FinCEN advisory focuses on curbing trade related to North Korea’s nuclear and missile programmes

The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has published an advisory regarding updates to the Financial Action Task Force’s (FATF’s) list of jurisdictions with strategic anti-money laundering and countering financing of terrorism (AML/CFT) deficiencies. The advisory includes specific updates regarding AML/CFT compliance issues…

HSBC’s trade risk distribution offering may help compensate for the decline in correspondent banking relations

While major banks have been ending correspondent bank relationships due to concerns over anti-money laundering and counter financing of terrorism (AML/CFT) compliance, HSBC has introduced new risk distribution options that could help slow the apparent disintegration of correspondent networks. The bank says it has created…

US AML and CFT compliance creating increasing difficulties in the Caribbean

Increasingly tough anti-money laundering and counter financing of terrorism (AML/CFT) measures required of US financial institutions is creating significant difficulties for banks across the Caribbean. The difficulties are caused by US banks ‘de-risking’, essentially ending correspondent and other banking relationships because they perceive rewards from…