Effective AML, Anti-Bribery Programs Hinge On Collaboration
Law360 (February 12, 2020, 5:05 PM EST) -- Typically, when financial institutions are made aware of a particular government enforcement action for fraud or corruption, anti-money laundering and anti-bribery and corruption — or AML and ABC — teams are mobilized to ensure that their own business was not exposed in the fallout.
Take, for instance, the case of ex-Goldman Sachs Group Inc. partner Tim Leissner following the infamous 1MDB money laundering and bribery scandal fallout, the worst corruption scandal in Malaysia’s history. Though Goldman Sachs had sufficient safeguards in place that caused it to turn down a central figure to the scam as a client several times, it was seemingly...
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