All Financial Regulation & Compliance articles – Page 5
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NewsABN 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.
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NewsCity of London calls for action to boost regtech growth
The City of London Corporation has called for urgent action to tackle barriers to the growth of regulatory technology, including the establishment of a collective ‘industry voice’ to represent the United Kingdom regtech sector.
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NewsPair of AML experts charged in US over $1bn of high-risk transactions
Two anti-money laundering (AML) compliance professionals are facing charges in the United States (US) over facilitating high-risk transactions through a credit union without appropriate controls.
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BlogUnexplained Wealth Orders (UWOs) – under-used and under-valued?
The United Kingdom’s Unexplained Wealth Orders have so far failed to live up to the hype, argues Nicola Sharp
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NewsUK adds Pakistan to list of high-risk countries with weak AML/CTF controls
The United Kingdom has added Pakistan to a list of 21 countries it deems to be high-risk due to deficiencies in anti-money laundering and counter-terrorism financing controls.
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NewsPleyer calls on G20 to promote change in fincrime regulatory culture
Dr Marcus Pleyer wants a move away from a ‘form-filling’ regulatory culture and has called on the G20 group of governments to lead the change in order to more effectively fight financial crime.
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NewsGlobal spending on regtech will nearly quadruple to $130billion by 2025, report finds
Spending on regulation technology globally will surge from $33billion in 2020 to $130bn by 2025, as banks increasingly look to Artificial Intelligence (AI) solutions for onboarding and Know Your Customer (KYC) requirements, a report has predicted.
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NewsGibraltar, Guernsey, Jersey and Isle of Man to share CTF information
A new international forum to share counter-terrorism financing (CTF) information with three other jurisdictions has been set up by the Royal Gibraltar Police.
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NewsTNO, Rabobank and ABN AMRO report ‘good initial results’ from privacy-enhanced data-sharing AML project
A project to allow the sharing and analysing of transaction information between banks while protecting privacy of customers has had ‘good initial results’ after testing with synthetic data, a bank involved has said.
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NewsFinCEN appoints former Chainalysis executive as new head
The Financial Crimes Enforcement Network (FinCEN) has appointed a former executive of cryptocurrency analytics firm Chainalysis as its new Acting Director.
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NewsUS beneficial ownership register step closer as FinCEN publishes consultation
The Financial Crimes Enforcement Network (FinCEN) has started the regulatory process of implementing a new beneficial ownership registry for businesses by publishing an Advance Notice of Proposed Rulemaking (ANPR) seeking comment on the proposals.
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VideoStriking the balance between FinCrime, Privacy Law, and Encryption - What needs to change?
Efforts to tackle financial crime and requirements to protect privacy can seem conflicted and, in some cases, drive opposite regulatory expectations for the private sector. Increasingly, entities regulated for anti-money laundering (AML) are drawing large amounts of information from third parties to understand customer FinCrime risks.
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VideoThe drive for Corporate transparency
For decades scandal after scandal has demonstrated that anonymous shell companies have been used to divert public funds, channel bribes and ill-gotten gains as part of cross border corruption and money laundering schemes.
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Video“Off-Grid Workflow” for AML and CLM
It is extremely rare to find an organisation at can claim that its CLM and AML processes have become more efficient and cost-effective over the last ten years.
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VideoReshaping the Future, Planning- Compliance Priorities in Uncertain Times
The recent public health crisis has focused compliance professionals’ attention on making financial crime frameworks responsive and resilient in the face of an uncertain operating environment.
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NewsInternational Compliance Association announces new Global Practitioner Advisory Board
The International Compliance Association has announced the members of its new Global Practitioner Advisory Board.
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NewsErnst & Young drops appeal against $10.8m penalty to laundering whistleblower
Ernst & Young (EY) has dropped its appeal against the United Kingdom’s High Court awarding former partner and whistleblower Amjad Rihan $10.8m (€9.08m) in compensation.
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NewsOnline gaming association calls for ‘decisive action” in money laundering investigations in Malta
An association of iGaming companies based in Malta has called for “clear and decisive action” to hold money launderers in the industry accountable following a series of scandals in recent weeks.
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NewsFrench government updates AML action plan
The French government has outlined measures to increase anti money laundering (AML) supervision and boost corporate transparency in an updated action plan.
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BlogTime for Biden to impose AML requirements on investment advisers?
Recent media reports have suggested President Joe Biden may revive attempts to apply Anti-Money Laundering requirements to investment advisers. David Katz and J. Keith Ausbrook argue that such a move would strengthen the United States financial system.