The Importance of Financial Crime Training

19 June 2020

The financial crime risk environment is more complex and more international than ever…

1 Malaysia Development Berhad Scandal

The 1 Malaysia Development Berhad (1MDB) scandal and the prominent involvement of Goldman Sachs, exemplify the difficulties of operating in the global marketplace, at a time when Foreign Corrupt Practices Act (FCPA) violations are resulting in massive fines.

Och Ziff Hedge Fund’s FCPA Violations

The regulatory and reputational fallout from Och Ziff Hedge Fund’s FCPA violations in Africa further reinforce the severe penalties which await any institution which fails to develop and maintain the appropriate system of governance and internal controls.

Sanctions Evasion

Even more important and ever more challenging is the intricate international web of schemes, arrangements and structures used to evade Sanctions. As US Sanctions have become more complex, Iran, North Korea, Venezuela and Russia have devised even more extreme methods of evasion. North Korea alone has utilised some 56 countries in its attempts at evading US Sanctions.

Money and Transaction Laundering

In conjunction with the increase in Sanctions Evasion, is the increase in the efficiency and effectiveness of Money Laundering techniques, much of which is geared towards facilitating Sanctions Evasion. A significant portion of Money Laundering is Trade Based Money or in the form of
Transaction Laundering ($352 billion globally and $159 billion in the US). The sheer size, scope and geographic spread of US trade make it a prime target for such illicit flows. What does this mean for a bank’s corporate customers? What new risks does this present? Which customers and products are most vulnerable?

Redcliffe provides trainers and courses which reflect extensive international experience, covering all aspects of financial crime compliance, and can, therefore, provide valuable insights to global institutions. Our courses include, but are not limited to:

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