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UK bribery convictions prompt business soul-searching; and innovation in US AML practices
20 May 2022 00:00
For years, financial regulators in the US have urged banks and other financial institutions to experiment with new products to help combat money laundering and other illicit financial activity. And they have increasingly done so. So, why the enthusiasm for automation in anti-money laundering practices? Also on this week’s podcast: the UK bottling businesses that found themselves on the wrong side of the Bribery Act. The take-away from it all wasn’t just that managers should watch out for corrupt behavior, but that if they don’t enforce and promote their internal safeguards, they could wind up in court.
A company bottling drinks for Coca-Cola gives example of how a business that ignores the UK Bribery Act may end up punished in court.
OCC stresses innovation in new rule authorizing exemptions to suspicious activity reporting requirementsFinancial regulators urged banks to experiment with new products to help combat money laundering and other illicit financial activity
James Panichi Senior Editor, Asia Pacific
James, an Australian journalist with over 25 years’ experience in print and electronic media, helps to oversee MLex’s coverage of regulatory risk in Asia, with special attention to Australia and New Zealand. In 2016, James was appointed as MLex’s managing editor for continental Europe, overseeing the Brussels bureau’s coverage of EU regulatory affairs and managing a team of 16 journalists in Brussels and Geneva. Previously James worked for the European Voice newspaper, before joining the... Read more
Martin Coyle Senior Correspondent
Martin Coyle is a senior correspondent, based in MLex's London office, reporting daily on bribery and corruption issues in the UK and Europe. Previously he was a senior editor at Thomson Reuters where he covered anti-money laundering, financial crime and regulatory enforcement issues. Prior to that he was editor of The Accountant, the world's oldest accounting publication, and International Accounting Bulletin, a bi-monthly business journal owned by Lafferty.