FINANCIAL FRAUD

A Little Journal Entry Can Bring Big Trouble

December 2011 | Glen Harloff, Grenada

Financial statement fraud, designed to deceive investors or creditors, is one of the
most common and costly of all frauds, but one that tends to get little attention.

PRIVATE BANKING

The Good, the Bad & the Ugly

December 2010 | John Price, Miami

For private bankers, there's nothing more enticing than the prospect of landing a wealthy foreign client, but the client's background and source of funds needs to be carefully analyzed. In many cases, only an enhanced due diligence .

BANKING+TELECOM

The Regulator as Hero

August 2010 | Anabel Pérez, Miami

Mexico's unheralded decision to define rules for mobile banking is a major milestone on the road to including millions of unbanked and underserved Latin Americans in
the financial system and formal economy.

MONEY LAUNDERING

Banks on High Alert

August 2010 | Alexis Chistik, Miami

Throughout much of Latin America and the Caribbean, banks and other financial institutions are getting tougher on money laundering. For the bad guys, the game of cat-and-mouse continues, as they jump from country to country, looking for the weakest link in the chain.

Fighting Credit Card Fraud

November 2009 | John Price , Miami

Banks in Latin America and the Caribbean are losing the battle against credit card fraud, particularly the old fashioned, low-tech variety, where employees and vendors are typically the culprits.

The Ever-Changing Brazilian Banking Industry: Consolidation and opportunities

January 2009 | Natan Rodeguero

The year 2008 will be marked as a milestone for the banking segment in Brazil. Banco Itaú and Unibanco, the second and fourth largest non-public banks, joined forces to form not only the largest bank but also the fourth largest conglomerate in Latin America. This strategic union radically transforms an already highly-competitive sector that will see further consolidation in coming years.

Economic Slowdowns and Capital Movement: Reactions in the remittance market

November 2008 | Jan Smith and Luis Soler

A Remittances are a basic mechanism for the development of recipient countries, but it is vulnerable to economic downturns. In the wake of the economic slowdown, remittances sent by immigrants living in Spain have gradually fallen off in recent months. This is the logical effect associated with higher rates of unemployment in the construction and real estate sectors, and to a lesser extent, in services. Recipient countries are beginning to feel the “aftershocks” of the Spanish economic crisis as they receive less funds from their emigrants abroad.

Weathering the Economic Storm: How the financial industry can respond

November 2008 | Nancy Goldstein

As the current economic situation continues to unfold, financial institutions - including commercial and investment banks, brokerages, and insurance companies - must focus not just on the short term crisis but also on the long term effects they will likely experience. If history is any guide, it is certain they will see a substantial increase in fraud claims, legal disputes, and regulatory actions. There also will likely be new regulatory requirements imposed on these institutions, which will be implemented over the coming months and years, and will require even more time to manifest any positive changes. As fear continues to grip many throughout the globe, our capital markets will remain volatile.

Bank Records and The Right to Privacy

August 2008 | Marilyn Bruno

The right to privacy in the context of financial records continues to be a point of contention in United States. The evolution of anti-money laundering and counter terrorist financing (AML/CTF) statutes and regulations is causing the private banking community to speak out and claim that these actions are scaring investors away. The concerns are really a moot point because the stripping of the right to privacy was a forgone conclusion as early as 1970 (see chart below). Indeed, the U.S. Constitution makes no mention of a citizen’s “right to privacy” in any context, and the Fourth Amendment only protects against search and seizure of “persons, houses, papers, and effects” without showing probable cause and a valid warrant.