GIR guide to AML: Herbert Smith Freehills Kramer highlights issues faced by financial institutions in multi-jurisdictional AML investigations

Our Corporate Crime & Investigations team has, for the third year, contributed a chapter to the Global Investigations Review's Guide to Anti-Money Laundering: Representing financial institutions in multi-jurisdictional anti-money laundering investigations.

In this chapter, we highlight the issues that may occur throughout multi-jurisdictional anti-money laundering investigations into financial institutions, which present numerous challenges and require careful management of the risks that arise.  These include issues arising from, among others, self-reporting of breaches, reporting of suspicious transactions, preserving and retrieving documents, cross-border transfer of documents and data, document review, production of documents to multiple regulators, secrecy obligations and prohibition against tipping off, as well as cooperation and/or settlement with multiple regulators.  The chapter ends with an overview of the key questions that need to be asked at the outset of and throughout an investigation.

If you have any questions regarding any aspect of this chapter, please do not hesitate to reach out to one of us (contact details listed below), or your usual Herbert Smith Freehills Kramer contact.

We wish to thank our colleagues, Pamela Kiesselbach, Valerie Tao, Elizabeth Head, Elizabeth Kaminski, Martin Le Touzé, César Michel, Ariel Axler, Rémi Jouaneton, Janine Mallis, Tania Forichon, David Chen and Edward Lin for their contributions to this chapter.