Laundromats, banking scandals and the methods that connect them.
Follow the movement of money through accounts, institutions and legal entities. The archive combines detailed banking stories with conversations about the methods used to conceal illicit funds.
Read the dates alongside the discussions: rules and investigations develop over time.
In the second of a two part, end of year podcast, we continue to explain how we helped with a major BBC investigation into crime on the high street, involving the sale of illicit cigarettes and vapes, modern human slaver…
In the first of a two part, end of year episode, we explain how we helped with a major BBC investigation into crime on the high street, involving the sale of illicit cigarettes and vapes, modern human slavery, people tra…
We dive into the details of OCGs and how they use corporate networks to launder their ill-gotten gains - and the clues they leave behind. And, rather appropriately, we also introduce the world to our new sponsor: https:/…
To conclude this trilogy of podcasts looking at the world from the money launderers point of view, Ray and Graham take a deep dive into trade-based money laundering and trade finance. They revisit the research conducted …
In this second part of Graham & Ray’s trip to the dark side, and with almost prescient timing, they explain how to set up a global money laundering machine. Please don’t try this at home.
In this episode we bring you the second part of our deep dive into the criminal prosecution of NatWest through the lens of the Statement of Facts which accompanied the guilty verdict. This time, amongst other things, we …
In this episode we bring you part one of a deep dive into the criminal prosecution of NatWest through the lens of the Statement of Facts which accompanied the guilty verdict. No matter where you are in the world, given t…
In this episode we wander away from traditional banking intro the world of informal value transfer systems. Oh, and we look at the price of missile launchers. But you’ll need to listen to understand why! Link to the TBML…
Occasionally, we record an episode which is truly an exclusive, and this is one of them. This episode started life as a straightforward explanation of the use of art and auctions in money laundering schemes. And then it …
In this episode, we dive into the world of alternative money laundering methodologies, starting with lending and insurance. And we find out that, with a bit of imagination, any store of value can be used to launder money…
Following hard on the heels of the FinCEN files, the UK has just published its review of the SARs filed in 2019 which gives us the opportunity to look in detail at the headline figures and chat about SARs (both Money Lau…
In this episode we look at (and broadly welcome) the proposed reforms to Companies House - an issue which matters globally given the ubiquity of UK entities in global money laundering schemes. Our reservations - budget a…
Following the release of the #FinCENFiles and the involvement of The Dark Money Files in the story, we have recorded our longest and most in depth episode ever, looking at what it all means.
The third part of our look at the Consent Order issued by the DFS NY against Deutsche Bank throws up some worrying inconsistencies between the CO and the Bruun & Hjejle Danske bank report. Was it because Danske Head offi…
In part two of our special report into the Consent Order issued by the DFS NY against Deutsche Bank we look at its troubled relationship with FBME, the Cyprus based subsidiary of the Federal Bank of Lebanon and conclude …
In the first of a trilogy of special episodes relating to the recent Consent Order agreed between Deutsche Bank and the Department of Financial Services - New York, we look in detail at the nature of the relationship, an…
In this second part of our review of recent fines against SEB in Sweden and Commerzbank in the UK we dive into the detail of the Commerzbank Final Notice which reveals one or two surprises!
In this episode we begin our review of the Commerzbank fine by the FCA and give a brief overview of the SEB fine by the Swedish FSA. What can we learn from these events? Have a listen to find out!
In this episode we cover the foundations of trade based money laundering, what it is and how, classically, it is done. Along the way we make some surprising price discoveries on Amazon, compare a pair of tweezers to the …
Following the release of the Clifford Chance report into Swedbank's High Risk Non Resident portfolio (HRNR) in the Baltic States, we have recorded a special episode based on our initial review of the Executive Summary of…
In this episode we return to the theme of effectiveness, stick up for Deutsche Bank, prefer the Avengers over Batman and announce our forthcoming Dark Money Conference.
In what is probably the most important episode we've recorded to date, we talk about the way in which money laundering is reported and the potentially sexist narrative that underpins it. We also talk about how the frame …
In this episode we look at the recent proposed defamation case between Javanshir Feyziyev and the OCCRP and the role that The Dark Money Files played (so far as we are able to talk about it) in the lead up to the case (w…
In this last episode of season 3 we turn our attention to conducting the business (or enterprise) wide risk assessment. Why and how figure prominently. We also look at the main elements of the soon to be introduced (as a…
We take a close look at events reported by SVT (Swedish Television) in relation to SEB's non-resident banking in the Baltics. Based on leaked material which has been shared with us, we include a forensic review of the de…
In this episode we look back at a recent episode of the BBC1 news programme "Panorama" featuring drug money, gold bullion, billions of dollars of money laundering, poor treatment of whistle-blowers and a (very brief) app…
This week we look at two separate issues (but there are similarities). First up, Swedbank published its 3rd quarter results this week and included an update on their ongoing investigations into the alleged use of their b…
In this episode we look at the recent raid on Deutsche Bank in connection with the Danske Bank story, the role of correspondent banking in the story and the risks associated with it.
