On the 25th of March 2015 PayPal agreed a $7.7m (£5.1m) settlement with U.S officials due to a breach of OFAC sanction regulation. For several years, up until April 2013, PayPal had been allowing users of their service to channel…
Why does ultimate beneficial ownership matter?
The joint-stock company is a social innovation that made possible global capitalism today. The array of corporate vehicles that it has spawned – limited liability corporations, trusts, limited companies and other legal structures – make possible the investment of capital and the…
Cryptocurrency, Financial Crime and Regulation
The recent HM Treasury publication, “Digital Currencies: response to the call for information”, reported that 80% of respondents believe digital currency requires a form of regulation. In addition, due to the anonymous nature of digital currency, participants acknowledged that money…
Effective Methods of Counter-Terrorist Financing
In a 9,000 word PhD chapter length article in the New Yorker, Mattathias Schwartz raises some interesting points.
Why is HSBC unable to resolve its money-laundering issues?
The wave of fines levied against financial institutions has not stopped since the financial crisis of 2008 precipitating financially and reputationally expensive recapitalisations of British and international banks. Despite this, even by 2015, the waves of fines is ongoing, as…
Fincen: Sanity Required Over Wholesale Termination of MSB Accounts
Fincen yesterday issued a statement regarding the extent to which banks should terminate the accounts of MSB’s. The statement declared: MSBs play an important role in a transparent financial system, particularly because they often provide financial services to people less…
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