Wednesday, 5 June 2013

Riggs Bank

As part of my aPRM certification journey, the syllabus requires looking into various case studies.

Today, I thought I would take a random approach (to mix up the studying) and pick a case from the list.

Riggs Bank caught my eye. I have no idea why but I just had the sense it would be an interesting case.

How right was I!!

The bank established in 1840 by George Washington Riggs , banker to Abraham Lincoln immediately caught my attention. The investigations which illustrated Riggs poor AML Compliance had me jaw dropping in learning more. The accounts of former Chile President Augusto Pinochet and accounts of Equatorial Guinea made this study session extremely exciting.

After learning about the oversight of obvious suspicious activity transactions, obvious bribery/buying off employees from regulators and learning about the key governance lessons out of this case, I  decided to google Riggs Bank and came across this article published (to my surprise ) yesterday; click on title below :

"Evidence that Riggs Bank money laundered? Priceless!"

What a great way to end my learning session. A must read for sure. Can't wait to hit back the books again and learn about more case studies.