Welcome to the latest issue of The Anti-Fraud Network Newsletter:

Letter from the Editor: February 2016

In this issue, John Evans from CGI talks about best practice for sanctions compliance. If you would like a copy of our low risk due diligence compliance checklist, please contact us.

We are delighted to offer readers a 10% discount on The Canadian Institute’s 15th annual Forum on Anti-Money Laundering, Canada’s longest running forum on Anti-Money Laundering, on 26 and 27 April in Toronto. Forthcoming amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act mean big changes to compliance obligations. This year’s conference will give attendees everything they need to get a head start on implementing these changes, so risk management programmes won’t miss a beat.  Register by phone on + 1 877 927 7936, or register online with AFN member code: D10-319-319CX01 to save 10% off your registration fee. This rate cannot be combined with any other offer or group discounts.

In addition, Momentum’s 9th ACES Compliance Summit is a free, two day programme specially formatted to provide comprehensive, world-class solutions for navigating the toughest global anti-corruption, export controls and sanctions compliance challenges. This year’s event is taking place on 5 and 6 April in McLean, Virginia, and goes above and beyond benchmarking to take a closer look at government expectations of compliance programmes in the US and abroad. Compliance professionals will find the ACES Summit specialises in exploring regional interests and concerns, technological advancements, and best practices in export controls and anti-corruption topics. Registration for this event is free for Corporate Counsel, International Trade and Compliance Executives.

We are always interested in articles and book reviews written by AFN members and readers. If you would like to contribute to the AFN newsletter or the website, please contact us at info@antifraudnetwork.com.

In This Issue:

Sanctions compliance

John Evans 2016Financial institutions face considerable challenges as they strive to comply with ever-expanding legal requirements for combating money laundering and terrorist financing. The number of global watch lists and sanctioned activities continues to grow, as does pressure for organisations to extend their screening processes across the entire enterprise. Sectoral sanctions and screening for Politically Exposed Persons create additional layers of complexity. Watch list data can change daily, further complicating the task of maintaining an up-to-date, efficient screening operation. Each new watch list requirement increases the compliance burden, while potentially slowing transactions and customer service. Financial institutions now more than ever are caught between their obligation to prevent illegal transactions and the rising costs of compliance.

But scaling back screening controls isn’t an option. Individual corporate executives have been prosecuted and jailed, and banks have been fined hundreds of millions, and even billions, of dollars for alleged dealings with black-listed nations and drug kingpins, and for deliberately or inadvertently helping them launder money and evade sanctions. As the global fight against money laundering and terrorist funding expands, the obligation to monitor transactions is expanding beyond financial institutions to affect large corporations, insurance companies, money management and transfer services, and other types of businesses.

Cost-effective compliance

How can these organisations meet the rising demands of sanctions compliance without disrupting customer service or incurring inordinate costs? Implementing the right filtering software to automatically screen transaction data and identify sanctioned entities, appointing the right people, and establishing effective processes are absolutely crucial to a cost-effective compliance programme.

Each of these three components—technology, people and processes—complements and reinforces the others. Each element must be implemented and maintained with an eye toward continuous learning and improvement, so compliance capabilities can keep pace with a constantly changing compliance landscape. The most successful organisations nurture and support an ability to adapt, learn and improve their capabilities across all three areas.

The following are best practices for managing technology, people and processes to maximise compliance and minimise cost and effort. Continue reading

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The Anti-Fraud Network is a network of professionals who specialise in the prevention and investigation of fraud and white collar crime, and the pursuit of claims arising out of the theft or other dishonest appropriation of assets, corruption, misuse of confidential information or similar breaches of duty. Recovering the proceeds of fraud and corruption is one of the truly global problems facing organisations today. Proceeds rarely stay in the country where they have been stolen. For organisations to recover stolen or corrupt assets they need access to lawyers and professionals specialising in their recovery across the world.

The Anti-Fraud Network is dedicated to providing access to trusted points of contact across the globe and offering a unified first-class international service to clients, at a time when experience, speed, co-operation and highly responsive service are most important.

The Anti-Fraud Network has been Highly Commended by the Financial Times in the 2008 FT Innovative Lawyers Awards Report.

UK Bribery Act Interview


Corporate IntlNamed 2013 “Anti-Corruption Law Firm of the Year in London” by Corporate INTL’s Global Awards Publication.

Corporate INTL, 2013

Chambers and Partners LogoNicholas Burkill of Dorsey & Whitney is an expert in bribery and corruption matters, and is widely considered by sources to be an authority on the implications of the new Bribery Act. Sources describe Burkill as “extremely personable, very bright, client-focused and always looking for the best commercial solutions.”

Chambers 2011

The Legal 500 - United KingdomThe Dorsey team is an excellent choice for tax and fraud disputes, and group head Nicholas Burkill is ‘an enormously experienced fraud litigator, with great depth of knowledge; intelligent and hardworking, with an excellent sense of humour. One of the best around’.

Legal 500 2010

Dorsey & Whitney’s practice head Nicholas Burkill is a ‘cool-headed and determined litigator’.

Legal 500 2011