New planned AML regulations in the EU will reinforce the importance of a risk-based approach for banks. Automated, scalable adverse media solutions are an important component of this, enabling banks to conduct comprehensive customer risk assessments, taking into account a […]
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated 21 entities and 13 individuals as part of a crackdown on Kremlin illicit procurement networks and tech companies who are helping fuel the conflict in Ukraine by […]
The UK government has announced plans for stablecoins to become a recognized form of payment in the country, as part of a wider plan to boost the UK’s reputation as a hub for digital payment companies. In a statement Chancellor […]
An extensive report into the adequacy of Australia’s anti-money laundering and combating the financing of terrorism (AML/CFT) measures has condemned a delay in expanding the scope of the country’s regulations. The Senate committee report focuses on the failure to expand […]
The Financial Action Task Force (FATF) has warned that financial flows from migrant smuggling may be at risk of money laundering and terrorist financing (ML/FT) and urged authorities to “follow the money” linked to this criminal activity. In its latest […]
The USAA Federal Savings Bank (USAA FSB) has been fined $140m after admitting that despite repeated warnings, it willfully failed to implement and maintain an anti‑money laundering (AML) program that met the minimum requirements of the US Bank Secrecy Act […]
The attack on Ukrainian soil by Russian forces has not only triggered a new phase of international relations, but has transformed the international financial system. G7 members, including the European Union (EU), and like-minded partners released a flood of sanctions […]
Following weeks of protests by truckers opposing Canada’s vaccine mandates – labeled the ‘Freedom Convoy’ – on February 15th 2022 Canada’s Attorney General, alongside other members of the government, declared a public order emergency. To do this, the government invoked […]
Delays by the UK government in introducing legislation to combat economic crime are being questioned in a major new report. The Treasury Select Committee is calling for a raft of measures, including the creation of a new government department to […]
The European Banking Authority (EBA) has launched a central database for anti-money laundering and countering the financing of terrorism (AML/CFT), which it hopes will act as an “early warning tool” across the European Union. The European reporting system for material […]
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 […]
As Russia amasses 100,000 troops near Ukraine’s border, the Biden administration looks likely to target banks as part of a torrent of economic sanctions in the event of an invasion. Increasing friction in the region comes eight years after Russia […]
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