All Financial Crime articles – Page 17
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News‘Overstretched’ FinCEN needs technological innovation and more funding, says think tank
The Financial Crimes Enforcement Network (FINCEN) in the United States needs more funding and a ‘Manhattan Project’ to develop new technologies in order to be more effective against money laundering, a think tank has said.
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NewsFATF executive secretary calls for end to AML ‘box-ticking’ culture
The executive secretary of the Financial Action Task Force has said there is a need to ensure Anti Money Laundering (AML) professionals “stop just ticking boxes”
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NewsEBA updates guidelines on AML/CTF risk factors
The European Banking Authority has published revised detailed guidance on Anti Money Laundering (AML) and Counter-Terrorism Financing (CTF) risk factors.
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NewsNew Zealand issues first formal warning to a real estate agency chain under updated AML law
New Zealand’s Department of Internal Affairs has issued a formal warning to a large real estate agency chain.
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AnalysisUAE’s AML journey: radical change or more of the same?
The United Arab Emirates has long been a magnet for illicit funds, for a whole host of often deep-rooted economic, historical, geographical and cultural reasons. But with the Financial Action Task Force calling for urgent action, the Gulf state has recently shown signs of flexing its regulatory muscles, but can it really adequately tackle financial crime?
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NewsAuthorities shut down trafficking and laundering network that made profit of €14 million
Law enforcement agencies have dismantled a cross-border human trafficking and laundering ring, raiding properties and arresting 38 suspects in France, Romania and Moldova.
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NewsFATF adds four countries to AML ‘grey list’ following plenary
The Financial Action Task Force (FATF) has added the Cayman Islands, Burkina Faso, Morocco, and Senegal to its ‘grey list’ of countries under supervision.
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BlogBlaming company formation agents misses the bigger picture about AML in the UK
The National Crime Agency is planning a crack down on company formation agents as part of an AML drive. However, John Binns argues the problems are due to more significant holes in the UK’s financial crime safety net
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NewsA strong compliance programme “should be part of a company’s DNA” says head of UK’s SFO
The head of the United Kingdom’s economic crimes investigative agency has stressed the need for companies to have a strong compliance programme.
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NewsNew AML rules in US increase credit risk for banks globally, warns rating agency
New anti-money laundering legislation in the United States intensifies credit risks for non-US banks, a major rating agency has warned.
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NewsIndonesia set to expand AML regulation for fintechs
Indonesia will soon approve a regulation to stem money laundering and terrorism financing by requiring more financial technology companies to report suspicious transactions, the head of its financial intelligence agency has said.
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NewsUK cyber fraud efforts ‘hampered by uncertain definitions and measurement’ warns think tank
A “worrying” lack of certainty about the definition, understanding and measurement of cyber fraud is hampering efforts to tackle cyber fraud, a United Kingdom think tank has warned.
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NewsFormer Europol director to kick off two days of debate at FinCrime World Forum
Sir Rob Wainwright will kick off two days of debate, insight and virtual networking at the FinCrime World Forum next month.
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NewsFurther $853m fraud reported at troubled Indian housing finance company DHFL
Indian finance company Dewan Housing Finance Corporation Ltd (DHFL) has reported a further fraud worth Rs 6,182 crore (around $850m) to the stock market.
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BlogHow your bank can protect a herd of elephants in Botswana’s Okavango Delta
Erik Stretz outlines what Europe’s banks must do to help fight the illicit trade of wildlife
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NewsGermany, Portugal and Romania warned to bring AML laws into line with rest of Europe
The European Commission has sent formal letters of warning to Germany, Portugal and Romania urging them to bring their anti-money laundering (AML) laws into line with European Union directives “correctly”.
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NewsCash payments to UK universities raise money laundering concerns
Financial crime experts have raised concern about the number of universities in the UK which accept cash payments from students from countries with high money-laundering risks.
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NewsFines for AML non-compliance only work in 'limited circumstances', say half of specialists polled
Monetary penalties for anti-money laundering (AML) compliance failures are only effective as a deterrent in “limited circumstances”, more than half of specialists polled in a survey have said.
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NewsCayman Islands issues first fines for beneficial ownership violations
The Registrar of Companies (RoC) in the Cayman Islands has issued a total of 19 fines against companies for noncompliance with beneficial ownership (BO) requirements
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BlogDeFi brings risks and opportunities for AML
Cyber fraud and money laundering involving Decentralised Finance (DeFi) is on the rise. Here Marcus Rickard looks at the risks DeFi creates for AML compliance, the consequences of those risks for AML compliance officers, how the risks can be mitigated and the potential benefits DeFi brings