Don't be impressed by wealth

 

Nice work CNA this article – the experts know what money laundering is but many people don’t and general awareness needs to improve. Netflix series like Ozark or a movie like The Laundromat have perhaps raised awareness on money laundering, but wealth and the flaunting thereof still raises more often awe than suspicion.

Most people don’t realise that there are always serious crimes behind the money to be laundered. It’s called dirty money for a reason. These crimes can involve corruption, trading drugs or endangered species, tax evasion or human trafficking and slavery; things no reasonable and respectable person should be involved in.

www.i-kyc.com

info@i-kyc.com

AML in real estate

We all know that criminals – and perhaps people in general – will look for easy ways to achieve their goals - so it’s likely that a money launderer will not bring it’s dirty money to a bank known for strict KYC policies and tight AML controls. Also the recent case in Singapore where 1 billion in assets was confiscated indicates that criminals look for an easy way into the financial system and often that  entrance sits with real estate companies or luxury goods dealers, not with traditional banks.

It's therefore a good sign that both in the US and in Australia new laws and regulations are on the way… fighting financial crime needs to happen across all entry points, all financial institutions and all businesses that accept money from people they don’t know well enough… KYC, knowing your customer is still key in all aspects of business.

 

 

https://www.reuters.com/world/us/us-set-unveil-long-awaited-crackdown-real-estate-money-laundering-2023-08-10/

https://arctic-intelligence.com/insights/blog/close-money-laundering-loopholes-in-australias-real-estate-sector?utm_source=Social+Media&utm_medium=Linked+In&utm_campaign=Blogs

The importance of training in achieving operational financial crime compliance

We can't repeat it often enough. Awareness of #financialcrime, risks and #compliance can only be built with continuous #training and #management #attention. Listen to this episode on the Fincircle podcast to Pieter Ris on how we help #banks - and #FIs in general - achieve operational compliance in the fields of #amlcft #kyc #cdd and other areas of preventing financial crime Fincircle - e-learning.

The MAS in Singapore on Family Offices

 The MAS in Singapore is - almost like a commercial organisation - advertising the country as a financial hub and welcoming Family Offices as this statement shows:

“As an established financial hub, Singapore will continue to grow opportunities for wealth management and support the evolving needs of family offices…we also believe that the best legacy that those with greater means can leave behind is a positive impact on society.”

Indeed the best legacy the wealthy can leave is a positive impact on society. Question is of course if that purpose is not better served by taxing the wealthy and have governments decide on what’s best for society…

More can be read here - https://www.mas.gov.sg/development/wealth-management

Find us on https://i-kyc.com/ or mail to info@i-kyc.com