The latest set of explosive revelations concerning bank accounts of the rich and powerful has seen Switzerland’s second largest bank, Credit Suisse, face accusations of widespread, systemic failures of due diligence. Suisse Secrets is an international investigation – involving more […]
The Australian Transaction Reports and Analysis Center (AUSTRAC) has issued new guidance aimed at helping firms identify and verify sources of funds and wealth, as part of their know your customer (KYC) processes. The draft guidance follows the regulator’s recent […]
South Korea’s largest telecom provider is to pay $6.3m to settle a US Securities and Exchange Commission (SEC) action over alleged bribes. KT Corp, which is publicly traded and listed on the New York Stock Exchange, engaged in multiple schemes […]
This article explores the latest sanctions on Russia imposed by the US, EU, UK and others, alongside our best practice recommendations for firms on how to ensure they’re compliant.
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.
In 2021 ComplyAdvantage surveyed compliance leaders globally to build an assessment of the state of financial crime in the year ahead. One of the key questions we asked in the survey was: How has the number of suspicious activity reports […]
If there’s one pain point that stands out in the ComplyAdvantage State of Financial Crime 2022 report, it’s cybercrime. Our annual survey of 800 compliance professionals globally asked firms about their biggest compliance-related pain points (Figure 1) – 45% said […]
The US Commerce Department’s Bureau of Industry and Security (BIS) has added 33 China-based businesses to its Unverified List (UVL) – highlighting potential export risks. The aim is to demonstrate that US exporters should conduct additional due diligence and assess […]
A bill containing extensive sanctions on persons and entities in Ethiopia has been advanced by Congress, in a bipartisan move to try and end atrocities in the region. The bill would impose sanctions on anyone who undermines peace, security or […]
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has issued new guidance designed to help firms identify suspicious behavior related to forced sexual servitude. While sex work is largely legal or decriminalized across Australia and subject to regulation, forced sexual […]
Hosted on blockchain technology and offering access to innovative new financial products and services, cryptocurrencies are disrupting financial systems in jurisdictions all over the world. Cryptocurrencies – or the digital tokens that represent them – may be exchanged directly between […]
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