The Baltic countries – Latvia, Estonia and Lithuania – have rapidly become fintech hubs, making them increasingly attractive destinations for founders launching a startup or firms expanding from other parts of Europe. However, the Baltics have a complex geopolitical history, […]
UK regulator the Financial Conduct Authority (FCA) has made public its threatened enforcement action against an interdealer broker that has failed to exercise due skill, care, and diligence in its anti-money laundering (AML) policies and procedures. The firm’s “serious failings” […]
On July 1st 2020 Dr Marcus Pleyer (Federal Ministry of Finance) assumed the presidency of the Financial Action Task Force (FATF) on behalf of the Federal Republic of Germany. The FATF’s planned areas of focus during its two year German […]
It has been estimated that 100bn euros is laundered by criminals in Germany every year. Whatever the true scale, this figure doesn’t just include the well-publicized examples of large-scale transactions moving through international banks. It also refers to the proceeds […]
Regulated financial institutions around the world follow a similar process when it comes to reporting suspicions of money laundering via Suspicious Activity Report (SAR) disclosures to their regulator or law enforcement. However, there may be some deviation in how the […]
Following a Financial Action Task Force (FATF) plenary in February 2020, Mauritius was added to FATF’s list of Jurisdictions under Increased Monitoring, which is commonly referred to as the ‘grey list’. How did Mauritius find itself in this position, and […]
Insights on how to scale a compliance program in a cost-effective way, the role of machine learning, and the pros/cons of build vs buy.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has released a new guide aimed at tackling the increasing misuse of transaction payment text fields by criminals. The guide, Preventing misuse and criminal communication through payment text fields, aims to raise […]
Swiss regulator the Financial Market Supervisory Authority (FINMA) has reprimanded two banks for breaking money laundering rules during their dealings with Venezuelan entities. Wrapping up a five-year investigation into 30 banks suspected of breaches relating to Venezuela’s state oil company […]
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