African trade dampened by stringent compliance and FATF’s beneficial ownership requirements, Afreximbank responds

Stringent compliance requirements, particularly those related to anti-money laundering and counter financing of terrorism (AML/CFT), are considered to be significantly hampering the expansion of intra-African trade as well trade between Africa and the rest of the world. In response, the African Export-Import Bank (Afreximbank) is…

Africa’s US$100 billion IFFs lost through money laundering in agriculture, maritime and tourism sectors, and failure to capture domestic resources

Africa loses up to US$100 billion each year to illicit financial flows (IFFs) according to a comprehensive report published by the well-regarded Mo Ibrahim Foundation. As well as tackling the relationship between money laundering and industries vulnerable to IFFs, including those in the agriculture, maritime…

ABN AMRO Bank goes live with CBA software solution to help curb trade-based financial crime and improve compliance

ABN AMRO Bank has gone live with Commercial Banking Applications’ (CBA’s) IBAS transaction due diligence (TDD) software to strengthen its efforts to fight trade-based financial crime and ensure regulatory compliance. The Norwegian software vendor’s solution has been rolled out across the Dutch lender’s global trade…

GFI looks at beneficial ownership Kenya’s mining industry, finds trade mis-invoicing, underreporting and undervaluation

Global Financial Integrity (GFI) has published a new report that examines the regulatory and legal framework governing Kenya’s mining industry and offers an in-depth exploration of the challenges and gaps in implementing and enforcing beneficial ownership reporting in the country. The report, Illicit Financial Flows…

Eastnet’s Safetrade solution recognised as ‘a significant innovation in the fight against trade-based financial crime’

Eastnet’s SafeTrade, a trade-based financial crime detection platform, has been awarded a silver medal in the 2024 Best AML Transaction Monitoring Innovation category by Datos Insights. According to Datos, which provides research, advisory, and consulting services with a focus on financial services, SafeTrade’s integration of…