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 ›

financial institutions
New US sanctions target Russian banks, metals and mining sector, and third-country actors linked to sanctions evasion
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 ›
British trade banks join forces with ICCUK to take action on duplicate financing fraud
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 ›
Impact on financial institutions of upcoming US beneficial ownership rule examined in new paper
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 ›
Wolfsberg Group publishes guidance on AI/ML in financial crime compliance
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 ›
Implications for financial institutions and IFFs as UN votes to assume responsibility for global tax rulemaking from OECD
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 reminded to continue to refer to latest FATF statements on DPRK, Iran and Myanmar
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 ›
Banks should include all forms of TBML in compliance processes says new NGO
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 ›