BAFT MENA Council to focus on de-risking and compliance
BAFT, the international transaction banking association formed by the merger of the Bankers Association for Finance and Trade, has launched a Middle East and North Africa (MENA) Council. De-risking and compliance will be key focuses for the council as it aims to address the needs…
Accuity and China Systems to launch new trade finance compliance
Provider of payments and compliance solutions Accuity, has partnered with trade finance solutions vendor China Systems, to provide what they claim is a product providing seamless compliance checks for trade finance transactions. The product integrates Accuity’s Compliance Link solution with China Systems’ Eximbills Trade Processing…
India claims success in unearthing trade-based money laundering
India’s Enforcement Directorate(ED) says it is successfully detecting trade-basedmoney laundering (TBML). In its latest case, the directorate says it has so far unearthed evidence that foreign exchange dealer, Manish Jain, fraudulently channelled the equivalent of $15 million via nine major national and international banks, with…
Caribbean banks opt for SWIFT’s KYC registry
The Caribbean Association of Banks (CAB) has endorsed the know-your-customer (KYC) initiative established by SWIFT, the global messaging platform. SWIFT’s KYC Registry is a centralised repository that maintains a standardised set of information on correspondent banks’ requirements for compliance purposes. Benefits The CAB has a…
China’s new payment system may complicate compliance hopes
China has launched its cross-border renminbi (RMB) payments system, marking a big step back from the conventional financial industry’s use of the SWIFT secure messaging system. The new China International Payments System (CIPS) aims to boost international use of the Chinese currency but it is…
Foreign banks fight back against FinCEN
Shareholders of Banca Privada d’Andorra Group (BPA) have filed a lawsuit challenging the allegations of the US Treasury’s Financial Crimes Enforcement Network (FinCEN) that the small Andorran bank was involved in money laundering. The shareholder’s action comes a month after another small lender, Tanzania’s FBME…
Asia poised for massive AML spend amidst staff shortages
Financial services companies in Asia are set to spend record amounts upgrading software systems they use to monitor illicit fund flows (IFFs) according research firm, Celent. It says the companies are also struggling to recruit and retain quality anti money-laundering (AML) and know-your-customer (KYC) specialists….
Global trade finance compliance stuck in one-way street
Efforts to combat trade-based money laundering (TBML) are currently stymied by countries unable or unwilling to provide data in trade finance transactions according to an associate director at Accuity, a solutions provider for compliant transactions, bank counterparty insight and anti-money laundering (AML). Colin Wood argues…
Deutsche Bank to double technology spending in AML drive
Deutsche Bank is planning to invest in technology in its anti-money laundering (AML) drive according to its head of global transaction banking. Werner Steinmueller told the Reuters news agency that the bank would increase its technology spending on AML systems as part of the bank’s…
Trade gap widening due to cost and complexity of compliances says ICC
The International Chamber of Commerce (ICC) Banking Commission has released a report that highlights a widening trade finance gap driven by the cost or complexity of know your customer (KYC) and anti-money laundering (AML) compliance. The results of the ICC’s 2015 Global Survey on trade…
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