Author: Azizur Rahman 7 May 2020
With concerns that emergency Covid-19 loans could be used by those looking to launder money and finance terrorism, Rahman Ravelli’s Aziz Rahman outlined the challenge facing banks.
His thoughts on the issue were used by Thomson Reuters for an article. In the piece, which can be read here, Aziz emphasised that banks currently have limited ways of conducting due diligence. But he stressed that banks must follow Financial Conduct Authority guidance and consider – at the highest level – what checks they can carry out on customers.
With the potential for remote working, there is, according to Aziz, no reason why banks cannot assess and amend their compliance procedures.
Aziz's comments can be read on Thomson Reuters Regulatory Intelligence (subscription required).
Aziz Rahman is Senior Partner at Rahman Ravelli and its founder. His ability to coordinate national, international and multi-agency defences has led to success in some of the most significant corporate crime cases of this century and top rankings in international legal guides. He is recognised worldwide as one of the most capable legal experts regarding top-level, high-value commercial and financial disputes.