More From Financial Crime
Council of Europe criticises Romania for inadequate anti-corruption measures
Romania’s compliance with Council of Europe recommendations to tackle corruption among members of parliament (MPs), judges and prosecutors remains unsatisfactory, according to the 47-member human rights organisation.
Swedbank fined by stock exchange for AML failings
Swedbank has been fined a total of $5.5million (SEK46.6m) by Nasdaq Stockholm’s disciplinary committee for historical AML (anti-money laundering) failures.
Dozens arrested and 800 officers deployed in major anti-mafia operation in Europe
A total of 31 people have been arrested in a major operation against international drug trafficking and money laundering which saw the deployment of 800 police officers and tax officials.
Norway’s largest lender fined $48 million over AML failings
Norwegian bank DNB ASA has been fined 400 million Norwegian Kroner ($48.1 million) for failing to adequately comply with anti-money laundering requirements,
Turkey brings cryptocurrency firms under AML/CFT rules
Cryptocurrency exchanges are now included in Turkey’s anti-money laundering and counter terrorism (AML/CFT) financing regulations.
BaFin tells Deutsche Bank to improve AML safeguards
Germany’s financial regulator has ordered Deutsche Bank to do more to improve its anti-money laundering safeguards.
New Zealand told to improve availability of beneficial ownership information
The Financial Action Task Force (FATF) has told New Zealand told to strengthen its anti-money laundering (AML) and counter terrorism financing (CTF) operations in several areas, including improving the availability of its beneficial ownership information.
Prosecutors drop all charges against Danske Bank executives in €200bn laundering probe
Prosecutors in Denmark have dropped charges against the former chief executive of Danske Bank and two other senior executives as part of their investigation into the bank’s Estonian branch money laundering scandal.
Man charged in US with operating ‘notorious’ darknet cryptocurrency mixer as laundering service
A dual Russian-Swedish national accused of moving bitcoin worth $335 million through a ‘notorious’ money laundering cryptocurrency mixer has been arrested and charged in the United States.
VASPs now subject to Ireland’s AML/CFT rules
Virtual Asset Service Providers (VASPs) in Ireland are now required to register with the country’s central bank to comply with anti-money laundering and countering financing of terrorism (AML/CFT) obligations.
London’s money laundering role to feature in Italian mafia trial
The way financial centre London is used to handle earnings from criminal activity is expected to be exposed in Italy’s largest mafia trial for three decades.
Standard Chartered AML failures in Guernsey revealed by regulator
Standard Chartered’s Guernsey subsidiary transferred assets worth $1.4billion to another jurisdiction where there was concern about tax evasion, the Guernsey Financial Services Commission (GFSC) said.
Artificial Intelligence or Authentic Intelligence?
We are on the cusp of an artificial intelligence regtech spending boom, but AI has to be combined with human expertise if we are to stay a step ahead of the money launderers, argues Guy Harrison.
UK sanctions 22 involved in corruption in drive against ‘dirty money’
The United Kingdom government has announced it has imposed sanctions on 22 individuals in various countries around the world involved in serious fraud and corruption
FinCrime Job Focus: Osman Khurshid, Head of Client Success, Synectics Solutions
In our latest reader-submitted Q&A, Osman Khurshid describes the financial crime challenges brought about by the increase in personal data online
Canadian government confirms plans for publicly accessible beneficial ownership registry
The federal government in Canada has confirmed plans for a publicly accessible register of corporate beneficial owners in a bid to tackle money laundering, fraud and tax evasion.
UK taskforce to probe how a digital pound could comply with AML and data protection rules
A new United Kingdom taskforce and engagement forum set up to explore a digital pound will examine how data privacy can be protected under the initiative while anti-money laundering (AML) requirements are still met.
Six arrested in Hong Kong in $322 million laundering case
A money laundering syndicate that allegedly made thousands of suspicious transactions totalling $322million in total has been “smashed” and six people arrested, according to the Hong Kong government.
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.
