I live compliance officers!!!

I love compliance officers!!!

The world over. Because this is now a basic characteristic on all 5 continents: the banks are no longer run by the bank manager, but by the compliance department. I expect the mother-in-law and Irishman jokes will soon be replaced by „Have you heard the one about the compliance officer…?” I’m afraid these will fall into the black comedy category for me.

During our meeting here at LAVECO Ltd. this morning, one of my colleagues mentioned that the compliance people in one of the European banks couldn’t say exactly what companies they open accounts for. It’s not the first time I’ve come across this. Some years ago, one of the large banks defined offshore companies as „companies which are registered on islands.” Brilliant! Great Britain is an island, but that hardly means that all the companies registered there are offshore companies. And then there’s Australia – practically a whole continent in one country. But I also came across a case where a large Swiss bank didn’t open an account for a comapny from the BVI because, according to compliance „the BVI is too close to America.” After that the same bank opened an account for the same client for a company registered in the Bahamas. I wanted to send an atlas to the bank’s compliance department, but in the world of Google maps and GPS that somehow seemed rather tacky…

But today’s case wasn’t bad either. By the way, they only open accounts for European countries with the necessary licences. On their part, this is a completely transparent definition, and at the same time reveals just how much they know about the system. Generally, the formation documents of European companies allow for a wide range of activities, the majority of which are not subject to licencing requirements. Licences are only normally required for activities which, acoording to the compliance people at least, are considered sensitive. These include, for example, financial services, medical services, employment agencies etc. The majority of banks don’t tend to like these activities. If, however, we try and follow the logic of the bank’s dear compliance team, then if we take a company registered in, say, Hungary, with a licence from the Ministry of Defence to deal in weapons, then this should fit the bill, as it is European and has a licence… So, I take it you understand what I fail to grasp?

88 thoughts on “I love compliance officers!!!

  1. Greetings from Ohio! I’m bored to tears at work so I decided to browse your site on my iphone during lunch break.
    I really like the info you provide here and can’t wait to take a look when I get
    home. I’m amazed at how fast your blog loaded on my cell phone ..
    I’m not even using WIFI, just 3G .. Anyways, amazing blog!

  2. Hello there, You have done a great job. I will definitely digg it and personally
    suggest to my friends. I’m confident they’ll be benefited
    from this site.

  3. I always spent my half an hour to read this weblog’s posts every day along with a mug of coffee.

  4. I am regular reader, how are you everybody? This post posted at this website is
    genuinely nice.

  5. If some one needs expert view regarding running a blog then i recommend him/her to pay a visit this web site, Keep up the nice job.

  6. My spouse and I stumbled over here from a different web address
    and thought I might as well check things out. I like what I see so now i
    am following you. Look forward to looking over your web page again.

  7. Hi, always i used to check blog posts here in the early hours in the daylight, because i
    like to gain knowledge of more and more.

  8. I simply want to say I’m beginner to blogging and site-building and really liked this web blog. More than likely I’m planning to bookmark your site . You really come with remarkable writings. Kudos for sharing with us your website.

  9. I just want to mention I’m all new to weblog and certainly liked this website. Most likely I’m likely to bookmark your site . You amazingly come with great writings. Regards for revealing your webpage.

  10. I simply want to say I am all new to weblog and really savored your web site. Most likely I’m planning to bookmark your website . You really have great writings. With thanks for sharing your web page.

  11. I just want to tell you that I am just new to blogging and site-building and actually loved you’re web site. Most likely I’m want to bookmark your site . You certainly have tremendous posts. Thank you for revealing your blog site.

  12. Good ?V I should certainly pronounce, impressed with your website. I had no trouble navigating through all tabs and related info ended up being truly easy to do to access. I recently found what I hoped for before you know it in the least. Reasonably unusual. Is likely to appreciate it for those who add forums or anything, site theme . a tones way for your client to communicate. Nice task..

  13. Thanks for the marvelous posting! I definitely enjoyed reading it, you will be a great author. I will make sure to bookmark your blog and may come back in the future. I want to encourage you to definitely continue your great writing, have a nice weekend!|

  14. I just want to say I am just all new to weblog and honestly liked this web site. More than likely I’m planning to bookmark your blog post . You certainly come with really good articles. Many thanks for sharing your blog.

