Purpose – To describe and to discuss the implications of the US Department of the Treasury's PATRIOT Act regulations requiring “covered financial institutions” (including broker‐dealers, banks, and mutual funds) to maintain risk‐based procedures to ensure that: correspondent accounts...

Purpose – To describe how the role of the compliance function and the compliance officer originated in the UK, how it has evolved over the past 20 years, how boundaries are defined for the compliance function's areas of responsibility, and how the compliance function is expected to change over...

Purpose – The purpose of this paper is to summarize new guidance from the UK Joint Money Laundering Steering Group on best practices for anti‐money‐laundering and combating the financing of terrorism (AML/CFT). Design/methodology/approach – Summarizes key changes including greater...

Purpose – To summarize three implementing rules issued over the past year under the USA Patriot Act by the US Treasury Department Financial Crimes Enforcement Network (“FinCEN”) and to make some basic recommendations designed to help firms improve their overall anti‐money laundering...

Purpose – To draw lessons learned from recent anti‐money laundering enforcement actions. Design/methodology/approach – After providing a brief introduction to the AML regime, this article reviews the recent high‐profile enforcement actions. The article then examines what compliance...

Purpose – The aim of this paper is to outline some key features of China's new rules on anti‐money laundering. Design/methodology/approach – This paper describes the expanded definition of “anti‐money laundering”; the application of the rules to a broader group of financial...

Purpose – The purpose of this paper is to explain the changes to the US federal money laundering and criminal fraud statutes contained in the Fraud Enforcement and Recovery Act of 2009 (“FERA”) Design/methodology/approach – The paper explains how FERA extends the definition of...

Purpose – The purpose of this paper is to assess the role of Money Laundering Reporting Officers (MLROs) in combating money laundering in Zambia's commercial banks. Design/methodology/approach – Questionnaires were administered to MLROs in all commercial banks in Zambia as well as guided...

Purpose – The aim is to explain the meaning of a May 2012 High Court decision and Financial Services Authority fine and their importance for money laundering reporting officers (MLROs) and those who oversee anti‐money laundering (AML) controls. Design/methodology/approach – The paper...

Purpose – The purpose of this paper is to discuss recent trends in anti‐money laundering enforcement by UK regulatory authorities and the UK's response to recent EU anti‐money laundering regulatory reform proposals. Design/methodology/approach – The paper describes HM Treasury's review...