The US Federal Reserve Board has fined Deutsche Bank a total of US$186 million and ordered it to improve its sanctions and anti-money laundering (AML) systems. The fine is a result of the bank’s failure to respond sufficiently to two enforcement… Read More ›
The UAE is making moves to demonstrate that it is tightening its systems to prevent financial crime by introducing federal prosecution entities specialised in economic crimes and money laundering. Financial hub Dubai meanwhile has signalled its willingness to punish organisations… Read More ›
Fresh sanctions have been imposed by European and North American countries on the Wagner Group, the Russia-based private military company founded by Yevgeny Prigozhin. Sanctions are increasingly focused on the group’s African operations, with the US taking the decision to… Read More ›
Trade misinvoicing remains the most prominent channel through which illicit financial flows (IFFs) flow in and out of the western Balkan states in south eastern Europe according to a new report by the Global Initiative Against Transnational Organised Crime (GI-TOC)…. Read More ›
The US has blacklisted 14 Iraqi banks from conducting dollar transactions, the Wall Street Journal (WSJ) has reported citing US and Iraqi officials. The report said the move followed Washington’s discovery that the banks had engaged in money laundering and… Read More ›
The Atlantic Council, the Washington-based nonpartisan think tank and public policy organisation, has published a comprehensive analysis of the Wagner Group that concludes that sanctions have been ineffective at curbing the activities of the private military company based in Russia…. Read More ›
Financial crime and fraud risk detection firm, ComplyAdvantage, has launched a new know-your-business (KYB) solution to assist in assessing whether or not a business is safe to work with. The solution fits with the London-based regtech’s mission to neutralise the… Read More ›
One of the Middle East’s largest gold refiners has been suspended as an affiliate member of the globally recognised independent authority for precious metals, the London Bullion Market Association (LBMA), amidst speculation about links between the beneficial owners of the… Read More ›