The UK has named 21 high-risk countries in the first anti-money laundering and combatting the financing of terrorism (AML/CFT) regulations framed by the country since Brexit when it withdrew from the EU. The new regulations naming the high-risk countries, which… Read More ›
China’s financial authorities look set to issue stricter compliance procedures for establishing the beneficial ownership of all account holders after opening a public consultation process on draft customer due diligence regulations for financial institutions. The draft regulations contemplate requiring financial… Read More ›
The European Banking Authority (EBA) has released updated guidelines on customer due diligence and the factors credit and financial institutions should consider when assessing money laundering and terrorist financing (ML/TF) risks associated with individual business relationships and occasional transactions. The… Read More ›
The European Banking Authority (EBA) has published its biennial Opinion on risks of money laundering and terrorist financing (ML/TF) affecting the EU’s financial sector. The Opinion specifically contemplates the exposure of credit providers to trade-based money laundering (TBML), otherwise it… Read More ›
Free-trade zones (FTZs) can be attractive to criminal groups as well as legitimate businesses according to a paper published by the Royal United Services Institute’s (RUSI’s) Centre for Financial Crime and Security Studies. The paper identifies factors that render FTZs… Read More ›
Eleven banks operating in the UAE have been fined a total of 45.8 million UAE dirham (AED 45.8 million – US$12.5 million) for violations of anti-money laundering and counter financing of terrorism (AML/CFT) regulations by the Central Bank of the… Read More ›
The Lagos Chapter of the Association of Certified Fraud Examiners (ACFE) is calling on the Nigerian federal government to consider decentralising investigations of money laundering and other related crimes to more effectively curb illicit financial flows (IFFs). President of the… Read More ›
How a bank used network analytics to uncover trade-based money laundering (TBML) is the subject of one of ten case studies in the Hong Kong Monetary Authority’s (HKMA’s) new report on the adoption and use regulatory technology (Regtech) in their… Read More ›