Banks on guard after STRs reveal massive Singapore-based transnational money laundering organisation
Prompt suspicious transaction reports (STRs) by Singapore’s financial institutions (FIs) helped reveal a massive transnational money laundering organisation. The total value of assets seized or frozen with prohibition of disposal orders in the case so far has swelled to over 2.4 billion Singaporean dollars (S$2.4…
Wolfsberg Group updates and publishes guidance on correspondent banking
The Wolfsberg Group, the association of global banks that aims to develop frameworks and guidance for the management of financial crime risks, has updated and published its Financial Crime Principles for Correspondent Banking. The principles detail risk-based due diligence measures that allow the correspondent bank to assess…
