Banking, Central Banks, and Global Economy
The Wolfsberg Group is a private initiative of thirteen global banks aimed at developing frameworks and guidance for the management of financial crime risks, particularly with respect to Know Your Customer, Anti-Money Laundering and Counter Terrorist Financing policies. Continue reading “The Wolfsberg Group and Effectiveness in AML Compliance”
Out of the several money laundering cases in recent years, two of the most disturbing were those of Danske Bank and Swedbank, mainly because they were headquartered in Nordic countries where such cases were rare. Moreover, these countries are known for high standards of living, and very low levels of crime and corruption. Continue reading “The Swedbank case”
In 2012, noncompliance with Anti-Money Laundering regulation resulted in penalties being imposed on HSBC to the extent of USD 1.9 billion. This article, written jointly with Prof. L. Prakash Sai of IIT Madras, Continue reading “Lessons from the HSBC case”