All Financial Threats articles – Page 10
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BlogA look ahead: the US Anti-Money Laundering Act of 2020
The new Anti-Money Laundering Act in the US has now passed into law. Chris Siddons of LexisNexis Risk Solutions explains why it is set to become the most significant piece of US financial crime legislation for years.
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NewsLandmark US AML and corporate transparency bill enacted into law
A landmark piece of legislation that will establish a register of beneficial owners and strengthen anti-money laundering has been enacted into law.
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AnalysisThe key FinCrime trends and topics to watch out for in 2021
2020 is a year we would all rather forget, with everybody hoping that in 2021 thoughts of social distancing, bubbles, mask-wearing and furloughing will gradually fade from public consciousness.
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NewsAUSTRAC has warned of high risks of money laundering through junket tour operations and has urged casinos to act.
The Australian watchdog has published a risk assessment of the junket tour operations (JTO) sector. Junket tour operators bring wealthy gamblers to casinos by offering promotions and other services, with these ‘high-rollers’ paying the JTO.
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VideoAfter the US Election
The result of the presidential election will have a huge effect on the international approach to targeting and tackling financial crime over the coming years.
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FeatureWe need to talk about the EU’s ambitious AML reform plan
The European Commission’s reforms for anti-money laundering, including a single rulebook and supervisor, have been enthusiastically backed across the continent and draft plans approved by finance ministers.
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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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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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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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NewsFinCEN proposes lowering ‘Travel Rule’ threshold for international transactions to $250
US financial institutions will be required to collect, retain and transmit certain information about international fund transfers worth as little as $250 under a new rule outlined today in a joint notice by the Financial Crimes Enforcement Network (FINCEN) and Federal Reserve Board.
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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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BlogUnderstanding the components of illegal wildlife trafficking
High profits and the perceived low risk of being caught makes the illegal wildlife trade attractive to criminals. Paula Krulicki of ManchesterCF explains how anti-money laundering teams should investigate the problem.
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BlogUnderstanding the components of illegal wildlife trafficking
High profits and the perceived low risk of being caught makes the illegal wildlife trade attractive to criminals. Paula Krulicki of ManchesterCF explains how anti-money laundering teams should investigate the problem.
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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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NewsAUSTRAC investigates PayPal as AML compliance clampdown continues
Australian enforcement agency AUSTRAC has ordered the appointment of an external auditor to probe anti-money laundering compliance concerns at PayPal.
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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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FeaturePreparing for the cybercrime challenge: tips from a former FBI agent
Few have witnessed the developments in cybercrime unfold over the past 20 years as closely as Jeff Lanza. The former FBI agent has followed the progression of white-collar crime since the 1980s and has seen first-hand how investigations went from being all about catching gangsters operating in the physical world, to catching online hackers in just a matter of years.
