The Laundry

Join us as we uncover the truth behind Britain's 'kleptocracy capital'. Award-winning and investigative journalist Oliver Bullough joins this week's The Laundry episode to discuss how London has become a safe haven for the world's wealthiest people to hide their stolen money and spend it with no questions asked.  Bullough explains how the problem originated and how the lack of regulation in t...

In this week's episode, we're deep-diving into FCG's " AML State of Play report ", a comprehensive study of the AML practices of ten of Denmark's largest financial institutions. The report is based on anonymous interviews with senior executives from the ten banks. Together with Kenneth Ullmann Eenholt , director at FCG Denmark, we explore the key findings from the report and the progress made sinc...

In 2022, the FCA (Financial Conduct Authority in the UK) raised the possibility that criminals may take advantage of the speedy onboarding process of challenger banks (neobanks), mainly to create money mule networks. Their report also noted that challenger banks advertise the ability to open accounts quickly, which may lead to insufficient information being gathered on higher-risk customers during...

Guess where the business name 'Adolf Tooth-Fairy Hitler' is registered? Registering a business at Companies House, the official business registry in the UK is an easy, quick, and affordable process. However, strange business owner names like 'Adolf Tooth-Fairy Hitler' appear in the organisation's database, suggesting that limited checks are being conducted and reveal a system vulnerable to crimina...

As Head of Risk and Compliance at Vipps MobilePay , one of Europe's largest fintech companies, Silke Øverby knows that compliance is more than just a cost centre. Join us to learn how compliance functions can help improve customer satisfaction, boost customer loyalty, and reduce the chances of litigation - all while driving business growth. From this exciting episode, you'll learn: Strategies impl...

The EU's new Ultimate Beneficial Ownership (UBO) ruling has been making headlines all over Europe. At first glance, it appears to be a major win for those who think public UBO registers infringe on the right to privacy. But is it instead a gigantic Christmas gift to the criminals? In this episode, we explore the pros and cons of the new UBO ruling with  Thom Townsend, Executive Director at Op...

(Episode in 🇳🇴) Finanstilsynet publiserte nylig et oppdatert rundskriv til hvitvaskingsloven som gir uttrykk for Finanstilsynets tolkning og forvaltningspraksis knyttet til hvitvaskingsloven. Det nye rundskrivet gjelder for alle rapporteringspliktige etter hvitvaskingsregelverket. Sammen med Julie Odden som er leder for kompetanseheving innen økonomisk kriminalitet i PWC går vi igjennom veilederen...

The financial frontline of Russia's war in Ukraine runs through the offices of overworked sanctions officers at banks and financial institutes everywhere. It's the bank's job to freeze the accounts and assets of sanctioned individuals, and the pressure is colossal. If you get it wrong or act too slowly, the impact on a bank's brand and bottom line will be felt for years to come. So how is one of t...

This week's special guest is Swedbank's former Chief Compliance Officer Viveka Strangert , also known through media as the "whistleblower" in the massive money laundering scandal. Swedbank was fined 4 billion SEK (€389.8m) in 2020 by Sweden's financial watchdog for severe deficiencies in its AML processes and for withholding information from authorities investigating its role in the scandal, which...

Billions are invested in KYC, but only 1% of money laundering is stopped. So why is that? This week we have AML expert Louise Brown from Financial Compliance Group ( FCG ) in the studio to discuss this question and the following exciting topics: – The extensive and recent money laundering scandal in Sweden , where 34 out of 43 exchange offices were linked to direct criminal activities, and it emer...

Now the popular crypto exchange FTX is bust, and crypto is plummeting. What happens next? We've invited the biggest crypto sceptic of them all to The Laundry, and according to him, the future for crypto does not look very bright. Liron Shapira, the self-proclaimed "Michael Burry of crypto" and the angel investor who turned a $10,000 investment in Coinbase into a $6 million profit, explains why he...

(Episode in 🇬🇧) In today's episode, we go through Magnus' report on corporate transaction monitoring. We also include tips on what banks can do to uncover money laundering! In addition, we are introducing our new segment, "This Week in AML". Enjoy! Hosted on Acast. See acast.com/privacy for more information.

Denne uken har vi besøk av leder i enheten for finansiell etterretning (EFE) i Økokrim, Sven Arild Damslora. Jobben til teamet hans er å ta i mot rapporter fra rapporteringspliktige og bearbeide disse, for å så dele informasjonen med politi, tilsynsmyndigheter, og utenlandske tjenester. (Episode in 🇳🇴) Sammen med Sven Arild ser vi blant annet på disse temaene. Hvordan Økokrim mener en god MT-meldi...

