#rethinkcompliance Blog

#rethinkcompliance Blog

29.04.2022 | Stephan Thom

CFT, Sanctions Screening

What Does ISO 20022 Mean for Regulatory Compliance?

MX ISO 20022 implementation, cross-border transactions and the impact on regulatory compliance projects: The migration of transactions to the newer ISO 20022 format is keeping banks busy these days. What is the impact on compliance related sanctions screening of cross-border transactions? This article collects some experiences gathered during compliance projects.

25.03.2022 | Pinar Karacinar-Gehweiler

AML, FATF

"Asset Peace" or Invitation to Money Laundering?

Turkey in the contradiction between money laundering prevention and asset peace. But Turkey is not alone. Russia, too, is no stranger to this. Turkey: a country between Orient and Occident, a country full of contrasts. Not only is it geographically partly in Europe, but also the motto of the founding father of this republic was: Always look to the West and not to the East. For decades, Turkey was considered pioneering and progressive for Muslim countries.

31.01.2022 | Lea Ilina

ESG, ABC, Bribery & Corruption

ESG in the Tension Field of Corruption

What is not green is made green - The advancing social and political paradigm shift is reflected in the growing interest of investors and consumers in sustainability, environmental protection aspects and social responsibility. ESG (Environmental Social Governance) is on everyone's lips and refers to corporate orientation towards criteria of environmental protection and social responsibility as well as honest corporate governance beyond the legal minimum.

17.01.2022 | Dirk Findeisen, Pinar Karacinar-Gehweiler

AML, Organised Crime

Clan Crime in Germany

Clan crime is currently one of the most explosive topics in Germany, both for the police and for society. Spectacular criminal cases, violence in public spaces, thematisation in TV series, the supposed loss of authority by the state due to lacking, insufficient or half-hearted intervention, parallel structures and the integration debate – a discussion as to whether the term clan does not already discriminate, ethicise or stigmatise – all this shows on the one hand the necessity, but on the other hand also the problems inherent in this part of organised crime (OC).

21.12.2021 | Natalie Hürler, Pinar Karacinar-Gehweiler

AML, KYC, AMLA

Pandora Papers, Panama Papers etc.: Impulse for Change or Just Lip Service?

Another financial scandal that has outraged people worldwide. As usual, those involved are the rich and powerful who use letterbox companies in tax havens to hide their assets from the tax authorities. The most explosive aspect of the revelation of the Pandora Papers was the involvement of high-ranking politicians, whose job it is to prevent this kind of economic crime.

16.12.2021 | Karl Stefan Eggarter

AML, Fraud, Organised Crime

Russia’s Long Shadow

The National Situation Report on Organised Crime 2020, published by the German Federal Criminal Police Office (BKA), puts Russian-Eurasian organised crime back in the spotlight. In the following, we will take a detailed look at this and at those countries in which Russian influence is still noticeable to this day due to their special geographical location and history.

06.12.2021 | Pinar Karacinar-Gehweiler

AML, FATF, AMLA

What Are the Consequences of Turkey’s Inclusion in the FATF Grey List?

On 21 November 2021, Turkey was placed on the so-called “grey list” by the Financial Action Task Force (FATF) alongside Mali und Jordan because its anti-money laundering and counter-terrorist financing (AML/CFT) measures were assessed as insufficient.

15.10.2021 | Uwe Weber

AML, FIU

FIU Annual Report 2020 – The Consequences of Covid-19 (Part 4 of 6)

The Financial Intelligence Unit's (FIU) Annual Report shows that in the period March to December 2020, around 11,200 suspicious activity reports (SARs) were filed in relation to Covid-19 emergency assistance wrongly paid by obliged parties. Of these, the FIU identified around 9,500 reports as attempted fraud.

11.10.2021 | Uwe Weber

AML, FIU, Hawala

FIU Annual Report 2020 – The Phenomenon of Hawala Banking (Part 3 of 6)

Hawala banking, also known as "underground banking", has a centuries-old tradition and exists in many countries as a parallel system to traditional banking. The fact that this system can also be used for the purpose of money laundering or international terrorist financing is not a new discovery. The FIU has now taken up and addressed this unregulated money transfer in its annual report 2020.

04.10.2021 | Uwe Weber

AML, FIU, TBML

FIU Annual Report 2020 – Trade-Based Money Laundering Vulnerability (Part 2 of 6)

In its recently published Annual Report 2020, the German FIU also addressed the issue of Trade-Based Money Laundering (TBML). It presents two case constellations as examples which are quite common in the international context and may be assumed as already known typologies by the obliged parties under the German Money Laundering Act (GwG). Nevertheless, the examples show that such situations require a high degree of manual control activities and pose great challenges for the obliged parties.