All Financial Crime articles – Page 13
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NewsCanadian government confirms plans for publicly accessible beneficial ownership registry
The federal government in Canada has confirmed plans for a publicly accessible register of corporate beneficial owners in a bid to tackle money laundering, fraud and tax evasion.
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NewsUK taskforce to probe how a digital pound could comply with AML and data protection rules
A new United Kingdom taskforce and engagement forum set up to explore a digital pound will examine how data privacy can be protected under the initiative while anti-money laundering (AML) requirements are still met.
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NewsSix arrested in Hong Kong in $322 million laundering case
A money laundering syndicate that allegedly made thousands of suspicious transactions totalling $322million in total has been “smashed” and six people arrested, according to the Hong Kong government.
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AnalysisCan you help US federal regulators understand AI?
With the use of Artificial Intelligence in anti-financial crime and other areas predicted to boom, United States federal regulators are scratching their heads and wondering what it means for compliance. They have asked for your help through a public Request for Information. Here is what they are wanting to know.
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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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NewsDanske Bank CEO resigns after being named suspect in ABN Amro AML investigation
The Chief Executive of Danske Bank has resigned due to being named as a suspect in an investigation into anti money laundering (AML) legislation breaches at rival bank ABN Amro.
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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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Q&AFinCrime Job Focus: Cameron Brown QC
In our latest Q&A, Cameron Brown talks about expanding electronic crime and increasingly sophisticated fraud
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NewsFincrime experts warn compliance teams to step up efforts in face of new US sanctions
The United States has announced fresh sanctions on Russia, in retaliation to Moscow’s alleged interference in elections and cyber-attacks including the SolarWinds hack.
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NewsNew Zealand’s central bank to set up AML department
The Reserve Bank of New Zealand (RBNZ) is establishing a standalone, enforcement department covering compliance in anti-money laundering (AML) as well as the banking, insurance sectors.
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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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NewsCouncil of Europe calls for urgent action to improve FIUs across continent
The Council of Europe (CoE) has called for its 47 member states to strengthen their Financial Intelligence Units to improve anti-money laundering and counter-terrorism financing.
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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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NewsScale and complexity of laundering activity in Europe ‘underestimated’ warns Europol
Money laundering in the European Union is more widespread and more complex than previously thought, Europol has said in a detailed analysis of crime threats.
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NewsLarge crypto exchange Gemini signs agreement with Comply Advantage
Gemini , one of the world’s largest cryptocurrency exchanges, has selected ComplyAdvantage’s hyperscale platform for its AI-powered AML risk management.
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NewsIsraeli regtech AML firm ‘considers public listing’ ahead of expected AI boom
Israeli cyber security firm ThetaRay is considering listing on the stock market following an increase in the valuation of regtech companies.
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VideoDue Diligence in the Age of Digital ID. A Revolution in Anti-Financial Crime?
Knowing and trusting who customers are is the primary responsibility of due diligence.
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VideoTransforming Compliance into Risk Management. A presentation by Michael Rasmussen
Regulators consistently talk about the need for a ‘risk-based approach’ to financial crime, and many organisations have created ‘risk management’ functions to complement, and in some cases replace, legacy compliance functions. This shift is based on a recognition that it is not just what you do, it is how you do it that matters. Financial criminals are agile and reflexive, and those that seek to stop them need to be so in response.
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VideoEffective Financial Crime Risk Management. How do we evidence what we are doing in AFC is actually effective?
We have started to see a shift in the AFC community, as the pressure from regulators for firms to achieve good outcomes in financial crime prevention increases. There is likely to be greater focus on how outcomes are measured and how confident firms are that their controls are effective at tackling financial crime.
