Latest Money Laundering Threats – Page 14
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NewsFinCEN publishes new typologies to help firms detect money laundering linked to human trafficking
The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has published new information on typologies and indicators to help compliance teams combat the “horrific toll” of human trafficking.
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FeatureThe skills needed in the FinCrime team of the future
Becky Marriott’s financial crime fighting journey to date includes working on security in warzones, threat intelligence at the 2012 Olympics, tracing global sanction evasion networks and investigating ISIS. Now at digital banking services provider Tide, Marriott discusses the skills needed to equip the financial crime teams of the future.
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NewsFATF flags Chinese FIU’s lack of powers to tackle AML
China’s decentralised Financial Intelligence Unit system lacks the power to analyse suspicious activity adequately, a Financial Action Task Force (FATF) report has said.
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NewsLeicester textile firms ‘involved in money laundering and VAT fraud’
A network of clothing manufacturers in Leicester has been involved in money laundering and VAT fraud, a BBC investigation has found.
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FeatureIdentifying, verifying and authenticating customers – which tech options will you go for?
Know Your Customer rules are tightening but bank customers increasingly want fast sign-up and quick banking. FinCrime Report looks at some of the identification and verification technologies currently being used to prevent fraud and money laundering in an increasingly complex landscape while ensuring user experience remains positive.
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News‘SARs are used as a free pass for bankers and this must stop’: US regulation chief hits out following FinCEN Files
The head of one of the most influential US regulators has heavily criticised the actions of bankers and called for radical change following the publication of the FinCEN Files.
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NewsWhat is the future for the UK’s Unexplained Wealth Orders?
A UK court case earlier this year saw a reversal for the National Crime Agency in an unsuccessful attempt to use Unexplained Wealth Orders to force a suspect to reveal the source of funds. John Binns and Michael Drury explain what this means for the future of UWOs and for reporting bodies.
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NewsSARs system is ineffective at uncovering money laundering, warns United Nations panel
The system under which banks report suspicious activity has uncovered “very few” instances of money laundering, corruption or other financial crimes, a United Nations (UN) panel report has said.
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NewsFresh complaints against Danske Bank push total damages sought to $1.12 billion
More investors and pensions funds are seeking damages against Danske Bank over money laundering claims, bringing the overall figure for damages sought from the institution to $1.12bn.
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NewsBritish MPs write to ministers to demand AML answers as FinCEN Files blame game begins
The chair of a UK parliamentary committee has written to government ministers and watchdog heads after the country’s anti-money laundering controls were put under the spotlight by the FinCEN Files.
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NewsAustralian banking giant Westpac agrees to pay record A$1.3bn fine for AML failures
Australian banking giant Westpac has agreed to pay A$1.3bn ($900m in US dollars) after admitting money laundering failures.
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NewsUK government announces new verification powers for Companies House in AML plan
The UK’s official company register will be required to verify company directors’ identities before they can be appointed, under plans announced by the government.
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AnalysisThe FinCEN Files and $2trillion in suspicious payments: what you need to know at-a-glance
The FinCEN files have hit the headlines this week but what are they exactly?
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NewsUS bank State Street hit with $1.24m AML fine in Australia
US banking giant State Street has been fined $1.24million in Australia for failing to report international fund transfers on multiple occasions.
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BlogThe AML “travel rule”: a new challenge for VASPs and GDPR
A new rule aimed at tackling money laundering through virtual assets is concerning problems, not least with data protection legislation, argues Teggy Altankhuyag
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AnalysisThe money laundering and fraud threats on the rise due to Covid-19
Remote working, the lockdown, government relief packages, restrictions of travel and greater digital use of financial services…The COVID-19 pandemic has led to drastic changes in the way we all live and work in a short space of time.