VinciWorks

The UK ranks second highest among money laundering hot spots worldwide, with an estimated £88 billion laundered each year.

Financial institutions are responsible for catching the bad actors to prevent and stop money laundering. But unfortunately, it's not always easy to identify who they are.

In this episode, we are joined by Nick Henderson-Mayo, VinciWorks' Director of Learning and Content, Naomi Grossman, VinciWorks' Learning and Content Manager and Sandra Erez, VinciWorks' Director of Global Enterprise Sales, to explore money laundering, how it impacts financial services firms, and what firms can do to protect themselves.

Resources:

• Try our AML compliance training: https://bit.ly/aml-courses
• Download free AML resources: https://bit.ly/aml-resources
• Learn more about our AML onboarding solution: https://bit.ly/aml-onboarding-solution

This case involves the mining and commodities giant Glencore, which was fined £281m for using bribes to bolster its oil profits in five African countries. The company paid cash bribes to officials in the country's national oil and gas companies.

Resources:

• Try our AML compliance training: https://vinciworks.com/courses/aml/
• Download free AML resources: https://vinciworks.com/resources/aml/
• Learn more about our AML onboarding solution: https://vinciworks.com/products/omnitrack/aml-onboarding/

In this episode, we look at a case involving the US government's first-ever prosecution of a corporation for providing material support for terrorism. In this case, Lafarge and its subsidiary pled guilty to giving donations and "taxes" to ISIS and al-Nusrah Front (ANF), two of the world's most notorious terrorist organisations, in exchange for the continued operation of their cement plant in Syria. The company received a nearly $800 million fine.

Resources:

• Try our AML compliance training: https://vinciworks.com/courses/aml/
• Download free AML resources: https://vinciworks.com/resources/aml/
• Learn more about our AML onboarding solution: https://vinciworks.com/products/omnitrack/aml-onboarding/

Richard Rufus was part of both Charlton Athletic teams that earned promotion to the Premier League during the Alan Curbishley era, playing in the 1998 Football League First Division play-off final against Sunderland that Charlton won on penalties. Ten years after being inducted into Charlton's Hall of Fame in 2013, he was convicted for fraud. He was able to convince friends, family members and associates to invest with him by claiming he was getting 60% in returns. One victim testified that he was told by Rufus that he only traded 5% of the capital investment, which meant 95% would have been retained safely - reducing the risk of incurring large losses. This made it seem like an incredibly safe, profitable investment.

In this episode, we discuss how easy it is to get duped into a bad investment, especially when the bad investor is a former star athlete.

Resources:

• Try our AML compliance training: https://vinciworks.com/courses/aml/
• Download free AML resources: https://vinciworks.com/resources/aml/
• Learn more about our AML onboarding solution: https://vinciworks.com/products/omnitrack/aml-onboarding/

China is of growing concern to compliance professionals on a number of fronts. From sanctions on Uyghur forced labour to supply chain disruption to warnings about China's banks, the world's second-largest economy is both of critical importance and an increasingly critical risk. In this episode, we look at China's role in corporate compliance, and what companies should be aware of when doing business with or in China.

Resources:

• Try our AML compliance training: https://vinciworks.com/courses/aml/
• Download free AML resources: https://vinciworks.com/resources/aml/
• Learn more about our AML onboarding solution: https://vinciworks.com/products/omnitrack/aml-onboarding/

In this episode, Nick and Naomi are back to talk about yet another big money laundering case involving a bank. This time they look at how banks can mess up their anti-money laundering systems - and get fined, royally. Specifically, Commerzbank's London Branch being hit with a whopping £38m fine by the FCA for not having good AML controls.

Resources:

• Try our AML compliance training: https://vinciworks.com/courses/aml/
• Download free AML resources: https://vinciworks.com/resources/aml/
• Learn more about our AML onboarding solution: https://vinciworks.com/products/omnitrack/aml-onboarding/

What are the big topics affecting law firms? In this special episode recorded shortly after the Law Society's Risk and Compliance conference, Gary Yantin and Nick Henderson break down the key issues of concern for the legal industry.

Resources:

• Try our AML compliance training: https://vinciworks.com/courses/aml/
• Download free AML resources: https://vinciworks.com/resources/aml/
• Learn more about our AML onboarding solution: https://vinciworks.com/products/omnitrack/aml-onboarding/

In a case before the High Court, the World Uyghur Congress argued that UK authorities should have launched money laundering investigations into the cotton imports brought into the UK from the Xinjiang region of China because of the high likelihood of forced labour that was present at the start of the supply chain. The court refused the claim but the reasons indicated that other supply chain challenges could be successful in the future. Companies doing business in China should be on high alert.

In this episode, we dig into the implications of the case for companies dealing with suppliers in China.

Resources:

• Try our AML compliance training: https://vinciworks.com/courses/aml/
• Download free AML resources: https://vinciworks.com/resources/aml/
• Learn more about our AML onboarding solution: https://vinciworks.com/products/omnitrack/aml-onboarding/

Many firms are still carrying out paper-based identification and verification of clients during the onboarding process. But is this the most efficient method?

In this episode, we are joined by Thirdfort's AML Services Manager Harriet Holmes, Compliance Office's Managing Director Andy Donovan and VinciWorks' Director of Product (Omnitrack) Ruth Mittelmann Cohen to explore the extent to which paper-based ID checks are still the best way to carry out CDD.

In this episode, Nick Henderson and Naomi Grossman examine a compliance case that rocked the world of Credit Suisse, the venerated global investment bank and a crown jewel of Switzerland. It seems that Credit Suisse has been lurching from one scandal to the next, much of it due to their lack of serious anti-money laundering efforts. But this case is really significant because it's the first time a Swiss bank was subject to this kind of criminal prosecution.