British regulators have written an unusually blunt letter to the CEOs of the UK’s largest banks ordering them to conduct a full financial crime risk assessment of their processes to detect money laundering, sanctions evasion, terrorist financing and fraud among… Read More ›
All actors fighting financial crime should have instant access to high quality, highly usable beneficial ownership data according to the Global Coalition to Fight Financial Crime (GCFFC). In a newly published position paper, GCFFC states its views on beneficial ownership… Read More ›
Financial crime related to illegal wildlife trade will feature at the meeting of the G7’s interior and security ministers in September. Ensuring economic security is not undermined by the threat of serious and organised crime, including illicit threats to nature, such… Read More ›
Veteran information, analytics and solutions provider to the maritime and trade sector, IHS Markit has announced a partnership with and Complidata, which offers a data driven anti-money laundering (AML) trade finance platform. The partnership will offer customers in trade finance… Read More ›
The World Economic Forum (WEF) has published a Unifying Framework of five core practices to assist ‘gatekeepers’, including bankers, lawyers and accountants, in their work to stop or interrupt illicit financial flows (IFFs) and corruption. The framework assumes private sector… Read More ›
Two of the UK’s Financial Conduct Authority’s (FCA’s) biggest sanctions in the last 12 months related to failures to address financial crime and anti-money laundering (AML) risks according to the authority’s executive director of enforcement and market oversight, Mark Steward…. Read More ›
The global system for financial crime is hugely expensive and largely ineffective according to The Economist. The international weekly newspaper and online publisher concludes in an article that the war against money-laundering is being lost. NatWest proceedings The article responds… Read More ›
Stronger laws and institutions are needed to prevent corruption and money laundering while bankers, lawyers and accountants who enable financial crime must face punitive sanctions says a UN panel. The High-Level Panel on International Financial Accountability, Transparency and Integrity for… Read More ›