EN
Following the announcement that the next President of the Financial Action Task Force (FATF) will be Singaporean T Raja Kumar, we take a closer look at what this may mean for the FATF’s priorities during his tenure. To do this, […]
Knowledge & Training
For payment service providers (PSPs) to connect merchants to the wider financial system, they must comply with relevant jurisdictional payment service regulations. Regulated payment services generally include provisions relating to payment accounts, executing payment transactions, issuing payment instruments, acquiring services, […]
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 […]
President Biden has issued a long-awaited Executive Order (EO) detailing broad plans to create a framework for the regulation of cryptoassets in the US. The EO represents the US’ first whole-of-government approach to addressing the risks and harnessing the potential […]
The Financial Action Task Force (FATF), has held its latest plenary in Paris – attended by representatives of its 206 global members, the IMF, UN and World Bank – and has proposed new measures to make the fight against illicit […]
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 […]
A raft of new measures to tackle dirty money and improve transparency related to company and property ownership are being expedited by the UK government following Russia’s invasion of Ukraine. The Economic Crime (Transparency and Enforcement) Bill — a key […]
A Chicago woman has been convicted of fraud and tax offenses after cashing her dead grandmother’s pension checks and creating false tax returns. The Justice Department reports that Eunice Salley (aka Eunice Sally Dobyns, aka Oya Awanata-Bey, aka Oya Awanata) […]
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has started civil proceedings against Australia’s largest casino operator, Crown Resorts, alleging “serious and systemic non-compliance” with the country’s anti-money laundering and combatting the financing of terrorism (AML/CTF) laws. The action relates […]
Transaction screening is a critical extension of an effective transaction monitoring program. Sanctions breaches constitute serious offenses and can result in heavy penalty fines. Accordingly, banks and financial institutions must check customers against relevant sanctions lists as efficiently and accurately […]
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 […]
We take a step back to explore the bigger picture around the Russia-Ukraine crisis, and how the situation may develop in the coming weeks and months. Following Russia’s recognition of the breakaway republics of Luhansk and Donetsk on February 22nd, […]