One of the key announcements from the Financial Action Task Force’s March Plenary was its confirmation of changes to Recommendation 24 and its Interpretive Note relating to beneficial ownership standards. The new standards require countries to ensure that competent authorities […]
For many early-stage, fast-growing fintechs, implementing anti-money laundering compliance tools and processes can be a challenge. This guide is designed to provide startups with practical tips to enable them to build a compliance function that can scale with their businesses.
Money laundering underpins most forms of organized crime by disguising illicitly-obtained financial assets as “clean” and allowing nefarious groups or individuals to profit from illegal activity. While the amount of money laundered globally in one year is estimated to equal […]
What is SWIFT? The Swift system, or the Society for Worldwide Interbank Financial Telecommunication, facilitates financial transactions and money transfers for banks located around the world. The system is overseen by the National Bank of Belgium and enables transactions between […]
The Monetary Authority of Singapore (MAS) is set to be granted enhanced powers to regulate virtual asset service providers (VASPs) as part of a significant new bill consolidating its supervisory powers.
Netherlands-based Rabobank is to allocate €249m towards improving its anti-money laundering (AML) policies and procedures, following instructions from the country’s central bank to remedy deficiencies.
This year is likely to be one of ‘adjustment’ as challenges outside of the pandemic emerge – including environmental crime, geopolitical standoffs, new regulatory frameworks for areas such as crypto-assets, and the implementation of new AML/CFT technologies. ComplyAdvantage’s The State […]
This annual report, based on a global survey of 800 compliance professionals across North America, Europe and Asia Pacific explores some of the biggest financial crime challenges firms are facing.
The Financial Crimes Enforcement Network (FinCEN) is considering creating regulatory ‘sandboxes’ to help firms experiment with new technologies. Himamauli Das, Acting Director of FinCEN, told a virtual conference on financial crime enforcement, that the regulator was considering how to innovate […]
Switzerland is one of the wealthiest countries in the world, with a highly developed economy and a GDP of over $800 billion. Switzerland’s financial profile is built on its banking industry which has had a reputation for secrecy and confidentiality […]
The European Banking Authority (EBA) has issued new guidance on the impact and scale of de-risking in the EU, and warned financial institutions that its increased use could indicate their anti-money laundering and combatting the financing of terrorism (AML/CFT) measures […]
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