More From Financial Crime Regulation & Compliance
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FeatureCrypto Service Sanctioned In a Complex and Evolving Risk Landscape
The US Treasury Department has sanctioned a “virtual currency mixer” for failing to prevent money laundering by foreign cybercriminals. The developer behind the project was arrested in Amsterdam two days after the sanction was announced.
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Feature
Law Firm Fines Quadrupled Over Two Years, Mostly Due to Money-Laundering Compliance Failings
Data from the Solicitors Regulatory Authority (SRA) shows a substantial increase in the number and amount of fines issued to law firms. A look at the data reveals the main cause of the increase: law firms are failing to meet their obligations to detect and prevent money laundering.
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Feature
The Crackdown on the Illicit-Finances Aiding Oligarchs
The United States Department of Treasury has outlined actions it plans to take to address illicit finance, saying Russia’s invasion of Ukraine had underscored the need to close regulatory loopholes and step up the fight against related financial crime and transnational corruption.
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News
Investors warn European companies over climate accounting
Volkswagen and BP are among 17 of Europe’s largest companies to have been warned by 34 investors over their accounting of climate risks.
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Russia readies roubles for bondholders as debt default looms
Russia moved closer to defaulting on international debts this week, prompting a move to hoard roubles to pay international bond holders that need to be repaid in dollars.
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Day two at FinCrime Global explores crypto-regulation and the EU’s anti-money laundering tactics
FinCrime Global’s second day delivered more expert insight for financial leaders and senior practitioners working within financial crime.
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Europe to toughen up on crypto transfers to close net on financial criminals
The European Union is making moves to shore up security around the transfers of cryptocurrency as part of a programme of measures designed to enhance governance and control in the rapidly evolving crypto sector.
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US Departments of Treasury and Justice launch oligarch whistleblower programme
The US Department of Treasury’s Financial Crimes Enforcement Network has created a new whistleblower programme that will pay more than $5 million to any whistleblower with original information that helps them seize assets of Russian elites seeking to evade US sanctions.
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Event
FinCrime Focus: Sanctions is a one-day livestream event
The use of unilateral and multilateral sanctions continues to rise in international relations and fast-changing, far-reaching laws, regulations, and multinational initiatives are transforming the sanctions field on a regular basis meaning organisations need to be at the top of their game.
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Cybersecurity certification to strengthen renewable energy sector
A new report has recommended that more cybersecurity testing be carried out as part of improved cyber certification for distributed energy resources (DER) and inverter based resources (IBR).
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Russian money diverted to “grey listed” UAE as sanctions mount
Huge swathes of Russian money are being diverted from Europe to Dubai as Western sanctions increase pressure on Russia over its invasion of Ukraine.
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Day two of FinCrime Global delves into RegTech’s role in the fight against financial crime
FinCrime Global second day brought more global experts together to discuss the key themes defining the financial crime landscape today.
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Digital Trust Europe 2022
According to legendary marketer, Seth Godin “The digital asset that matters is trust. Awareness first, then interaction, and maybe a habit, but all three mean nothing if they don’t lead to permission and trust. The privilege of connection. Everything else is slippery.”
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Crown Resorts probed by AUSTRAC over possible AML breaches
Australian casino operator Crown Resorts has revealed that it is being investigated over possible breaches of anti money laundering and counter-terrorism financing laws.
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FCA warns of hybrid working practices
The UK’s financial regulator, The Financial Conduct Authority (FCA) has released a new guidance on remote or hybrid working expectations for firms.
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US 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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Bipartisan US bill will treat digital assets as commodities
U.S representatives have reintroduced a bill that will define and establish how federal regulators should handle cryptocurrency.
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EC ‘to set up AML body’
The European Commission is said to be proposing establishment of the Anti-Money Laundering Authority (AMLA), plus closer supervision of crypto-assets, in response to calls for tougher action against dirty money.
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Binance aims for regulatory compliance, says CEO
Online cryptocurrency exchange Binance is determined to follow local rules wherever it operates, says CEO and founder Changpeng Zhao.
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Pakistan establishes AML/CTF unit
The National Accountability Bureau, Pakistan’s anti-corruption watchdog, has set up an anti-money laundering and terror financing team (AML/CTF) to check financial crimes and illegal transfer of resources.
