Ethisphere ranked 50 Codes of Conduct. According to Ethisphere, here are some of the best: Cisco’s Code of Business Conduct “An attractive Code that passes with flying colors. Only areas that could be improved are the non-retaliation and reporting sections, and the 13,000 word length.” Alltel Wireless Ethics Policy “Excellent supportive learning aids and good … Read more »
“Proceeds” From Money Laundering
In US v. Santos (06-1005), the United States Supreme Court sent confusion into what is required for a conviction under the federal money laundering statue: 18 U.S.C. 1956.The problem is the use of the word “proceeds” in 18 U.S.C. 1956(a)(1). Does “proceeds” meean gross receipts or profits? The justinces could not get together in a … Read more »
Politically Exposed Person
Politically Exposed Person “PEP” is a person who may be or recently acted in the political arena of a country or has held a position in the recent past. These individuals must be tracked by financial institutions as they pose potential risk. PEP-specific compliance legislation underlines the link between corrupt politicians, money laundering and the … Read more »
Specially Designated Nationals and Blocked Persons List Updated
The Office of Foreign Assets Control has just updated the Specially Designated Nationals and Blocked Persons List. It is a big list. The .pdf file is 404 pages long. The separate file of additions in 2008 is 106 pages long. Here are the new bad guys added on October 30, 2008: ABDELRAHIM, Abdelbasit (a.k.a. ABDUL … Read more »
FinCEN Programs for Mutual Funds
Here are links to the text of some FinCEN program for mutual funds: 31 CFR 103.130 Anti-money laundering programs for mutual funds(.pdf) each mutual fund shall develop and implement a written anti-money laundering program reasonably designed to prevent the mutual fund from being used for money laundering or the financing of terrorist activities and to … Read more »
FinCEN Withdraws Proposed Rulemaking for Unregistered Investment Companies
On September 26, 2002, Financial Crimes Enforcement Network issued a notice of proposed rulemaking, proposing to require unregistered investment companies” to establish and implement anti-money laundering programs. (Anti-Money Laundering Programs for Unregistered Investment Companies, 67 FR 60617 (Sep. 26, 2002)) In that notice of proposed rulemaking, FinCEN proposed to define the term “unregistered investment company” … Read more »
Financial Services Authority Anti-Money Laundering Handbook
The United Kingdom’s Financial Services Authority has their full handbook online including a section on compliance. Read more »
Money Laundering Reporting Officer Fined
The Financial Servies Authority of the United Kindom fined Sindicatum Holdings Limited £49,000 and its money laundering reporting officer (MLRO), Michael Wheelhouse, £17,500 for not having adequate anti-money laundering systems and controls in place for verifying and recording clients’ identities. [FSA fines firm and MLRO for money laundering controls failings] Apparently this is the first … Read more »
CNiL Information on Whistleblower Systems
To follow-up on French Data Protection Authority Blocks SOX Whistleblower Programs and Whistleblowers in France, here is CNiL‘s FAQ on whistleblowing systems and guideline document for whistleblower systems. CNiL defined a set of rules to be followed for whistleblower systems to be compatible with French data protection laws: Unique Authorisation dated December 8, 2005 (in French, without … Read more »
French Data Protection Authority Blocks SOX Whistleblower Programs
As a follow-up to the Whistleblowers in France, John B. Reynolds, III and Amy E. Worlton of Wiley Rein LLP offer more insight to the programs and decisions. CNIL found that employees’ ability to lodge anonymous complaints would increase the likelihood of malicious false reports. CNIL also found that the two companies’ plans would not … Read more »