Money laundering as an adventure!

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!

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

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.

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.