Dutch banks take aim at money launderers
Transaction Monitoring Netherlands is a collaborative effort that aims to crack down on money laundering and terrorism financing.
Anti-Money Laundering
Background
The Money Laundering Control Act of 1986 is a United States of America Act of Congress that made money laundering a Federal crime. This legislation combined with other legislation such as the European…
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Banks and police team up to fight financial crime in Sweden
The SAMLIT effort will be piloted this year, with the goal of launching in 2021.
European Commission ramps up fight against money laundering and terrorist financing
Its six pillar Action Plan aims to ensure that EU rules are more harmonised and more effective.
Rise in cybercrime as fraudsters exploit COVID-19
Microsoft and Temenos are the latest to try and address the spike in financial crime.
Tackling cyber threats through technology and education
IBM and Fernergo partnering on software solutions to financial crime, as Mastercard and Oxford University offer cyber skills programme.
EBA seeking to mitigate financial crime risks during COVID-19
The European Banking Authority has outlined AML/CFT efforts that competent authorities should be promoting to financial institutions.
Businesses abandoning banking services over slow due diligence processes
Could blockchain offer an answer?
Swedbank money laundering case: Bank accepts Clifford Chance report
The law firm was retained in 2019 to investigate the bank's AML work.
European Parliament challenges ECB over green policies
It calls for ECB policies to better reflect environmental and climate goals.
Half of all reported crime in UK is cyber crime or fraud
PIFMA's Financial Crime Conference found cyber crime and fraud figures are growing exponentially each year.
US Treasury announces 2020 National Illicit Finance Strategy
Report identifies key illicit finance concerns for the US and establishes a roadmap to modernise the country's AML/CFT regime.
EBA consults on revised guidelines on money laundering and terrorist financing risk factors
The updated guidelines take into account changes to the EU AML and CTF legal framework.
US and UK lead 2019’s US$8.14bn AML fines
Research from Encompass shows that annual AML fines nearly doubled compared to the previous year.
Criminal investigations into Deutsche Bank employees in connection with ‘Regula’ closed
Deutsche Bank sold Regula in March 2018.
DBS partners with Exiger to tackle evolving risks of financial crime
The bank plans to use an automated AI-powered solution to enhance customer screening processes.
Standard Chartered and Quantexa to tackle financial crime with contextual decision intelligence
The partnership provides the bank with a platform to conduct complex financial thematic investigations.
UK businesses report corners cut on supplier vetting and onboarding
Companies need to change their approach or face financial penalties and reputational damage.
US regulators release joint statement on activities involving digital assets
The statement highlights the AML and non-terrorism financing obligations those involved with digital assets have.
SWIFT Customer Security Programme wins cybersecurity award
The CSP was launched a couple of years ago to drive industry-wide collaboration in the battle against the cyber threats.
EU highlights money laundering and terrorist financing risks in the financial sector
Findings show that the monitoring of transactions and suspicious transactions reporting still raise concerns.
HSBC deploys advanced financial crime detection systems
The system is designed to tackle the money laundering opportunities that criminals see in the complex world of global trade.
Think KYSC - KYC alone is not enough
Unless you Know Your Supply Chain which involves Know Your Customer + Know Your Vendor you will always be at risk
UK anti-money laundering protection tightens, but more automation needed
Platforms needed to identify Ultimate Business Owners
220 regulatory alerts every day, yet only 28% outsourcing compliance
Thomson Reuters “Cost of Compliance 2019: 10 years of regulatory change” report shows scale and dynamics of regulatory compliance