De-risking – an epidemic?

I was talking to an estate agent. He was negotiating his exit from his current firm to set up on his own. “All going smoothly?” I asked. “Well, apart from the Bank.” I assumed that the Bank was exercising caution over extending a loan to a new business. “No, they are happy to lend meContinue reading “De-risking – an epidemic?”

When consensus fails.

I wrote here in thanks for the antics of “The Donald”, which served as a useful way of engaging an audience that otherwise was less than enthused by AML Compliance Training. However, his new, combative approach to, well, pretty much everything, does undermine the concept of international consensus being at the core of the globalContinue reading “When consensus fails.”

Donald. Saviour of refresher training?

Next week, I am delivering refresher training to some counter-staff of a MSB. At the start of the session, I ask the delegates for any real of concern or topics that they would like to see covered. Almost certainly, I’ll be swept away by an onrushing tide of silence. Let’s face it, few counter-staff areContinue reading “Donald. Saviour of refresher training?”

HMRC MSB Review

More properly, the title is; ‘HM Revenue and Customs AML/CTF Thematic Review of anti-money laundering compliance in the Money Service Business. The report in itself is worth reading, but my interest was piqued by the following; ‘Due to concerns that MSBs may be easily abused by criminals and terrorist financiers, some banks have withdrawn servicesContinue reading “HMRC MSB Review”

HMRC wants MSB Customer data

HMRC has issued a consultation document. They are looking to extend the scope of existing powers to include MSBs. The data-gathering powers are used to help identify businesses that are evading tax. In a nutshell, MSBs will be expected to provide regular ‘bulk’ data on customers and transactions. The consultation document asks 11 questions ofContinue reading “HMRC wants MSB Customer data”

Money Service Businesses and Banks

Here I posted about the torrid time Money Service Businesses were having hanging onto banking facilities. The difficulties persist. Some businesses have closed, or reverted to older practices, keeping the flow of money hidden, out of the limelight. This latter practice is a spectacular own goal, undoing decades of good work by law enforcement and regulators.Continue reading “Money Service Businesses and Banks”