Banks in the UK are spending £30 billion (US$34 billion) annually complying with anti-money laundering (AML) regulation, with three-quarters of budgets spent on people and only a quarter spent on technology according to a survey commissioned and published by LexisNexis Risk… Read More ›
Trade finance banks operating in the US risk higher penalties under a policy issued by Washington aimed at strengthening and enhancing enforcement of the antiboycott rules administered by the US department of commerce. The rules prohibit US support for unsanctioned foreign… Read More ›
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 ›
Several stakeholders have commented on the Financial Action Task Force (FATF) draft amendments to its Recommendation 25 (R25) on the transparency and beneficial ownership of legal arrangements (Trade-based Financial Crime, 29 June 2022). Financial institutions are amongst those stakeholders the… 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 ›
Trade finance products and services as well as correspondent banking are amongst the bank offerings at South African banks at highest risk for money laundering (ML), terrorist financing (TF) and proliferation financing (PF) according to a report by the Prudential… Read More ›
New research by one of the world’s leading providers of vessel-tracking, sanctions screening and regulatory solutions endeavours to explain why banks, financial organisations, carriers, and shippers in the UK and Switzerland are losing out on big opportunities in green finance… Read More ›
US agencies have issued a joint statement reminding banks that no customer type presents a single level of uniform risk or a particular risk profile related to money laundering, terrorist financing, or other illicit financial activity. Consequently, they say banks… Read More ›