Between the hammer and the anvil? The anti-money laundering-complex and its interactions with the compliance industry

Verhage, Antoinette

doi:10.1007/s10611-008-9174-9

Cited by 44 publications

(40 citation statements)

References 4 publications

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“…Yet, the “overwhelming presence of the term ‘compliance’ did not reflect any consistency across the job titles held by” (Weber & Fortun, , p. 102) these employees. The preferred title used by the various companies to denote this position is under the title of “CO” but there are also variations of that including “compliance coordinators,” “heads of compliance,” “(chief) money laundering reporting officers,” “internal controllers,” “head legal and compliance,” etc., (Verhage, ) and even ombudsman (Morf, Schumacher, & Vitell, ). In Europe, some CO are now also given the role of data protection officers to comply with the new General Data Protection Regulation (GDPR) Directive as decided by the European Parliament and European Council ().…”

Section: Literature Reviewmentioning

confidence: 99%

“…Drawing on the literature, the following section will present and analyze the various characteristics that a CO is expected to have. Even though some similarities have been identified in professional and academic background, job responsibilities and other skills, it is important to remember that there is not a single, standard profile for a CO (Verhage, ). Furthermore, it should be noted that regarding the CO's demographics, the literature suggests that compliance departments include people from diverse ethnical backgrounds, age groups and gender, making the demographics irrelevant to the profile of the “effective” CO.…”

Section: Introduction: the Compliance Officer Conceptmentioning

confidence: 99%

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Contextualizing compliance officers and their state of practice

Krambia‐Kapardis

Stylianou

Demetriou

2019

Business and Society Review

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The compliance officers' (CO) profession has been evolving over the last few decades. The expectations placed upon the individuals holding such a position vary across jurisdictions, but they are all expected to ensure employees and management of the business entity comply with the law. Given the limited research on CO in Europe, and the increasing public interest in this profession, the current authors have carried out a survey in Cyprus in an effort to map out and contextualize the CO' profession. The findings illustrate CO's academic and professional qualifications, their awareness of their legal liability, the level of knowledge and job performance of their duties as prescribed by law, as well as gaps in the performance of duties as expected by management, boards, and regulators. The policy implications derived from the study suggest coherence and synergies to be found through common exam and postgraduate qualification in the field of financial compliance.

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Section: Literature Reviewmentioning

confidence: 99%

Section: Introduction: the Compliance Officer Conceptmentioning

confidence: 99%

Contextualizing compliance officers and their state of practice

Krambia‐Kapardis

Stylianou

Demetriou

2019

Business and Society Review

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“…These officers assist in the management of money laundering and terrorist financing risk. They generally ensure that employees are trained on the relevant processes, monitor compliance with CDD processes and manage AML/CTF reporting obligations (Verhage 2009). …”

Section: The Fatf Recommendations and Financial Institutionsmentioning

confidence: 99%

“…(Shah and Anor v HSBC Private Bank (UK) Ltd [2012] EWHC 1283 (QB)). The analysts furthermore lack investigative powers and the analysis is mainly limited to the institutional data on the client (Verhage 2009). In many cases the institutional data may be outdated.…”

Section: Monitoring and Reportingmentioning

confidence: 99%

Financial Crimes: Psychological, Technological, and Ethical Issues

Dion¹,

Weisstub²,

Richet³

2016

International Library of Ethics, Law, and the New Medicine

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The book series International Library of Ethics, Law and the New Medicine comprises volumes with an international and interdisciplinary focus. The aim of the Series is to publish books on foundational issues in (bio) ethics, law, international health care and medicine. The 28 volumes that have already appeared in this series address aspects of aging, mental health, AIDS, preventive medicine, bioethics and many other current topics. This Series was conceived against the background of increasing globalization and interdependency of the world's cultures and governments, with mutual influencing occurring throughout the world in all fields, most surely in health care and its delivery. By means of this Series we aim to contribute and cooperate to meet the challenge of our time: how to aim human technology to good human ends, how to deal with changed values in the areas of religion, society, culture and the self-definition of human persons, and how to formulate a new way of thinking, a new ethic. We welcome book proposals representing the broad interest of the interdisciplinary and international focus of the series. We especially welcome proposals that address aspects of 'new medicine', meaning advances in research and clinical health care, with an emphasis on those interventions and alterations that force us to re-examine foundational issues.More information about this series at

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“…Governmentality includes a series of surveillance practices carried out by the banking industry, though these have been the subject of little academic study (Harvey, 2004(Harvey, , 2008Yeandle et al, 2005;Canhoto, 2007;Verhage, 2009). Our objective here is to explore the everyday consequences of the global drive against 'dirty money'.…”

Section: Introductionmentioning

confidence: 99%

Reluctant partners?

2011

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The implementation of the ongoing anti-money laundering/counter-terrorism financing (AML/CTF) drive within the private sector reflects a tension between the logic of state sovereignty and that of neoliberal governmentality. In this article, we show that the main concrete output of two decades of global policy in this area is found in the routinization of professional interactions between banks and law enforcement agencies. Banks recruit former law enforcement officials and attempt to establish informal ties with the police or intelligence bodies. They are also actively involved in intelligence-led policing missions and have become embedded in interdependent relationships with law enforcement agencies. Drawing on data from 75 interviews conducted with AML/CTF professionals within France, the article shows how new everyday professional routines in the banking sector reflect governmentality in the making.

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Between the hammer and the anvil? The anti-money laundering-complex and its interactions with the compliance industry

Cited by 44 publications

References 4 publications

Contextualizing compliance officers and their state of practice

Contextualizing compliance officers and their state of practice

Financial Crimes: Psychological, Technological, and Ethical Issues

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