FinCrime Job Focus: Francesa Dowling, Head of Compliance, Amaiz
In our latest reader Q&A, Francesa Dowling argues that compliance should never be seen as a tick-box exercise
‘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.
EBA 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.
New 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.
UAE’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?
FATF 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.
Blaming 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
A 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.
New 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.
Indonesia 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.
Former 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.
How 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
Germany, 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”.
Fines 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.
Cayman 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
Hong Kong eyes greater scrutiny of capital flows involving Chinese officials, following FATF criticism
Hong Kong is proposing to expand scrutiny on “politically exposed persons” (PEP) to officials from the rest of China, following recommendations from the Financial Action Task Force (FATF).
Denmark improves FATF compliance overall but downgraded on efforts to regulate VASPs
Denmark’s efforts to improve its anti-money laundering (AML) legislation have been rewarded with a higher technical compliance rating in five areas, but has been downgraded on its efforts to curb Virtual Asset Service Providers (VASPs)
India’s central bank restricts investments in ‘shadow banks’ from non-FATF compliant nations
The Reserve Bank of India has announced a tightening of rules for new investors from overseas in Non-Banking Financial Companies (NFBC)
UK authorities eye crackdown on company formation agents’ laundering
The United Kingdom’s National Crime Agency (NCA) is planning a crackdown on company formation agents in a bid to tackle money laundering.
Luxembourg government hits back at reports country is haven for money laundering
The Luxembourg government has sought to counter allegations that the country is a haven for money laundering and tax evasion, following a damning report by journalists.