Kenyan anti-corruption chief meets FBI director as Nairobi’s AML progress goes into reverse
The CEO of Kenya’s Ethics and Anti-Corruption Commission (EACC), Twalib Mbarak, has been meeting with US Federal Bureau of Investigation (FBI) officials at their Washington headquarters. The meetings took place in the context of pressure for US agencies to work more closely with international partners…
BAFT releases guidance on trade via maritime shipping, financial crime risk
The Bankers Association for Finance and Trade (BAFT), has announced the publication of a new whitepaper, Perspectives on Evaluating Potentially Unusual Vessel Behaviour. The global financial services association for international transaction banking says that while banks offering trade finance products likely have a working knowledge…
FinCEN seeks comments from financial institutions and other stakeholders on proposed rule on access to beneficial ownership information
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) is seeking comments on a notice of proposed rulemaking (NPRM) published on 15 December 2022 that would implement provisions of the Corporate Transparency Act (CTA) that govern the access to and protection of beneficial ownership information….
Crown dependencies put plans for public beneficial ownership register on hold
The crown dependencies of the Isle of Man, Guernsey and Jersey have put on hold their plans to open up their beneficial ownership registries to the public. The three territories, that are not part of the UK but are self-governing possessions of the British Crown,…
Quantexa’s decision intelligence solutions recognised for TBAML solutions
Quantexa, a London-based fintech providing decision intelligence solutions to help banks, insurers and government organisations to make sound decisions, has been recognised as a category leader for trade-based anti-money laundering solutions (TBAML) in the Chartis RiskTech 100 report. Chartis, which provides research and analysis on…
IACC panel discusses role of financial institutions in alliance against environmental crimes
TRAFFIC, a non-governmental organisation working globally on trade in wild animals and plants, has hosted its first panel at the International Anti-corruption Conference (IACC) to highlight the need for an alliance against environmental crimes. The panel of counter-corruption and financial crime experts discussed how organisations…
Tough law enforcement may be fuelling up to US$1.8 trillion annual TBML flows in Europe
Tough law enforcement used by EU countries to tackle easier to detect types of financial crime may be fuelling trade-based money laundering (TBML), according to research published in the journal, Applied Economics. Estimates of Trade Based Money Laundering within the European Union says that criminals are…
Austrac publishes prevention of TBML guidance targeted at trade finance providers
Australia’s government agency for detecting, deterring and disrupting financial crime has published guidance providing indicators and behaviours to help financial service providers – particularly those engaged in trade financing – to detect and report suspicious financial activity. The guidance by the Australian Transaction Reports and Analysis…
Wolfsberg Group publishes guidance on AI/ML in financial crime compliance
The Wolfsberg Group has published guidance on artificial intelligence and machine learning (AI/ML), which the association of 13 global banks believes can have, and are already having, a significant impact on improving the effectiveness and efficiency of financial crime compliance and risk management programmes. Principles…
Illegal, unreported and unregulated fishing ignored by FATF and financial community
The financial community, led by the Financial Action Task Force (FATF), should show the same degree of commitment to preventing environmental and ecological damage to the oceans as it does to the charismatic species on land according to researchers at the Royal United Services Institute…
