Despite two recent high profile out-of-court settlements involving major Dutch banks, some of the Netherland’s supervisors still heavily rely on informal enforcement actions and warning letters according to the Financial Action Task Force (FATF). In its Mutual Evaluation Report Netherlands-2022,… Read More ›
Germany has drawn criticism from the Financial Action Task Force (FATF) for not doing enough to tackle money laundering, such as not implementing reforms to its anti-money laundering and counter financing of terrorism (AML/CFT) regime and prosecuting very few for… Read More ›
Six banks operating in the UAE have been fined for failing to comply with the OECD’s Multilateral Administrative Agreement for Automatic Exchange of Information and Common Reporting Standard (CRS) according to a Central Bank of the UAE (CBUAE) statement. The… Read More ›
Enabling increased information sharing in all ways – public to private, public to public, private to private, local to global – is an important factor in improving the ability of all stakeholders to fight financial crime more effectively according to… Read More ›
Ghana International Bank (GIB) has been fined £5.8 million (US$6.9 million) by the UK’s Financial Conduct Authority (FCA) for poor anti-money laundering and counter financing of terrorism (AML/CFT) financing controls over its correspondent banking activities. London based GIB did not… Read More ›
Financial institutions should participate actively in public-private information-sharing frameworks to foster a more effective anti-money laundering and counter financing of terrorism (AML/CFT) programme according to a paper published by the Wolfsberg Group. The association of global banks that develops frameworks… Read More ›
Gibraltar has been added to the Financial Action Task Force (FATF) ‘grey list’ of jurisdictions subject to increased monitoring for failing to adequately implement anti-money laundering and counter financing of terrorism (AML/CFT) measures. Malta, after 12 months of increased monitoring,… Read More ›
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 ›