Money laundering is a growing problem in both developed and emerging economies. Although it is difficult to measure and quantify, the IMF estimates that illegal funds total between 2-5 percent of world GDP. Globalisation and the burgeoning size of financial markets have made it easier for criminals to hide the source of their capital from government agencies. Read More.
S.E.C. Temporarily Blocks Short Sales of Financial Stocks
New York Times September 20, 2008
The Securities and Exchange Commission issued a temporary ban on short sales of 799 financial stocks on Friday, a move against traders who have sought to profit from the financial crisis by betting against bank shares. . Read More
To Uncover Laundering Risks, Monitoring More Than Employee E-mail May Be Essential
Fortent September 2, 2008
After former Bank of New York vice president Lucy Edwards was convicted of helping her husband launder over $7 billion from Russian banks, she had one piece of advice for the bank that ended up paying $38 million in related penalties to U.S. regulators: the compliance department should've known what she was up to. Read More.
Olympic Boom In China Will Mean More U.S. Corruption Penalties, Say Consultants
Fortent August 15, 2008
The United States is likely to ramp up penalties against financial institutions and other companies that have bribed Chinese officials to gain entry into the Asian market, including business involving the Olympics, say financial consultants. Read More.
Olympics Seen as Biz Bribe Tar Pit
Financial Week August 11, 2008
Experts: U.S. companies paying big fees to tap big profits from Beijing games run big legal risk. Read More.
Risking Nothing, Risking Eerything
Investment Dealers Digest June 9, 2008
In its 50-page April 18 report to shareholders explaining its huge writedowns, UBS admitted it was unaware of its total subprime exposure prior to last summer. Read More.
Ellen Zimiles G'83 Financial Forensics
Syracuse University Magazine, Spring 2008
As an assistant U.S. attorney, Ellen Zimiles followed the money trail. It led to cracking high-profile money laundering cases and divesting criminals of their profits. Her reputation preceded her as she moved into the private sector for a position with a “Big Four” accounting firm and then co-founded Daylight Forensic & Advisory, a financial investigative company. Read More.
Finding the Smoking E-mail
Accounting Today May 5, 2008
Think you have a lot of e-mails? Those who work within the e-discovery process — the handling of electronic information and documents for litigation purposes — most likely have more. Read More.
Risk Management and Compliance Spending Will Increase in 2008
Fortent April 3, 2008
Financial institutions and other companies will spend 7.4 percent more this year on compliance, risk management and corporate governance, according to a survey issued by AMR Research Inc. Read More.
Since 9/11, regulatory agencies have ratcheted up the pressure each year to get banks to comply with the Bank Secrecy Act, severely punishing those that have failed to heed warnings on noncompliance, meting out memorandums of understanding, cease-and-desist orders, enforcement actions, and civil money penalties. Read More.
Lighting Her Way
The New York Enterprise Report, April 2008
See how Daylight Forensic grew from a 16-person operation in Rockefeller Center to an international forensic accounting firm with 115 employees and offices in London, Miami, and Washington, DC in less than two years.
For the complete article, please visit http://www.nyreport.com/index.cfm/fuseaction/Page.viewPage/pageId/485
New Guidelines for Monitors Leave Some Issues Unsettled
New York Law Journal March 27, 2008
Supporters of new Department of Justice Guidelines governing the selection of corporate monitors say that the changes will bolster public confidence and shed light on a previously opague process. Read More.
U.S. Targeting Execs in Bribe Probes
Financial Week March 3, 2008
The Department of Justice's Crack-down on bribes of foreign government officials is producing more results by getting more personal for corporate executives, not to mention U.S. congressmen. Read More.
Investment Banks Eye Mortgage Fraud
Investment Dealers Digest January 28, 2008
Swamped by losses in securities pooling home loans, Wall Street’s investment banks have stepped up efforts to uncover fraudulent activity among mortgage brokers who, by some accounts, underwrite as much as 60%-70% of all the nation’s mortgages. In cases of fraud, the Wall Street banks are expected to sue the brokers to recoup some of their losses. Read More.
AML Departments Face Job Cuts as Mortgage Crisis Worsens
Fortent January 15, 2008
As more and more financial institutions rocked by the deepening mortgage crisis announce painful job cuts, anti-money laundering compliance officers must take quick action to protect their departments, compliance consultants say. Read More.
Budget Crunches, EU Directives, Knowing Your Employee Will Loom Large in 2008, AML Experts say
Fortent January 2, 2008
Now that the confetti has settled and the kazoos have been packed away for next year’s parties, anti-money laundering compliance officers are asking themselves questions about what lies ahead. Will Congress enact transaction reporting reform? What concrete steps will the Financial Crimes Enforcement Network and the Treasury Department take to reduce burgeoning AML compliance requirements? Will the shift in regulatory attention toward mortgage lending issues encourage financial institutions to slash their AML compliance budgets? Read More.
AML Professionals, 2007 Marked by Record Penalties, Promises of Reform
Fortent January 2, 2008
Anti-money laundering compliance professionals view 2007 as a year when actions by U.S. lawmakers, regulators and law enforcement raised as many questions as they answered. Read More.
