The EU’s European Commission (EC) is readying plans to create a new anti-money laundering agency to oversee AML/CFT efforts across the EU, according to recent reports. If created, this agency would replace the current dedicated unit established within the European […]
Two brothers, co-founders of a South African cryptocurrency investment platform, Africrypt, have been accused of running off with an estimated $3.6 billion worth of bitcoin from investors. It’s an allegation the founders “categorically” deny. Yet both they and the money […]
A man from Las Vegas, Nevada, has been sentenced to 15 months in prison for helping Chinese gamblers bypass currency conversion limits. According to a June 3 statement by the US Attorney’s Office for the Southern District of California, he […]
The Australian government is weighing how it can extend AML/CFT regulation to cryptocurrencies, Nicole Rose, the CEO of AUSTRAC, confirmed on May 25. Specifically, and among other measures, the government agency is exploring whether to apply the Financial Action Task […]
The Philippine Anti-Money Laundering Council (AMLC) is weighing disciplinary action against entities who filed incorrect STRs, according to a statement made by the executive director of the regulatory body, Atty. Mel Georgie Racela. Racela made the remark during an interview […]
Challenger Banks: AML Vulnerabilities During the Covid-19 Pandemic Coronavirus lockdown restrictions have had a significant impact on the financial sector prompting changes in the habits of service providers and customers alike. One of the most prominent effects of lockdown is […]
OFAC Sanctions Fines And How To Avoid Them International sanctions are a vital part of the global fight against money laundering and the financing of terrorism. In the United States, economic sanctions are implemented by the Treasury’s Office of Foreign […]
In a data-driven financial landscape, cyber crime has emerged as a significant concern for regulators and institutions alike, with criminals exploiting computer systems and online financial services to perpetrate money laundering, fraud and other crimes. In 2015, cyber crime cost […]
The payments industry has been transformed by innovative technologies facilitating faster, more flexible payment products and better experiences for customers. That innovation trend has, however, been accompanied by an increased level of risk for payment firms, as criminals seek to […]
Sanctions are an important component of the United States’ approach to foreign policy and are employed to help the US government achieve diplomatic objectives and punish violations of international law around the globe. The US sanctions system is complex and […]
In a digital financial landscape firms must be aware of the relevance of cyber crime penalties and the increasing importance of cyber sanctions compliance. Cyber-attacks are not just used by individual criminals to perpetrate financial crimes and may also be […]
Understanding the Monetary Authority of Singapore Omnibus Act: What You Need To Know On 21st July 2020, the Monetary Authority of Singapore (MAS) launched its Consultation Paper on the New Omnibus Act for the Financial Sector, setting out proposals for […]
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