All Financial Crime articles – Page 19
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News
UAE Central Bank fines 11 banks for AML failures
The Central Bank of the United Arab Emirates (CBUAE) has fined 11 banks for failing to meet a deadline to improve their anti-money laundering (AML) and combatting terrorism financing (CTF) frameworks.
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News
Philippines strengthens AML and CTF law to meet FATF deadline
Philippine President Rodrigo Duterte signed a new law to boost the country’s anti money laundering and counter terrorist financing efforts ahead of a key deadline from the Financial Action Task Force (FATF).
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Report
Not enough needles and too much hay: the problem with Suspicious Activity Reports
The FinCEN Files shed a light on a creaking system under which millions of reports of suspicious activity are filed to over-stretched authorities every year. FinCrime Report examines how to make it easier for government agencies to find the useful “needles” in the “haystack” of SAR reports.
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News
Head of German financial regulator leaves post over Wirecard scandal
Felix Hufeld, the President of the Federal Financial Supervisory Authority (BaFin), will leave his post as part of a reorganisation of the German regulator following the Wirecard scandal.
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Q&A
FinCrime Job Focus: Neil Downing, Vice President, Products, TMT Analysis
In our latest reader-submitted Q&A, Neil Downing talks about developing new products in a changing industry
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News
Cryptocurrency crime drops overall but ‘DeFi’ thefts rise, report reveals
Decentralised finance (DeFi) is the “next major threat vector for fraud and money laundering”, accounting for half of crypto thefts in 2020, according to a new report.
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News
Official warns of ‘disturbing’ amount of Russian money laundering in London
A senior UK official has warned about the “disturbing” prevalence of Russian money laundering in London, and said is too easy to set up companies in the United Kingdom.
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News
AUSTRAC consults on AML/CFT rule changes as part of regulatory overhaul
AUSTRAC has opened a consultation on proposed changes to its anti-money laundering (AML) and counter-terrorism financing (CTF) rules as it seeks to strengthen its approach.
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News
RUSI argues for national security response to tackle fraud ‘epidemic’
A UK thinktank has called for fraud to be considered a ’national security priority’ backed by a new public-private strategy.
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News
China’s clampdown on payment providers is necessary to protect international financial ecosystem
The authorities in China are seeking to expand anti-money laundering supervision of non-bank payment providers and have also stepped up fines. Jose Caldera explains why this is needed.
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News
Three financial institution staff arrested in UK as concern grows over Covid-19 loan scheme fraud
Three men working for a financial institution have been arrested in the United Kingdom as part of a probe into suspected fraudulent claims totalling £6million made through the Covid-19 Bounce Back Loan Scheme (BBLS)
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News
Spanish and US authorities ‘dismantle’ group laundering money for South American drug cartels
A criminal network which laundered money and used hitmen to collect cash throughout Spain for South American drug cartels has been “dismantled”, Europol has said.
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Q&A
FinCrime Job Focus: Andy Mason, Head of Customer Operations & Financial Crime, Mettle
In our Q&A this week, Andy Mason talks about sharing information, technology and the importance of being laser-focused on your priorities
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News
BIDEN INAUGURATION: Incoming US Treasury Secretary pledges to build beneficial ownership registry as “quickly as possible”
The incoming US Treasury Secretary Janet Yellen has told the Senate that cleaning up America’s corporate transparency problem is a “very high priority”.
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News
European Commission takes aim at unilateral sanctions by ‘third-countries’ as it unveils strategy to strengthen financial system
The European Commission has published a new strategy to strengthen Europe’s financial system, including measures to tackle the impact of ‘unlawful’ unilateral sanctions imposed by ‘third-country partners’.
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News
French central bank conducts Digital Euro experiment with €2million in simulated transactions
The Bank of France (BoF) has announced that it has carried out a successful experiment of a central bank digital currency for interbank settlement purposes.
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Blog
Brexit, freedom, and financial crime: a pyrrhic victory?
At the eleventh hour, the European Union and the United Kingdom have signed an agreement that, among other things, continues cooperation on financial crime. But how does its effectiveness compare to what it replaces? asks John Binns
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News
Three in 10 financial services employees ‘unaware slavery exists in the UK’, report finds
Three in 10 employees in the financial services sector are unaware that modern slavery exists in the UK, a report has found.
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News
US real estate companies hand over £50m to resolve ‘Black Market Peso Exchange’ laundering charges
Three US real estate companies have agreed to forfeit $50m to settle claims they accepted proceeds from drug trafficking laundered through a notorious underground currency exchange.
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News
Total AML fines triple as China clamps down on payment providers
The People’s Bank of China (PBOC) levied three times as much money in fines for anti-money laundering (AML) breaches in 2020 as it did in the previous 12 months, according to a new report.