Maritime tracking, monitoring and security specialist, Pole Star Space Applications, is now targeting financial institutions with a new anti-money laundering (AML) service. PurpleTRAC is a web-based platform, and one of several products that address the issue of identifying sanctioned people… Read More ›
Trade Based Financial crimes News
Data discrepancies point to increased abuse of China- Hong Kong trade finance system
An apparent surge in Chinese exports to Hong Kong in September raised concerns that the trade finance system is increasingly being used as a vehicle for illegal money flows. Now, new data confirms a substantial gap between what China said… Read More ›
Data discrepancies point to increased abuse of China- Hong Kong trade finance system
An apparent surge in Chinese exports to Hong Kong in September raised concerns that the trade finance system is increasingly being used as a vehicle for illegal money flows. Now, new data confirms a substantial gap between what China said… Read More ›
Asian Development Bank to support SWIFT’s KYC Repository
The Asian Development Bank (ADB) has confirmed its support for SWIFT’s Know Your Customer (KYC) Registry for helping banks address the growing challenges of counterparty due diligence in trade finance transactions. But whilst multilateral development banks (MDBs) generally support the… Read More ›
Misys and Fircosoft form alliance to identify financial criminals
Banking software house, Misys and FircoSoft, a specialist developer of software to help banks identify terrorists and people on sanctions watch lists, have formed an alliance. It aims to provide banks with greater consistency and control over the management and… Read More ›
FATF resolves to tackle de-risking
The Financial Action Task Force (FATF) has said it will continue its efforts to determine the drivers of de-risking and lobby key international stakeholders to counter the phenomenon of financial institutions terminating or restricting business relationships rather than manage the… Read More ›
Calls for UN to specifically focus on trade misinvoicing in development goals
The UN is mulling ambitious plans to crack down on illicit financial flows as it considers setting its new Sustainable Development Goals (SDGs). But a non-profit, Washington-based research and advisory organisation focused on illicit financial flows is calling on the… Read More ›