All Financial Regulation & Compliance articles – Page 4
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News
‘Stablecoin’ must be regulated like banks, says Bank of England
The Bank of England has said payments made with stablecoins need to be regulated in the same way as payments handled by banks if they become widely used.
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Analysis
The key theme: building next generation fincrime partnerships
Next month’s FinCrime World Forum will feature a whole stream of panel debates on future fincrime partnerships. Here we look at some of the eye-catching partnership projects from around the globe
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Article
Red Flag series: Orchestrating RegTech solutions to work together
The first episode of the GRC Red Flag Series discusses the GRC Orchestrate project and calls for firms to work collaboratively on standardising industry-led solutions to RegTech.
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Analysis
Pushing the pace of RegTech adoption to fight the criminals
Next month, Dr Sian Lewin will address FinCrime World Forum on the topic of removing barriers to RegTech adoption in financial crime. Here, she talks about the benefits of technological solutions and explains why the pace of adoption needs to speed up.
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Analysis
‘AML is the least effective anti-crime measure anywhere, ever’
Outcomes scientist Dr Ron Pol has been ruffling feathers with his strong criticism of current anti money laundering (AML) frameworks. Ahead of his appearance at FinCrime World Forum next month, he argues current thinking is not working because it has no basis in effectiveness and outcomes science.
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Analysis
The key theme: focusing effectiveness on tackling financial crime
Regulators, government departments, private businesses and law enforcement agencies carry out a huge amount of activity every single day to combat financial crime, but how much of it is actually effective? How do we measure and improve our effectiveness? Next month’s FinCrime World Forum global live stream experience will feature several sessions on this topics. To get you in the mood, Matthew Redhead explains the key issues and argues for a systemic approach
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News
EU plans to ban cash payments above €10,000 in AML move
The European Commission is preparing to prohibit cash transactions of €10,000 or more as part of new anti-money laundering measures.
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News
Pakistan to work towards meeting FATF’s AML conditions
The Pakistani government is to bring in a swathe of new rules and procedures with the goal of ending its three years on the Financial Action Task Force’s grey list which subjects it to increased monitoring.
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News
European Banking Authority outlines plans for a centralised AML/CFT database
The European Banking Authority (EBA) has published a consultation paper on plans for an anti-money laundering (AML) and counter terrorism financing (CTF) centralised database in the European Union.
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News
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.
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News
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,
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News
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.
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News
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.
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News
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.
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News
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.
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News
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.
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News
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
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News
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.
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News
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.
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Analysis
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.