In an evolving financial landscape, new criminal methodologies and regulatory obligations change firms’ compliance obligations regularly. In order to detect and prevent money laundering in that regulatory environment, banks must work to understand their customers’ financial activity by implementing a […]
The European Banking Authority (EBA) has issued new guidance on the impact and scale of de-risking in the EU, and warned financial institutions that its increased use could indicate their anti-money laundering and combatting the financing of terrorism (AML/CFT) measures […]
Defense think tank RUSI is warning that a lack of guidance around proliferation finance (PF) and designated non-financial businesses and professions (DNFBPs) is increasing the risk of North Korea evading targeted sanctions. In a new report, it recommends organizations and […]
The former CEO of Swedbank has been charged with fraud and market manipulation following investigations into money laundering in the Baltics. If convicted she could face up to six years in prison. Birgitte Bonnesen was chief executive of Sweden’s oldest […]
Banks in Australia have been praised by the Australian Transaction Reports and Analysis Centre (AUSTRAC) for improving their compliance programs to more effectively tackle money laundering, organized crime, tax evasion, and welfare fraud. AUSTRAC said that it is now better […]
Airbnb Payments, a subsidiary of rental company Airbnb, will pay $91,172 for alleged violations of sanctions against Cuba, the US Office of Foreign Assets Control (OFAC) has announced. OFAC, which implements and enforces US sanctions, says the company processed payments […]
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned eight firms that “actively support the biometric surveillance and tracking of ethnic and religious minorities in China.” This includes Xinjiang, a key focus for policymakers concerned […]
The EU has imposed sanctions on a Russian mercenary organization accused of human rights abuses in Libya, Syria, Ukraine and the Central African Republic (CAR). The measures target the Wagner Group and eight individuals and three entities connected to it. […]
From regime change in Myanmar and Afghanistan to a spotlight on environmental crime at COP26 and the explosive Pandora Papers leak, 2021 has been another landmark year for compliance professionals. But what events from this year are likely to set […]
As part of Estonia’s mission to become ‘the world’s most advanced digital society’, the government established the e-Estonia program. e-Estonia was put into action in 1996 through the Tiger Leap Initiative, a roadmap to develop the country’s IT infrastructure. This […]
Financial Action Task Force (FATF) President Dr. Marcus Pleyer has called for a global move against illicit profits generated from environmental crimes. Speaking at a high-level conference attended for the first time by heads of international organizations including the UN’s […]
The EU’s banking regulator, the European Banking Authority (EBA), has announced plans to strengthen the anti-money laundering (AML) checks required for remote customer onboarding. Launching a public consultation on draft guidelines, the measures aim to tackle the problem of inconsistencies […]
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