Corruption, both foreign and domestic, historically accounts for a significant share of tainted funds that criminals launder through the system of traditional finance. In the EU, Directive (EU) 2018/1673 on combating money laundering by criminal law identifies corruption offences among the top-10 predicate crimes. Financial institutions stand exposed to the risk of corruption not only through their customer relationships but also on their own, for instance through employees as well as third parties that may be acting on their behalf in foreign markets. This first in a series of three webinars about corruption will explore industry best practices in terms of embedding ABC priorities into an FI’s AML program.
Reviewing specific corruption risks to which FIs may be exposed, both domestically and internationally
Examining ways in which an effective AML program can account for the risk of corruption, in line with existing regulatory requirements
Discussing common failings, red flags and enforcement trends with the help of several case studies