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 ›
TradeSun, a trade finance platform that features artificial intelligence technology that augments human behaviour by learning how employees interact with trade finance documents, and Coriolis Technologies, a trade data and analytics provider, have partnered to launch an integrated solution for… Read More ›
Pole Star, which is best known for its maritime sector vessel-tracking, sanctions screening and regulatory technology, has acquired a controlling stake in London-based start-up Vasanda to strengthen its screening offering in the global commodities trade. The acquisition aims to provide… Read More ›
The Financial Action Task Force (FATF) has published a report on how new technologies can improve the speed, quality and efficiency of anti-money laundering and counter financing of terrorism (AML/CFT) efforts. The task force says technologies can help financial institutions… Read More ›
HSBC Singapore’s chief compliance officer is calling for continued vigilance, the use of technology, and participation in public-private partnerships to mitigate trade-based money laundering (TBML) risks. In an article for Regulation Asia, Jamil Ahmed discusses these mitigating factors and concludes… Read More ›
The US has filed a complaint against two Chinese shell companies it accuses of helping China’s ZTE Corporation sell US technology to North Korea in violation of US sanctions US prosecutors are now seeking to forfeit nearly US$1 million from Ryer… Read More ›
Under-invoicing of imported goods is a huge challenge to Pakistan’s economy that requires serious attention and a comprehensive strategy, according to senator Mirza Muhammad Afridi. Chairing a meeting of the senate standing committee on commerce and textiles, Afridi said that… Read More ›
A two-pronged approach would be the best way for Singaporean firms to avoid implicating themselves in sanctioned transactions according to head of financial crime compliance at HSBC Singapore, Jamil Ahmed. Writing for Regulation Asia, he says firms should recognise and… Read More ›