  15. I was looking at some of your posts on this site and I conceive this website is very instructive! Retain posting.

  16. I just want to tell you that I’m all new to blogging and actually enjoyed you’re blog site. Very likely I’m want to bookmark your blog . You definitely have amazing writings. Thanks for sharing your webpage.

  17. Its excellent as your other blog posts : D, thankyou for putting up. “In the spider-web of facts, many a truth is strangled.” by Paul Eldridge.

  18. I think this is among the most significant info for me. And i’m glad reading your article. But should remark on few general things, The web site style is ideal, the articles is really great : D. Good job, cheers

  19. Thanks for some other informative website. Where else may I get that kind of info written in such a perfect method? I’ve a mission that I am just now running on, and I have been on the look out for such information.

  20. thanks very interesting this inspiring me you are a very clever person major thanks for the article post

  21. As I site possessor I believe the content matter here is rattling magnificent , appreciate it for your efforts. You should keep it up forever! Good Luck.

  22. I just want to tell you that I’m very new to blogs and really loved this website. Likely I’m likely to bookmark your blog post . You definitely have impressive writings. Appreciate it for sharing your webpage.

  23. I discovered your blog site on google and check a few of your early posts. Continue to keep up the very good operate. I just additional up your RSS feed to my MSN News Reader. Seeking forward to reading more from you later on!…

  24. It’s great of you to share your side of the story. Love it when people keep it real!

  25. I was very pleased to find this web-site.I wanted to thanks for your time for this wonderful read!! I definitely enjoying every little bit of it and I have you bookmarked to check out new stuff you blog post.

  26. I went over this web site and I think you have a lot of fantastic information, saved to my bookmarks (:.

  27. Particularly insightful, looking forwards to coming back again

  28. Wow, marvelous blog structure! How lengthy have you ever been running a blog for? you make running a blog glance easy. The whole look of your web site is wonderful, as neatly as the content material!

  29. An interesting discussion is worth comment. I think that you should write more on this topic, it might not be a taboo subject but generally people are not enough to speak on such topics. To the next. Cheers

  30. Hello! I just would like to give a huge thumbs up for the great info you have here on this post. I will be coming back to your blog for more soon.

  31. Can I simply just say what a comfort to find an individual who truly understands what they are discussing on the web. You actually realize how to bring an issue to light
    and make it important. More and more people have to check this out and understand this side of your story.
    I was surprised that you are not more popular given that you definitely possess the gift.

  32. Hello! Do you use Twitter? I’d like to follow you if
    that would be ok. I’m definitely enjoying your blog and look forward to new updates.

  33. This is very great post, i did all you said in your post and it works like charm, thanks.

  34. It’s awesome to pay a quick visit this web page and
    reading the views of all colleagues about this article, while I am also keen of getting experience.

  35. I’m amazed, I have to admit. Rarely will i encounter
    a blog that’s both educative and entertaining, and let me
    tell you, you’ve hit the nail in the head. The issue is a thing that
    inadequate people are speaking intelligently about.
    I’m happy that we found this in my seek out something concerning this.

  36. It’s an awesome component of writing designed for all of the
    internet visitors; they are going to get benefit from it
    I am certain.

  37. Hello to all, the contents present at this site are truly amazing for people knowledge, well,
    keep up the nice work fellows.

  38. I really appreciate this post. I have been looking all over for this! Thank goodness I found it on Bing. You’ve made my day! Thanks again

  39. May I simply just say what a relief to find someone that genuinely knows what they’re talking about online.

    You certainly realize how to bring a problem to light and make
    it important. More people really need to read this and understand this side of your story.
    I can’t believe you are not more popular given that you surely have the gift.

  40. You’ve made some good points there. I looked on the net for more info about the issue and found most individuals will go along with your views on this web site.

  41. Simply want to say your article is as astonishing. The clearness in your post is
    just spectacular and i could assume you are an expert on this subject.
    Fine with your permission let me to grab your RSS feed to keep
    updated with forthcoming post. Thanks a million and please continue the enjoyable
    work.

  42. Howdy here, just got aware of your blog through Search engine, and found that it’s truly informative. I will take pleasure in if you decide to retain this idea.

Comments are closed.