Cybercrime and financial crime are moving closer and closer together. A growing number of cyber-attacks are believed to be the work of organised crime and combine cyber techniques, fraud and money laundering. Despite this, most banks and financial services institutions continue to treat cybercrime and cybersecurity as one activity and AML, fraud and loss prevention as another. As a result, each te...

Banks and financial institutions at the forefront are moving into the next frontier of AML. They focus on four primary areas, which we look more closely at in this week's episode. What are those four areas? 1: Synergies with other risk types.  How Fraud, AML, and Cyber can benefit from each other and leverage the fact that these divisions utilize the same data and can feed each other with inf...

4.5 billion dollars from the Malaysian sovereign wealth fund, also known as 1MDB, was diverted to enrich the fund’s directors and even the former Malaysian Prime Minister himself, Najib Razak. Xavier André Justo, a former employee in Petro Saudi; a company receiving funds from 1MDB, is todays guest. A reporter reached out to him some years after his involvement, and it turned out Xavier had critic...

How can Compliance Officers deliver more human-centric programs? Traditional compliance programs often do not think about behavioral drivers. Instead, traditional approaches think about how we would like people to behave rather than how they are likely to behave. That's the theory behind Human Risk, a London-based compliance firm run by this week's guest, Christian Hunt.  Christian...

The Legal Entity Identifier (LEI) is a unique 20-character, alpha-numeric code that contains information about an entity's ownership structure and thus answers the questions of 'who is who' and 'who owns whom.' The LEI has broad potential in use cases but also creates business value in two ways: first, it reduces transactional and operational friction in identifying transaction counterparties...

Crypto-native companies have lacked a stable and secure banking foundation to run their businesses without fear of being shut down by their banking partner. Or even being approved to open a corporate bank account, to begin with. New players have entered the marketplace to close this gap by providing compliant payment services to crypto businesses and crypto services to banks. One super exciting co...

Før Fipo-sjef, Nicklas Lundh går over i sin nye rolle som leder for strategisk etterretning i SEB har han tatt seg tid til en prat med oss. I denne interessante sesongpremieren snakker vi om samspillet mellom mennesker og maskiner i analysearbeidet, fordelene og utfordringene med mer informasjonsdeling mellom finansinstitusjonene, auto-lukking av transaksjoner, effekten av et felles system for inn...

For the final episode of season 1 of The Laundry, we invited investigative reporter, Dan McCrum to speak about his work on the Wirecard-story. This is a story about the wild rise and crushing fall of the tech giant Wirecard that was exposed as a billion dollar accounting fraud. The story raises big questions about corporate fraud, money laundering and the need for strong financial regulations...

Forrige uke arrangerte vi FinCrime afterwork i Oslo med tema korrupsjon for over 100 bransjekollegaer. Vi var så heldig å få med Erling Grimstad fra advokatselskapet Erling Grimstad, Jan Erik Gran Olsen fra KPMG og Andreas Engstad fra Convier på scenen i en episode av The Laundry Live for å dypdykke ned i tema. Vi får høre de verste korrupsjonssakene Erling og Jan har vært vitne til, vi diskuterer...

In this episode, former McKinsey and AML expert Magnus Johannesen takes you through how big the AML market is, what challenges the banks and financial institutions face, and how new technology can be utilized to reduce costs and make AML processes better. Did you know that European banks and financial institutions spend €200bn+ on anti-money laundering per year?  Over 75% of this is spent on...

Økokrimsjef, Pål Lønseth sammenlignet korrupsjon med en "kreftsvulst av en annen verden" på Antikorrupsjonskonferansen. Og de siste ukene har nyhetsmediene vært tapetsert av overskrifter med ordet “KORRUPSJON”. Hva skjer? Blir det begått mye mer korrupsjon i Norge enn vi liker å tro?.  Vi har invitert Økokrimsjefen i studio for å høre hvordan han vurderer risikoen for korrupsjon akkurat nå, o...

Vi har invitert Danske Bank sin dyktige SAR (Suspicious activity report) Officer, Anette Kristensen, for å snakke om hvordan man skaper seg en karriere innen anti-hvitvask. Hvitvasking er en omfattende og kompleks forbrytelse som ofte kan knyttes til svært alvorlig kriminalitet, fra narkotikahandel, menneskehandel og våpenhandel. Sammen med terrorisme, bidrar det til å bryte ned grunnleggende samf...