In a recent article, the BBC reported that Deutsche Bank had been fined $630 million by UK and USA regulators.
According to the article, the bank had been negligent in detecting, investigating, and stopping some of its clients from laundering money from Russia through its Moscow, New York and London offices. The article explains in simple terms how a client of the Deutsche Bank illegally moved money out of Russia, using the bank’s offices in Moscow, New York and London.
WHY IS THIS RELEVANT TO YOUR ACCA EXAMS?
Money Laundering is under the current syllabus for P7 ACCA (for 2016/2017), and this article by the BBC gives a straightforward, and easy to understand real life example of money laundering, international efforts to combat money laundering, customer due diligence, and recognising potentially suspicious transactions.
The above list are all areas of the current P7 ACCA syllabus (Money laundering (b),(e), (f) & (g)), and the article gives a clear example of theory in practice
This Case on Money Laundering can be referenced in the exam, and linked to case scenarios to prove knowledge and understanding, which is a requirement to pass ACCA advanced level papers, and gain you extra points!