Trade finance banks doing business with Africa increasingly vulnerable to terrorist financing risks

The US treasury department has highlighted in its 2024 National Terrorist Finance Risk Assessment (NTFRA) the risks trade finance banks run through possible exposure to terrorist financing via correspondent banking relationships. It also says that relationships with counterparties in Africa are increasingly vulnerable to terrorist…

Trade finance banks face new AML/CFT/PF challenges says US treasury’s latest suite of risk assessments

The US treasury department has published its 2024 National Risk Assessments in three separate reports, on money laundering, terrorist financing, and proliferation financing. The reports highlight the most significant illicit finance threats, vulnerabilities, and risks facing the US. Trade finance banks face longstanding threats as…

Moody’s launches tool to uncover hidden shell company risks, financial institutions a target market

Moody’s has launched a Shell Company Indicator that the ratings agency claims will uncover hidden shell-company risks within complex corporate structures of potential customers or third parties during onboarding and investigations. Financial institutions, corporates and governments are target markets for this new product. Moody’s says financial…

Gold and drugs likely focuses for Andean Community’s new regional security group

A high-level regional security group to combat transnational organised crime and reinforce border, immigration and customs surveillance has been established by La Communidad Andina (Andean Community). The four-member regional grouping of Bolivia, Colombia, Ecuador and Peru that promotes development through regional integration unanimously approved the…