Insights

Recent years have been characterised by a series of money laundering scandals. Such scandals do not only expose institutions to substantial monetary penalties but also damage the reputation of the institution. Ensuring that the institution has a strong compliance culture is paramount in order to mitigate the risk of non-compliance with the applicable laws. The adoption of the three-line of defences and the implementation of a robust governance framework, customer due diligence framework and sanction screening programme will help ensure institutions to remain above-board in relation to financial crime-related offences.

Dr Mario Zerafa, a Senior Associate within Ganado Advocates’ Investment Services and Funds team, held a webinar on 23 April 2020 during which, issues such as compliance culture, governance, anti-money laundering obligations, compliance and risk management were discussed. The webinar also went through the Danske Bank money laundering scandal; a bank which went from being one of Europe’s most respected financial institutions to getting embroiled in one of the world’s biggest money-laundering scandals.