South Korea’s Shinhan Bank has introduced a big data-powered anti-money laundering (AML) system in its efforts to detect suspicious trade transactions and become more competitive in the international trade finance market. Shinhan-Trade Based Money Laundering (S-TBML) uses artificial intelligence (AI),… Read More ›

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NFTs are a new way of TBML says top Dutch financial crime investigator
Non-fungible tokens (NFTs), the financial securities consisting of digital data stored in a blockchain, can be used in trade-based money laundering (TBML) operations according to Niels Obbink, chief and general director of the Fiscal Information and Investigation Service, the Dutch… Read More ›
Banks and institutions cannot be used for AML/CFT to combat virtual assets says Moneyval
Traditional forms of control that banks and institutions have on financial flows and services cannot be used to combat emerging money laundering and terrorist financing risks related to virtual assets according to the Council of Europe’s anti-money laundering and counter… Read More ›
Russian connections result in bankruptcy for Dutch trade finance bank
Amsterdam Trade Bank (ATB) has been declared bankrupt by a Dutch court after the lender and its Russian parent were hit by sanctions imposed by the US and Britain in response to Russia’s assault on Ukraine. A subsidiary of Russia’s… Read More ›
Canada’s AML regulator issues special bulletin on Russia-linked money laundering related to sanctions evasion
Canada’s anti-money laundering and counter financing of terrorism (AML/CFT) regulator and financial intelligence unit has published a Special Bulletin on Russia-linked money laundering related to sanctions evasion. Ottowa has imposed a significant number of new sanctions on Russia in response… Read More ›
New Thomson Reuters offering aims to identify beneficial owners of international entities
Thomson Reuters has launched CLEAR Global Beneficial Ownership (GBO), a new product that aims to enable organisations to quickly understand the ownership and control of international corporate entities and help them find global business registry information. The launch coincides with… Read More ›
China’s central bank fines MYBank US$3.5 million for AML/CFT and other violations
China’s MYBank has been handed a 22.4 million yuan (US$3.5 million) penalty by the People’s Bank of China (PBOC) for anti-money laundering and counter financing of terrorism (AML/CFT) and several other violations. The fine reflects the Chinese authorities’ increased focus… Read More ›
Trade a key channel for transferring millions of illegally obtained euros through Bosnia and Herzegovina, Montenegro and Serbia
Trade is one of the three mechanisms or ‘channels’ – alongside cash movement and the financial system – identified for transferring millions of illegally obtained euros generated from corruption, tax evasion and organised crime through Bosnia and Herzegovina, Montenegro and… Read More ›