Category: KYC – Compliance

Do you pay your fair share of Taxes? (Tax Integrity and KYC).
Blogpost, Contribution by Norbert Braspenning, KYC - Compliance, OECD/BEPS, Regulatory, Tax, Tax Havens, Treasury

Do you pay your fair share of Taxes? (Tax Integrity and KYC).

Banks worry about serving clients that could be accused of immoral and unethical behaviour, like not paying enough taxes. Politicians, society and regulators expect banks to prevent their services from being misused. Therefore, banks are expected to develop an appropriate risk model and take reasonable measures. Unexpectedly the OECD and G20 seem to assist. Continue reading Do you pay your fair share of Taxes? (Tax Integrity and KYC).

Trade and sanctions in the current business environment (2/2) – Best practices in due diligence.
Blogpost, Cash Pool, Contribution by Norbert Braspenning, Geopolitics, KYC - Compliance, Liquidity Management, Regulatory, Sanctions, Treasury

Trade and sanctions in the current business environment (2/2) – Best practices in due diligence.

A look at the instrument of sanctions (potential consequences of non-compliance, best practices in due diligence, pitfalls and takeaways). Which, given the potential consequences, is often highly sensitive. Continue reading Trade and sanctions in the current business environment (2/2) – Best practices in due diligence.

Trade and sanctions in the current business environment (1/2) – The instalment of the new European Commission.
Blogpost, Cash Pool, Contribution by Norbert Braspenning, Geopolitics, KYC - Compliance, Liquidity Management, Regulatory, Sanctions, Treasury

Trade and sanctions in the current business environment (1/2) – The instalment of the new European Commission.

Trade and sanctions are one of the key instruments for a couple of governments to exercise political pressure. This leads to important consequences for businesses with their activities at a global scale. Due to recent important political developments, a huge increase in the focus on trade and sanction issues can be noticed. What does this mean in terms of policies? Continue reading Trade and sanctions in the current business environment (1/2) – The instalment of the new European Commission.

Sanction risk and KYC. Why it matters so much to international banks. Lessons learnt!
Blogpost, Cash Pool, China, Contribution by Jiaxin Huang, KYC - Compliance, Liquidity Management, Regulatory, Sanctions, Treasury

Sanction risk and KYC. Why it matters so much to international banks. Lessons learnt!

By re-imposing the previously lifted sanctions on Iran, the US has brought the toughest challenges to bank compliance yet. This article looks at the reasons why international banks have to take compliance risk so very seriously. Continue reading Sanction risk and KYC. Why it matters so much to international banks. Lessons learnt!

Comprehensive Probe Into How And Why Chinese Companies Use Tax Havens And Offshore Financial Centres – A Tax Integrity Reference Work.
China, Contribution by Chenwei Yang, Contribution by Jiaxin Huang, Contribution by Shining Lin, KYC - Compliance, Liquidity Management, Paper, Regulatory, Tax, Tax Havens, Treasury

Comprehensive Probe Into How And Why Chinese Companies Use Tax Havens And Offshore Financial Centres – A Tax Integrity Reference Work.

Must read for those involved in Client Tax Integrity. Paradise Papers in relation to China. All-inclusive research into why Chinese multinational companies are registered in tax havens. A closer look at the Chinese expansion strategy, and why offshore entities in tax havens fit that strategy. A detailed examination of the advantages of tax havens and the resulting Chinese selection criteria applied to territories for overseas entities. This against the backdrop of tax evasion and aggressive tax avoidance. Continue reading Comprehensive Probe Into How And Why Chinese Companies Use Tax Havens And Offshore Financial Centres – A Tax Integrity Reference Work.

Money laundering as an adventure!
Blogpost, Contribution by Norbert Braspenning, KYC - Compliance, Liquidity Management, Regulatory, Tax, Tax Havens, Treasury

Money laundering as an adventure!

Being rewarded makes us feel good. When exposed to a rewarding stimulus, the brain responds by increasing release of the neurotransmitter dopamine. Deep within we all hope to receive some sort of payoff for the good that we do. Truth be told, in our working life, there is usually no satisfying payoff. However, there seems to be an exemption. According to the US Department of Justice there is one industry that rewards its employees for their hard work, the money laundering industry. It accumulates more money than the electronics industry, the entertainment industry and the pharmaceutical industry combined.

Now you may be thinking, ….. wait! …… money laundering, ….. isn’t that illegal? Minor technicality. However, it is exactly this technicality that leads governments globally to try to suffocate this flourishing industry, whilst others’ strategy is to bypass the defences and become the most successful human beings on earth. Continue reading Money laundering as an adventure!

Who and What Determines Offshore Ethics? – A perspective on tax avoidance, KYC v2.0
Arm's length, Blogpost, Cash Pool, Contribution by Norbert Braspenning, KYC - Compliance, Liquidity Management, Regulatory, Tax, Tax Havens, Transfer Pricing, Treasury

Who and What Determines Offshore Ethics? – A perspective on tax avoidance, KYC v2.0

The Cayman Islands may be beautiful, but the world’s wealthy, and some of the world’s biggest businesses are there for another reason, its financial system. This article sheds light on how this works, against the backdrop of tax avoidance, the moral aspects, and financial institutions’ Customer Due Diligence / Know Your Customer. Continue reading Who and What Determines Offshore Ethics? – A perspective on tax avoidance, KYC v2.0

Customer Due Diligence and KYC – Understanding Your Bank’s Challenges.
Blogpost, Cash Pool, Contribution by Norbert Braspenning, KYC - Compliance, Liquidity Management, Regulatory, Sanctions

Customer Due Diligence and KYC – Understanding Your Bank’s Challenges.

Regulators expect financial institutions to become the gatekeepers for preventing the misuse of the financial system for activities like money laundering and terrorist financing. Therefore compliance-risk, as well as controlling integrity-risks, has become one of the most significant ongoing concerns for financial-institution executives. Tighter compliance regulations have challenged financial institutions in a variety of ways. Continue reading Customer Due Diligence and KYC – Understanding Your Bank’s Challenges.