More from Banking, Financial Services & Insurance – Page 11
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NewsMoney laundering fears surface as El Salvador makes bitcoin official currency
El Salvador has become the first country to adopt digital currency bitcoin legal tender.
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WebinarHow to mitigate crypto risks with the right data-driven compliance strategy
Despite increased adoption of cryptocurrency across the world, some financial institutions continue to hold back from banking cryptocurrency businesses and investing resources to capitalize on its opportunities, in part because of the perception that it is impossible to control for illicit activity.
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NewsFCA to be demanding of crypto asset exchanges in ML fight
As exchanges dealing in digital tokens and other crypto assets can be used to launder the proceeds of crime, Britain’s Financial Conduct Authority (FCA) must insist businesses with a UK presence meet necessary standards, chairman Charles Randell told an industry audience.
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NewsAustrac updates ML/TF risk assessments for banks
Australia’s financial crime watchdog Austrac has released four new money laundering and terrorism financing (ML/TF) risk assessments for the banking sector.
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NewsBritish online gaming operator fined for money laundering failures
The UK’s Gambling Commission has issued a £5.85m ($8.05m, €6.81m) penalty on Daub Alderney after finding anti-money laundering and social responsibility shortcomings.
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NewsAsset recovery among South Korea’s strong points, FATF
South Korea shows a good understanding of money laundering and terrorist financing (TF) risks bolstered by an ongoing risk-assessment process, according to the Financing Action Task Force (FATF).
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NewsFATF identifies confiscation as New Zealand strength
New Zealand Police has a strong focus on confiscation of proceeds of crime, backed by a top-level target for the volume of criminal assets to be restrained, says the Financing Action Task Force (FATF). The goal is NZ$500m (US$350m, €297m) this year.
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NewsNew Zealand bank penalised for breaching AML/CFT rules
The high court in New Zealand has fined the TSB Bank in NZ$3.5m (US$2.45m, €2.08m) for long-lasting breaches of anti-money laundering and countering terrorism financing (AML/CFT) rules.
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NewsFAFT reports identifies room for improvement in Japan’s AML/CFT measures
Japan has a good understanding of the main elements of money laundering and terrorism financing risks, but there are areas where things could be better.
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VideoGRCTV: Emerging Financial Crime Threats and How To Combat Them
Access this episode on demand, as we delve into Emerging Financial Crime Threats and How to Combat Them.
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NewsFootball authorities to receive $201m after corruption scandal
International soccer’s governing body Fifa and associated organisations are to receive $201m (€171m) seized by the United States’ justice department during a financial crime investigation into the way the sport was run.
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NewsHong Kong breaks up money-smuggling gang
Customer officials in Hong Kong have arrested five men suspected of laundering about HK$170m (US$21.8m, €18.6m) in the first case customs has detected of an attempt to smuggle money out of the territory by driving over the border.
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NewsUS names three people for financial crimes in South America
The treasury department in the US has sanctioned three Paraguayans for money laundering and import-export offences based in the Tri-Border Area of Paraguay, Argentina and Brazil.
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NewsHackers steal $97m from Japanese crypto exchange
Tokyo-based cryptocurrency exchange company, Liquid, has reportedly lost $97 million due to a cyber attack.
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NewsDutch DPA conditionally allows data sharing in fight against fraud
The Netherlands’ data protection authority has granted more than 160 financial institutions a licence to share information about fraudsters to help fight financial crime.
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NewsCompany owner jailed for Covid-relief fraud
Businessman Mukund Mohan of Clyde Hill, Washington state, has been imprisoned for two years after admitting fraud and money laundering to obtain $5.5m (€4.68m) from the US Paycheck Protection Program (PPP) and then hiding the proceeds.
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NewsUS financial firms tread carefully in Afghan dealings
With a designated terrorist group the Taliban now in charge of Afghanistan, US banks and other financial service companies are being extra cautious in business they have in the country to avoid breaching sanctions on the Islamic group.
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NewsNew Zealand share trading platform cautioned on AML breaches
The Financial Markets Authority (FMA) in New Zealand has gone public with a formal warning to Sharesies for having insufficient anti-money laundering measures in place.
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NewsUAE establishes specialised money laundering court
Authorities in the UAE have set up a court in Dubai to focus on combating money laundering.
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NewsGlobal AML fines fallen by 50% in 1H 2021
In the first half of 2021, global fines for anti-money laundering and data privacy compliance violations fell by over 50% year on year, but could swiftly rebound as financial crime continues, according to Fenergo.
