Resources for Sarbanes-Oxley (SOX)

Anti-money laundering - not to be feared!

www.union-network.org

Anti-Money Laundering; compliance; regulation; audit; all have the sound of money being spent rather than earned; of cost rather than profit; of people who want to tell you, "NO! You can't do that".
But it does not have to be like that (really!).

The regulations surrounding Anti-Money Laundering resulted in people being concerned about ticking boxes rather than being involved in anti-money laundering. This resulted in the authorities receiving many reports that were submitted "just in case". A good example of this culture of box-ticking was mentioned by Tom Perkins, who was head of the nomination and governance committee for Hewlett-Packard, who said in The Times ("Monday manifesto", November 5, 2007), "In today's world [referring to Sarbanes-Oxley] just substitute box-ticking for judgement; it's certainly easier."

With box-ticking in mind, the UK authorities have changed the rules to a risk-based approach. This may put more responsibility on the company and its officers but it does allow those who understand the industry to have more control over what they allow and what they do not. It does mean that proper judgement is required and that both the Money Laundering Reporting Officer (MLRO) and the Senior Management / Board do have to be aware of the law and regulations.
Also, the third EU money laundering directive is about to come into force (December 15) and this will affect those in the EU who run Internet casinos.

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