Bangladesh establishes new unit to tackle TBML via international under- and over-invoicing and transfer pricing
Bangladesh has established a new body to detect and prevent trade-based money laundering (TBML) through under- and over-invoicing in international trade. The new transfer pricing cell (TPC) has a specific remit to focus on customs duty and VAT evasion, and is additional to existing TPC…
Eleven banks fined as UAE signals tougher action on FATF recommendations and a focus on TBML
Eleven banks operating in the UAE have been fined a total of 45.8 million UAE dirham (AED 45.8 million – US$12.5 million) for violations of anti-money laundering and counter financing of terrorism (AML/CFT) regulations by the Central Bank of the UAE amidst a flurry of…
FBI director highlights growing threats of TBML and professional money launderers
Director of the US’ Federal Bureau of Investigation (FBI), Christopher Wray, has highlighted the growing threat of trade-based money laundering (TBML) and the increasingly active role played by professional money launderers (PMLs) in financial crimes. The FBI chief was talking at the American Bankers Association…
Surecomp integrates ThetaRay to mitigate TBML and ATM risks for banks and corporates
Canadian fintech Surecomp, which specialises in global trade finance solutions for banks and corporates, has announced a partnership with cyber security and big data analytics company ThetaRay for its detection platform to be live on the Surecomp Marketplace platform. Fully integrated with Surecomp’s back-office trade…
FATF report draws attention to trade-based terrorist financing
A specific focus on trade-based terrorist financing (TBTF) features in the new report released by the Financial Action Task Force (FATF) in collaboration with the Egmont Group to help the public and private sector with the challenges of detecting trade-based money laundering TBML (Trade-based Financial…
Decentralise Nigerian money laundering investigations to cut out corrupt officials says ACFE
The Lagos Chapter of the Association of Certified Fraud Examiners (ACFE) is calling on the Nigerian federal government to consider decentralising investigations of money laundering and other related crimes to more effectively curb illicit financial flows (IFFs). President of the Lagos Chapter of the international…
UK launches new probe into its ‘fragmented’ AML system amidst new TBML concerns
The UK’s treasury committee has launched a new inquiry into the country’s anti-money laundering (AML) system, its efforts to combat economic crime and its sanctions regime. In its last AML report published nearly two years ago, the committee highlighted an anticipated increased vulnerability to trade-based…
Merchants and traders swap currencies in ‘most sophisticated’ ever form of money laundering
The Reuters news agency has highlighted a case of what one US source familiar with the investigation described as “the most sophisticated form of money laundering that’s ever existed”. The way such operations work involve legitimate merchants and traders, sometimes unknowingly, sending the US proceeds…
Bank employs innovative Regtech network analytics to unearth serious TBML case
How a bank used network analytics to uncover trade-based money laundering (TBML) is the subject of one of ten case studies in the Hong Kong Monetary Authority’s (HKMA’s) new report on the adoption and use regulatory technology (Regtech) in their anti-money laundering and counter financing…
TBML case study features in HKMA’s new report on innovative Regtech AML/CFT approaches
The Hong Kong Monetary Authority (HKMA) has published a new report containing case studies on and insights into how banks are seizing opportunities to leverage regulatory technology (Regtech) to enhance the effectiveness of their anti-money laundering and counter financing of terrorism (AML/CFT) strategies. The report…
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Trade Based Financial Crime
Trade Based Financial Crime
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