Australian financial institutions have reported increased exposure to trade-based money laundering (TBML) and supply chain corruption amongst various other financial crimes over the past 18-24 months according to the latest LexisNexis True Cost of Compliance Study – Australia. The firms… Read More ›

KYC
Know your customer
Wolfsberg Group publishes paper advocating public-private partnerships for effective AML/CFT and KYC
Financial institutions should participate actively in public-private information-sharing frameworks to foster a more effective anti-money laundering and counter financing of terrorism (AML/CFT) programme according to a paper published by the Wolfsberg Group. The association of global banks that develops frameworks… Read More ›
Wolfsberg Group publishes guidance on negative news screening for KYC, AML and CFT screening
The Wolfsberg Group has published a Frequently Asked Questions (FAQs) on how undertaking screening for negative news and other forms of adverse information can enhance financial institutions’ awareness of potential financial crime risk posed by both existing and prospective customers. The FAQs by the association… Read More ›
Financial crime specialists expect to benefit from Danske Bank’s trade finance collaboration with Conpend
Danske Bank has announced plans to digitise its trade finance processes through a collaboration with Conpend for use of its Trade AI app to automatically check against anti-money laundering (AML), know your customer (KYC) and sanctions regulations. Trade AI employs… Read More ›
China’s central bank fines MYBank US$3.5 million for AML/CFT and other violations
China’s MYBank has been handed a 22.4 million yuan (US$3.5 million) penalty by the People’s Bank of China (PBOC) for anti-money laundering and counter financing of terrorism (AML/CFT) and several other violations. The fine reflects the Chinese authorities’ increased focus… 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 ›
AML and KYC requirements remain top barriers to expanding trade finance operations
Requirements for anti-money laundering (AML) and know your customer (KYC) compliance remain the top barriers to expanding trade finance operations according to 72 per cent of banks canvassed in the latest Trade Finance Gaps, Growth and Jobs Survey released by… Read More ›
Accuity survey reveals differences in trade compliance processes at banks, corporates and NBFIs
Accuity has conducted a survey on trade compliance and the specific challenges facing the industry. More than 120 compliance professionals from banks, insurance and fintech firms around the world participated in the survey. The results reveal differences in how global… Read More ›