - Premium

In this Threat Assessment, the focus is on Liechtenstein, which has the 150th largest economy and is the 6th smallest Country in the world. Liechtenstein faces its own ML/TF challenges, not least due to its advanced developed status and openness to foreign assets and customers.
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Switzerland Country Threat Assessment by FCN - Premium

In this Threat Assessment, the focus is on Switzerland, which has the 19th largest economy in the world, and is the worlds largest offshore asset manager. Switzerland faces its own ML/TF challenges, not least due to its advanced developed status and  its openness to offshore assets.
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Posted in Financial Crime

Interview with ANZ’s Guy Boyd

On a recent trip to Australia, Financial Crime News caught up with ANZ’s Guy Boyd, now Chief Compliance Officer, in Melbourne, with responsibility also for Financial Crime Compliance. In this interview Guy answers questions on ANZ, the threats and risks facing Australia, New Zealand and the wider Region, challenges and opportunities and highlights the work of the Fintel Alliance, the public private partnership making great strides and an example to many. For more information from FCN on Country Threats on Australia see HERE, and on New Zealand see HERE:

1 FCN: What’s your current role and how did you get to this position?  

GB: Since July this year I have been ANZ’s Chief Compliance Officer.  Interestingly, I moved from private legal practice to ANZ in 2006 in its legal team and later into the Risk function to work on establishing a sanctions compliance response and capability. 

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Australia Country Threat Assessment by FCN - Premium

In this Threat Assessment, the focus is on Australia, which has the 13th largest economy in the world, a population of approx 25 million people, and is the 6th largest Country by total area. Australia faces its own ML/TF challenges, not least due to its advanced developed status, openness and intern...

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