Can you help US federal regulators understand AI?
With the use of Artificial Intelligence in anti-financial crime and other areas predicted to boom, United States federal regulators are scratching their heads and wondering what it means for compliance. They have asked for your help through a public Request for Information. Here is what they are wanting to know.
ABN Amro pays €480 million to settle anti-money laundering investigation out of court
The Dutch bank ABN Amro has accepted an offer from prosecutors to pay €480million to settle accusations of structural anti-money laundering compliance failures and ‘culpable’ money laundering.
Danske Bank CEO resigns after being named suspect in ABN Amro AML investigation
The Chief Executive of Danske Bank has resigned due to being named as a suspect in an investigation into anti money laundering (AML) legislation breaches at rival bank ABN Amro.
City of London calls for action to boost regtech growth
The City of London Corporation has called for urgent action to tackle barriers to the growth of regulatory technology, including the establishment of a collective ‘industry voice’ to represent the Untied Kingdom regtech sector.
Pair of AML experts charged in US over $1bn of high-risk transactions
Two anti-money laundering (AML) compliance professionals are facing charges in the United States (US) over facilitating high-risk transactions through a credit union without appropriate controls.
FinCrime Job Focus: Cameron Brown QC
In our latest Q&A, Cameron Brown talks about expanding electronic crime and increasingly sophisticated fraud
Fincrime experts warn compliance teams to step up efforts in face of new US sanctions
The United States has announced fresh sanctions on Russia, in retaliation to Moscow’s alleged interference in elections and cyber-attacks including the SolarWinds hack.
New Zealand’s central bank to set up AML department
The Reserve Bank of New Zealand (RBNZ) is establishing a standalone, enforcement department covering compliance in anti-money laundering (AML) as well as the banking, insurance sectors.
Unexplained Wealth Orders (UWOs) – under-used and under-valued?
The United Kingdom’s Unexplained Wealth Orders have so far failed to live up to the hype, argues Nicola Sharp
Council of Europe calls for urgent action to improve FIUs across continent
The Council of Europe (CoE) has called for its 47 member states to strengthen their Financial Intelligence Units to improve anti-money laundering and counter-terrorism financing.
UK adds Pakistan to list of high-risk countries with weak AML/CTF controls
The United Kingdom has added Pakistan to a list of 21 countries it deems to be high-risk due to deficiencies in anti-money laundering and counter-terrorism financing controls.
Scale and complexity of laundering activity in Europe ‘underestimated’ warns Europol
Money laundering in the European Union is more widespread and more complex than previously thought, Europol has said in a detailed analysis of crime threats.
Large crypto exchange Gemini signs agreement with Comply Advantage
Gemini , one of the world’s largest cryptocurrency exchanges, has selected ComplyAdvantage’s hyperscale platform for its AI-powered AML risk management.
Israeli regtech AML firm ‘considers public listing’ ahead of expected AI boom
Israeli cyber security firm ThetaRay is considering listing on the stock market following an increase in the valuation of regtech companies.
Due Diligence in the Age of Digital ID. A Revolution in Anti-Financial Crime?
Knowing and trusting who customers are is the primary responsibility of due diligence.