The total projected cost of financial crime compliance in the US and Canada for 2022 is up 13.6 per cent from 2021 to US$56.7 billion, according to a survey of North American financial institutions by Lexis Nexis Risk Solutions. The… Read More ›
Compliance
Ghana International Bank fined £5.8 million for AML/CFT failings in correspondent banking activities
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 ›
IHS Markit and TradeSun partner to use data and AI to combat trade-based financial crime
TradeSun, a trade finance platform that features artificial intelligence (AI) technology that augments human behaviour by learning how employees interact with trade finance documents, has partnered with maritime and trade information, analytics and solutions provider IHS Markit, to offer an… Read More ›
UAE issues new AML/CFT guidance for financial institutions serving cash-intensive businesses
The Central Bank of the UAE has issued new guidance on anti-money laundering and combatting the financing of terrorism (AML/CFT) requirements for licensed financial institutions that provide services to cash-intensive businesses. Financial institutions should demonstrate compliance with the new requirements… Read More ›
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 ›