The Australian Federal Police (AFP) is launching a multi-agency taskforce to target criminals who are laundering tens of millions of dollars in Australia every day to bankroll lavish lifestyles and further crime. Taskforce Avarus will target criminal syndicates involved in,… Read More ›
In one of its most significant sanctions actions to date, the US treasury’s Office of Foreign Assets Control (OFAC) has designated over a dozen more Russian banks and financial institutions and announced a new determination targeting Russia’s metals and mining… Read More ›
The majority of the UK’s trade banks have agreed to take part in a new initiative led by a unit of the International Chamber of Commerce United Kingdom (ICCUK) to strengthen the country’s finance industry against the impacts of duplicate… Read More ›
Financial institutions have so far not been provided the relief from the burdens of onboarding and customer due diligence they had hoped for as a result of the final version of the beneficial ownership rule issued in September by the… Read More ›
The Wolfsberg Group has published guidance on artificial intelligence and machine learning (AI/ML), which the association of 13 global banks believes can have, and are already having, a significant impact on improving the effectiveness and efficiency of financial crime compliance… Read More ›
The United Nations (UN) General Assembly has adopted a resolution that mandates the UN to assume responsibility for rulemaking on global tax. For sixty years the lead role for global tax rulemaking has been taken by the OECD, and the… Read More ›
Financial institutions in Singapore have been advised by the country’s regulator that they should continue to refer to the Financial Action Task Force (FATF) statement of February 2020 in respect of the Democratic People’s Republic of Korea (DPRK) and Iran… Read More ›
Financial institutions should include all forms of trade-based money laundering (TBML) in their standard due diligence, record keeping, and financial intelligence reporting according to a new report by a recently formed national security non-governmental organisation (NGO) based in Washington. The… Read More ›