32% of senior executives concerned over corruption, cash payments implicated – EY survey
by Kylene Casanova
The EY global fraud survey highlights increased pressure on companies to identify and mitigate fraud, bribery and corruption issues.
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…
Read moreThe Panama Papers: reverberations throughout the financial services industry
by Kylene Casanova
Maybe you never heard of Mossack Fonseca before this week but the fallout from the Panama tax evasion and money laundering scandal could touch all echelons of the financial services industry.
Key factors the payments industry must tackle to beat terrorist financing
by Kylene Casanova
A blog posted on the European Payments Council (EPC) website discusses the considerations for a future legislative proposal on e-payments, remittances, prepaid cards and virtual currencies.
Best practices in treasury department security and controls
by Kylene Casanova
Fiona Crisp’s six recommendations on how to be in charge of your corporate treasury department
On the sixth day of Christmas Sherlock Holmes and Edward Snowden told me how to:
by Kylene Casanova
Improve my fraud prevention and minimise cyber security breaches by
Global fraud loss $3.7 trn in 2014 ACFE estimate with occupational fraud biggest
by Kylene Casanova
Proactive detection measures - hotlines, management review procedures, internal audits and employee monitoring mechanisms — are best in catching frauds, whilst external audits the least effective
European authorities consult on AML and anti terrorist financing
by Kylene Casanova
Three European supervisory authorities have jointly launched a public consultation on two guidelines for anti-money laundering and countering the financing of terrorism.
Pelican Sanctions filtering service opens door to stress free life for corporate treasury
by Kylene Casanova
No more sanctions breaches with new service that gives the user a clear understanding of the risk profile of each customer, supplier and employee
EU gets tough on tax evasion and terrorist financing
by Kylene Casanova
The European Parliament approved the fourth anti-money laundering directive, intended to protect the financial system from money laundering or terrorist financing.
Usage of Managed Know Your Customer Services grows
by Kylene Casanova
Even major investment firms - Stifel Nicolaus and BlackRock - are signing up for Thomson Reuters Org ID Know Your Customer Managed Service
SWIFT’s KYC Registry has users in more than 100 countries
by Kylene Casanova
Banks are exchanging KYC data via service world-wide
Fraud growing globally, biggest source gets little attention as it’s embarrassing
by Kylene Casanova
Overall fraud is huge world-wide and it’s getting worse. There is some good news, but not a lot. Occupational fraud continues to dominate. UK payment fraud figures show that continued vigilance needed
Are Bitcoin transactions hideable? Well, no and yes… theoretically
by Kylene Casanova
A new fraud control arms race has started
Islamic state allegedly uses Bitcoin for secret transactions
by Kylene Casanova
Even if this is not true, it shows the dangers of uncontrolled, untraceable digital cash. Pressure on the authorities increases
Thomson Reuters successfully completes ISAE 3000 audit type 1 for its KYC service
by Kylene Casanova
First and only KYC service to successfully complete ISAE 3000 type 1 audit on the design suitability of its internal controls tied to transparency and the quality of its KYC managed services
SWIFT extends Sanctions Screening to support all financial transaction formats
by Kylene Casanova
Service to support all messages used in financial transactions, regardless of format or financial network
Fraud keeps on growing, although new products could reduce some types
by Kylene Casanova
But ‘The worst is yet to come’. Are you ready?
Fundtech migrates 40 banks onto its global AML compliance solution
by Kylene Casanova
Anti-money laundering protection and compliance improved as banks add new solutions to make themselves compliant with current regulations
FRIDAYclub: Regs compliance, virtual a/cs, mobile + Apple Pay, & Bitcoin
by Kylene Casanova
With Dan Blumen - Treasury Alliance, Guy Ingram - SABMiller, Neil Peacock - ABB, and Stephen Pigney - ICM consultant
Six additional major banks join SWIFT’s KYC Registry initiative
by Kylene Casanova
Now 12 members which is largest known membership of planned KYC exchanges
KYC Exchange Net signs more bank members
by Kylene Casanova
The competition is on between the KYC exchanges to sign banks, but will corporates accept these services?
New KYC Service from Genpact and Markit
by Kylene Casanova
Citi, Deutsche Bank, HSBC and Morgan Stanley work with Markit | Genpact to create new service to centralise client on-boarding and KYC data management
SWIFT expand their role for banks and corporates in reducing financial crime risk
by Kylene Casanova
New Compliance Analytics Service for banks and Barclays joins KYC service, but will corporates accept?
Thomson Reuters launches a managed KYC Service
by Kylene Casanova
7,000 bank and buy-side clients are live on the service but which KYC service to use?