Author Archives
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EU-UN study suggests sanctions for Eastern European banks for SARs and customer identification failures
Illicit financial flows (IFFs) in the EU’s Eastern Partnership (EaP) region, can be estimated at around €29 billion (US$31 billion) every year according to a new study released by the EU and the UN Interregional Crime and Justice Research Institute…. Read More ›
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US tops list of world financial secrecy ranking
The US tops the list of countries for enabling banking secrecy, shell companies, anonymous real estate ownership or other forms of financial secrecy, which in turn enable money laundering, tax evasion and the evasion of sanctions according to the Tax… Read More ›
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Korea’s Shinhan Bank launches S-TBML to enhance international trade finance competitiveness
South Korea’s Shinhan Bank has introduced a big data-powered anti-money laundering (AML) system in its efforts to detect suspicious trade transactions and become more competitive in the international trade finance market. Shinhan-Trade Based Money Laundering (S-TBML) uses artificial intelligence (AI),… Read More ›
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NFTs are a new way of TBML says top Dutch financial crime investigator
Non-fungible tokens (NFTs), the financial securities consisting of digital data stored in a blockchain, can be used in trade-based money laundering (TBML) operations according to Niels Obbink, chief and general director of the Fiscal Information and Investigation Service, the Dutch… Read More ›
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Wolfsberg Group publishes guidance on negative news screening for KYC, AML and CFT screening
The Wolfsberg Group has published a Frequently Asked Questions (FAQs) on how undertaking screening for negative news and other forms of adverse information can enhance financial institutions’ awareness of potential financial crime risk posed by both existing and prospective customers. The FAQs by the association… Read More ›
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US government lost US$640 billion in a year through trade-based tax evasion and money laundering
Trade-based tax evasion and money laundering cost the US government more than US$640 billion in taxable income during 2021 according to a new report commissioned by Sēk Strategies, a Washington-based consultancy firm focused on transparency, accountability, human rights and the… Read More ›
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Bipartisan group of senators calls on Biden administration to combat illicit trade and TBML
A bipartisan group of US Senators has introduced Senate Resolution 610 urging the Biden administration to combat illicit trade and the use of trade-based money laundering (TBML). The resolution sponsored by five republican and four democratic senators includes steps the president… Read More ›
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Banks and institutions cannot be used for AML/CFT to combat virtual assets says Moneyval
Traditional forms of control that banks and institutions have on financial flows and services cannot be used to combat emerging money laundering and terrorist financing risks related to virtual assets according to the Council of Europe’s anti-money laundering and counter… Read More ›