NICE Actimize with Complidata has launched a consolidated Anti-Money Laundering (AML) platform that directly integrates features to identify trade-based money laundering (TBML) and money laundering through cryptocurrencies. Together, the companies claim they offer the only end-to-end TBML solution using artificial intelligence… Read More ›
AML
UK issues guidance for maritime operators on sanctions and AML requirements
The UK’s Office of Financial Sanctions Implementation (OFSI) has issued guidance for entities operating within the country’s maritime sector. The guidance highlights a number of illicit and suspicious shipping practices that are deployed to evade sanctions, emphasises the importance of… Read More ›
IMF, ADB, Australia and New Zealand seek to diminish de-banking impact of AML/CFT compliance
The International Monetary Fund (IMF) and the Asian Development Bank (ADB) are working to overcome the increasing difficulties faced by banks and traders in cross-border transactions with Pacific island countries. Australia and New Zealand are financing the work, which responds… Read More ›
Trade gap widening due to cost and complexity of compliances says ICC
The International Chamber of Commerce (ICC) Banking Commission has released a report that highlights a widening trade finance gap driven by the cost or complexity of know your customer (KYC) and anti-money laundering (AML) compliance. The results of the ICC’s… Read More ›
Rife misinvoicing blamed Myanmar’s $20bn illicit outflows drained resources
Nearly $20bn flowed illegally out of Myanmar between 1960 and 2013, according to a report by Global Financial Integrity (GFI). The non-profit watchdog over illicit financial flows says that smuggling of imports via fraudulent misinvoicing accounts for 71% of Myanmar’s… Read More ›
Tough start to 2015 by US regulators
January 2015 has seen a flurry of activity in the US in terms of the Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance. The Federal Deposit Insurance Corporation (FDIC), the Securities and Exchange Commission (SEC) and the Financial Crimes… Read More ›
FCA focuses on AML and sanctions regimes at smaller banks
The UK’s Financial Conduct Authority (FCA) has published the results of its recent thematic review, which looked at the responses of smaller banks to the authorities 2011 Anti Money Laundering (AML) Review. In its latest review, the FCA has identified,… Read More ›