Daniel P. Stipano Quoted in ACAMS Article, “Global Banks Assessing Their Exposure to ‘Paradise Papers’ Companies and Clients”
ACAMSDaniel P. Stipano
Daniel P. Stipano was quoted on November 7, 2017 in an ACAMS article, “Global Banks Assessing Their Exposure to ‘Paradise Papers’ Companies and Clients,” which discussed the collection of confidential records known as the Paradise Papers and its effect on the financial services industry to process transactions for legal entities without any business purpose. The article stated, “Unlike the Panama Papers, which primarily involved leaks from one country and compelled some banks to reevaluate the risk of illicit finance posed by that jurisdiction alone, the latest trove draws on government registries from what the ICIJ called “one-fifth of the world’s busiest secrecy jurisdictions,” including Antigua and Barbuda, the Cook Islands and Malta.
Stipano added, “As they did with the Panama Papers, compliance officers should evaluate how effectively their respective financial institutions can manage any compliance-related risks stemming from the Paradise Papers and report suspicious activity as warranted.” He added, “Anytime there is a disclosure like this there’s going to be a lot of regulatory scrutiny. It wouldn’t be surprising for regulators to follow up with their institutions to see how well they’ve been managing the accounts.”