Egmont Group annual report 2017/2018 | AML

Recently the Egmont Group, the global organisation of 159 Financial Intelligence Units published its annual report 2017/2018.

There is a lot that arouses my curiosity, like what “Business Email Compromise Phase II” is. And what is behind “Corporate Vehicles and Financial Products“?

Interestingly the report notes challenges for the FIUs, like technical issues (“compatibility of software between partners may hamper the timely exchange of (specific) information“) and differences in level of expertise. These types of challenges are completely neglected in the case of the ‘obliged entities’, the private parties (like banks, auditors) that have to fulfill investigation tasks in relation to criminal offences.

AML – CFT – CORFIN – CT – FTF – ML etcetera
For those who struggle with the abbreviations, on page 42 there is a glossary of terms. Most are organisational. There are some interesting ones like:

  • AML – Anti-Money Laundering
  • CFT – Counter Financing of Terrorism
  • CORFIN – Corporate Vehicles and Financial Products
  • CT– Counter Terrorism
  • FTF – Foreign Terrorist Fighter
  • ML – Money Laundering

There are three types of reports:

  • SAR – Suspicious Activity Report
  • STR – Suspicious Transaction Report
  • UAR – Unusual Activity Report

If you know these by heart you are an expert.

 

More information:

Over Ellen Timmer, advocaat ondernemingsrecht @Pellicaan

Verbonden aan Pellicaan Advocaten, http://www.pellicaan.nl/, kantoor Rotterdam, telefoon 088-6272287, fax 088-6272280, e-mail ellen.timmer@pellicaan.nl ||| Weblogs: algemeen: https://ellentimmer.com/ || modernisering ondernemingsrecht: http://flexbv.wordpress.com/
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