In this episode we take a long hard look at the reporting requirements and all the other responsibilities placed on the Money Laundering Reporting Officer. We look at an example of what can happen when thing go wrong but…
In this first episode of season three we give our listeners an overview of the report to the EU Parliament and Commission looking at recent money laundering cases in Europe and what we can learn from them.
In this final episode of the Deutsche Bank story we look at the acquisition of Morgan Grenfell and Bankers Trust along with the banks somewhat strange relationship with Donald Trump. We also mention "The Dark Money Files…
In this episode we complete our review of Deutsche Bank's inspection by the FCA which led to them being fined £163m (and $425m by the Department of Financial Services - New York). W explain in some detail all of the area…
In this second part of our in-depth review of the recent travails at Deutsche Bank we talk about the background to the Systematic AML Programme (SAMLP) visit by the FCA, the LIBOR fine which preceded it (including the £1…
Given its refusal to stay out of the news, we thought it was about time to turn our attention to Deutsche Bank. In an extended set of episodes we are going to examine in detail exactly what, in our opinion, went wrong an…
We report on our involvement in recent leaks relating to Danske Bank and the potential criminal charges that can follow a failure to report. External reports commissioned and cancelled, suspicious activity detected but n…
In this week's episode we talk about the glitch that was discovered in Deutsche Bank's transaction monitoring system (and a couple of other Deutsche Bank related news stories) as well as Graham's recent visit to Lithuani…
The one you've all been waiting for! A detailed explanation of SLPs, their history, construction and how they are used to launder money - plus a further explanation of a Scottish Limited Partnership complex structure to …
In an extended episode, we delve into the intricacies of UK LLPs and, using real examples, explain how the rules allow them to be constructed in a such a way as to hide ultimate ownership behind a series of entirely plau…
We begin our analysis of how legal entities, in locations which have transparent corporate registers can still be used to mask ultimate ownership and control while still providing a veneer of respectability. In this firs…
In this first episode of season 2 we discuss Ali Moulaye, the man whose signature is at the base of Companies House account filings for a multiplicity of LLPs identified as being involved in a wide variety of laundromats…
In a sensational final look at the Danske Bank affair, we analyse the whistleblower report and definitively link it to a UK LLP (along with a few others) a small Russian Bank with Igor Putin (cousin of Vladimir) on the b…
In 2013 Danske Bank executives started to examine,rather more critically, the lucrative bond sale business in Estonia. We look at the reporting and decision making process at the start of that journey and wonder whether,…
Following the release of Phase 1 of the Forensic Risk Alliance report prepared for Swedbank, we take a detailed look at that it has uncovered and where we'd like Phase 2 to go.
We begin to look at all the different occasions, highlighted in the Bruune and Hjejle report, where the management of Danske Bank could (and arguably should) have become aware that they had a significant problem in the E…
The second of our special episodes looking this time at the OCCRPs newly released data dubbed "The Troika Laundromat". Rather than spend 20 minutes criticising everyone involved we thought we'd spend some time contextual…
In this jaw-dropping episode we look under the bonnet at the situation in Estonia just after Danske had bought Sampo. It highlights conflicting stories between what the Estonian regulator was saying to Danske (and in fac…
Following an extraordinary week of developments which saw the removal of Danske from Estonia, its voluntary departure from Latvia, Lithuania and Russia, the launching of an investigation of both Danish and Estonian regul…
In this episode we look in some detail at payments made from Danske Estonia to three specific countries - Spain, UK, and Latvia. The outcome will surprise some and intrigue all. It's a more complex episode because that's…
In this episode we look at a specific set of transactions within Danske Estonia - those emanating from accounts which are also located there. We do so because, of all the transactions that the bank handled, these are the…
If you really want to understand why this was such a noteworthy failure of financial crime controls, this is the episode you really must listen to. We take the audience through the many different elements that constitute…
Episode 2 brings a detailed explanation of the acquisition by Danske Bank of, amongst other things, the branch in Estonia which was the centre of the money laundering operation. It provides details and context as to the …
This is the first in a series of podcasts which explain in a non-technical way how "Dark Money" (e.g. money laundering, corruption, bribery, tax evasion) enters the financial system and infects everything it touches. It …
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