Most Popular Content – Page 26
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NewsFATF president pledges to support digital transformation of AML/CFT systems
The Financial Action Task Force (FATF) will seek to support the building of greater efficiency and resilience in anti-money laundering systems through digital transformation, its president has announced.
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BlogNavigating open banking while keeping the fraudsters at bay
In the open banking era customer user experience is key, but how do you also ensure assets are protected from fraudsters? Frans Labuschagne of Entersekt outlines some ideas
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NewsUK Treasury Committee announces fresh inquiry into financial crime
An influential cross-party group of lawmakers in the UK has launched a follow-up enquiry into financial crime following the release of the FinCEN Files last month.
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NewsBA facing potential ‘£800m’ lawsuit over data breach
British Airways (BA) is potentially facing the largest privacy class-action lawsuit in UK history over its mass customer data breach that affected 400,000 people, according to a law firm involved.
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BlogMore money laundering and more SARs – the potential impact of Germany’s new AML law
A proposed new law in Germany would have a drastic impact on the volumes of transactions punishable as money laundering. Compliance teams will need to be on the ball, explains Andrew Northage
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NewsTrump-appointed regulator proposes rule to compel banks to lend to “unpopular” businesses
A US regulator has proposed a new rule aimed at compelling banks to lend to “unpopular” businesses such as oil businesses and gun manufacturers.
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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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Q&AFinCrime Job Focus: Mike Hampson, CEO, Bishopsgate Financial
In our latest reader-submitted Q&A, Mike Hampson argues that the banking sector needs to improve collaboration to tackle financial crime
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ArticleWelcome to FinCrime Report – we want to hear from you
Today we launch the new FinCrime Report website, brought to you by award-winning events and publications business GRC World Forums.
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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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NewsEBF sets out Digital Euro wish list, urging attention paid to AML
Plans for a Digital Euro must pay particular attention to anti-money laundering and counter terrorism regulatory requirements, the European Banking Federation (EBF) has said.
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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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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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NewsAUSTRAC plans A$100m regulatory system overhaul and more enforcement action
AUSTRAC will overhaul its regulatory system using A$100m of new funding and step up enforcement action, a senior figure at the Australian financial crime regulator has said.
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NewsSwiss bank Julius Baer agrees to hand over nearly $80m to settle FIFA corruption case
Julius Baer said it has reached an agreement in principle with the US Department of Justice to resolve an investigation into the bank’s role in the FIFA corruption scandal.
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NewsLatvian bank RIB fined €473k over “irregularities” and inadequate AML
Latvian bank Reģionālā Investīciju Banka (RIB) has been fined €473,076 over fund source detection “irregularities” and inadequate risk management.
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Q&AFinCrime Job Focus: Barry Faudemer, Chief Executive, Baker Regulatory Services
In our latest Q&A Barry Faudemer explains why those who haven’t worked in financial crime investigations are missing out
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NewsFinCEN proposes change to US banking AML requirements
The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has proposed changes to anti money laundering (AML) requirements to make risk-assessments an explicit obligation for financial institutions.
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News
Businessman with criminal links hands over £10m to UK investigators following Unexplained Wealth Order first
A UK businessman with links to serious criminals has surrendered property worth nearly £10m after an Unexplained Wealth Order (UWO) was issued to force him to reveal where his money came from.
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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.
