The US treasury department’s Financial Crimes Enforcement Network (FinCEN) and the commerce department’s Bureau of Industry and Security (BIS) have issued a supplemental joint alert urging US financial institutions to remain vigilant for potential attempts by Russia to evade US… Read More ›
Collaboration between public sector agencies and reporting entities such as banks can significantly enhance the effectiveness of measures to counter financing of terrorism according to the International Monetary Fund’s (IMF’s) recently published book on counter terrorism financing frameworks (Trade-based Financial… Read More ›
Banks in the UK are spending £30 billion (US$34 billion) annually complying with anti-money laundering (AML) regulation, with three-quarters of budgets spent on people and only a quarter spent on technology according to a survey commissioned and published by LexisNexis Risk… Read More ›
The Wolfsberg Group, the association of global banks that aims to develop frameworks and guidance for the management of financial crime risks, has updated and published its Financial Crime Principles for Correspondent Banking. The principles detail risk-based due diligence measures that… Read More ›
Trade finance banks operating in the US risk higher penalties under a policy issued by Washington aimed at strengthening and enhancing enforcement of the antiboycott rules administered by the US department of commerce. The rules prohibit US support for unsanctioned foreign… Read More ›
Australia’s government agency for detecting, deterring and disrupting financial crime has published guidance to help reporting entities undertake source of funds and source of wealth checks and mitigate the risk that a customer’s funds relate to money laundering, terrorism financing (ML/TF)… Read More ›
International banks and audit firms were used by a company involved in an “aggressive profit shifting” trade-based money laundering (TBML) scheme to understate its taxable income and tax liability due to the Zambian government by over US$700 million according to… Read More ›
Despite two recent high profile out-of-court settlements involving major Dutch banks, some of the Netherland’s supervisors still heavily rely on informal enforcement actions and warning letters according to the Financial Action Task Force (FATF). In its Mutual Evaluation Report Netherlands-2022,… Read More ›