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 ›

financial institutions
Information from financial institutions a core function for FIUs says Egmont Group
Analysis of information received from financial institutions is a core function of financial intelligence units (FIUs), particularly in the asset recovery process according to a new report by the Egmont Group of FIUs. The group facilitates and prompts the global… Read More ›
Whitepaper: Sanctions advisories for the maritime industry
Practical challenges and recommendations for financial institutions regarding the monitoring of AIS outages and suspicious vessel activity. Executive summary The U.S. Treasury Office of Foreign Assets Control (OFAC) and the United Kingdom’s Office of Financial Sanctions Implementation (OFSI) advisories on… Read More ›
TBML increasingly a priority for financial institutions in Asia Pacific says new report
New research conducted by RegTech NICE Actimize and Regulation Asia, suggests that countering financial crime could move beyond well-used tools such as suspicious transaction monitoring and sanctions screening and focus on high risk areas, including trade-based financial crime. Other areas… Read More ›
UAE banks have one month to comply with new transaction monitoring and sanctions screening guidelines
The UAE Central Bank has issued new guidelines to financial institutions on transaction monitoring and sanctions screening. Banks must demonstrate compliance with the central bank’s requirements within one month of 13 September when the guidelines came into effect. Bank obligations… Read More ›
High risk of violating US law for banks and others that fail to exit Xinjiang supply chains, ventures and investments
Financial institutions, businesses and individuals that do not exit supply chains, ventures and investments connected to the Chinese province of Xinjiang could run a high risk of violating US law according to an updated business advisory published by several US… Read More ›
Bahrain to prosecute 13 of Iran’s top financial institutions for money laundering
Bahrain is to prosecute Iran’s most prominent financial institutions on charges related to money laundering of US$1.3 billion via the now defunct Bahrain-based Future Bank. This is the largest such case in the Gulf state’s history. Prosecutors say Future Bank… Read More ›
War against money laundering being lost
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 ›