The US Treasury’s Financial Crimes Enforcement Network (FinCEN) has proposed new measures to allow banks to share suspicious activity reports (SARs) more easily with foreign branches, subsidiaries and affiliates. In a Notice of Proposed Rulemaking (NPRM) FinCEN has asked for […]
Plans to stop misleading advertising by high-risk and cryptocurrency firms have been published by the Financial Conduct Authority (FCA). A consultation on proposals to strengthen financial promotion rules runs from January 19 until March 23, 2022. It forms part of […]
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 […]
The West African state of Mali has become the subject of new sanctions, imposed by neighboring countries in a bid to accelerate its delayed election timetable and return Mali to constitutional order. The 15-member Economic Community of West African States […]
The US has expanded its sanctions regime against Nicaragua with six officials connected to the Nicaraguan government being targeted, including the country’s Minister of Defense, and telecom and mining executives. The move comes as Nicaragua inaugurates its new President and […]
In order to meet the demands of AML/CFT regulations, banks must implement suitable Know Your Customer (KYC) measures in order to understand who their customers are, and the nature of the business in which they are involved. With that requirement […]
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 volume of cryptocurrency transactions grew to $15.8trn in 2021, up 567% from 2020, another sign that the trading of digital assets is becoming increasingly mainstream. Highlights from a new report from blockchain data platform Chainalysis show illicit crypto transactions […]
The European Commission has fined five major European banks a total of €344m as part of a long-running investigation into the foreign exchange (Forex) spot trading market. The Commission’s investigation focused on the trading of G10 currencies – the most […]
The US real estate market faces increasing regulatory scrutiny, with Treasury regulator FinCEN calling for public comment on its plans to root out money laundering and corruption in the sector, particularly through all-cash deals. The advance notice of proposed rulemaking […]
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” […]
Financial sanctions are an important tool in the global fight against financial crime. Governments around the world use sanctions to restrict and prohibit trade with foreign targets as a means to achieve political objectives or punish violations of international law […]
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