January 9, 2019
The first half of this two-part blog focused on the role that some of the world’s largest financial institutions played in facilitating illicit financial flows in 2018. Most of those cases centered on inadequacies in their anti-money laundering (AML) controls that resulted in record-breaking fines. The second half of this blog will look at the worst offenders of last year. In some cases, the banks had to be shut down for blatant links to criminal activity and sanctions breaches. In others, several ongoing criminal investigations looking at hundreds of billions of illicit money have set new records in the world of financial crime for the wrong reasons.