Russia suspended from Egmont Group of FIUs
Russia’s membership of the Egmont Group of Financial Intelligence Units (FIUs) has been suspended by the grouping of 170 police and customs agencies focused on anti-money laundering and counter financing of terrorism (AML/CFT). The Russian FIU has been suspended “to maintain the Egmont Group’s reputation…
AML/CFT regulations, compliance and geopolitical volatility widen trade finance gap to record size
The global trade finance gap widened to a record US$2.5 trillion in 2022 from US$1.7 trillion two years earlier according to the latest edition of the Asian Development Bank’s (ADB’s) flagship Trade Finance Gaps, Growth and Jobs Survey. Financial crime compliance, anti-money laundering and counter…
Cameroon, Croatia and Vietnam added to FATF grey list, Cambodia and Morocco removed, Russia not listed
Cameroon, Croatia and Vietnam have been added to the Financial Action Task Force (FATF) list of countries under increased monitoring following its latest plenary meeting which ended on Friday. Cambodia and Morocco have been removed from the list, better known as the grey list, for…
MAS fines three banks and an insurer operating in Singapore for AML/CFT breaches
Singapore’s financial regulator has fined four financial institutions for applying seriously inadequate anti-money laundering and counter financing of terrorism (AML/CFT) controls when they dealt with persons who were involved in transactions with, or had links to, the collapsed German payment services group, Wirecard. Breaches of…
Financial institutions’ roles in counter terrorism financing frameworks in focus in new IMF report
The International Monetary Fund (IMF) has published an extensive book to assist anti-money laundering and combating terrorism financing (AML/CFT) policymakers and practitioners in identifying key challenges and good practices for strengthening the effectiveness of counter terrorism financing frameworks. The roles of financial institutions (FIs) are…
Bank of Queensland at risk of penalties for AML/CFT failings
Bank of Queensland (BOQ) says it is at risk of being subjected to penalties, sanctions or other enforcement action due to weaknesses in its anti-money laundering and counter financing of terrorism (AML/CFT) programme. If it is in breach of AML/CFT regulations, the Australian regional bank…
NICE Actimize targets nested correspondent banking with ActOne10 solution
Financial crime, risk, and compliance solutions provider, NICE Actimize, has launched its ActOne10 case management solution for financial institutions. It claims to provide the tools required to uncover networked crime, including nested correspondent banking, where a smaller financial institution, such as a local bank or credit…
New EU measures against money laundering and terrorist financing
Banks in the European Union (EU) are amongst entities that may be required to verify their customers’ identity, what they own and who controls the company, under proposed new European anti-money laundering and counter financing of terrorism (AML/CFT) package approved last week by EU lawmakers.
International alignment and business considerations should feature in EBA’s de-risking guidance say Wolfsberg and IIF
The Wolfsberg Group, the association of global banks that aims to develop frameworks and guidance for the management of financial crime risks, and the Institute of International Finance (IIF), the global association of the financial industry, have submitted joint comments in response to the European…
Top EU court judgment allowing beneficial owners anonymity to general public may hinder AML/CFT compliance processing
The decision of the European Union Court of Justice (ECJ) that beneficial owners of registered companies can remain anonymous to the general public may hinder the ability of financial institutions seeking to quickly and easily obtain beneficial ownership in the course of their anti-money laundering…
