Wolfsberg Group publishes guidance on negative news screening for KYC, AML and CFT screening
The Wolfsberg Group has published a Frequently Asked Questions (FAQs) on how undertaking screening for negative news and other forms of adverse information can enhance financial institutions’ awareness of potential financial crime risk posed by both existing and prospective customers. The FAQs by the association of global banks that aims…
Trade finance banks not doing enough to detect fraud and crime say UK regulators
British regulators have written an unusually blunt letter to the CEOs of the UK’s largest banks ordering them to conduct a full financial crime risk assessment of their processes to detect money laundering, sanctions evasion, terrorist financing and fraud among their clients. The Bank of…
WEF publishes Unifying Framework for bankers and other gatekeepers to curb IFFs and corruption
The World Economic Forum (WEF) has published a Unifying Framework of five core practices to assist ‘gatekeepers’, including bankers, lawyers and accountants, in their work to stop or interrupt illicit financial flows (IFFs) and corruption. The framework assumes private sector gatekeepers are essential for preventing…
How Singaporean firms can avoid sanctioned transactions
A two-pronged approach would be the best way for Singaporean firms to avoid implicating themselves in sanctioned transactions according to head of financial crime compliance at HSBC Singapore, Jamil Ahmed. Writing for Regulation Asia, he says firms should recognise and respond to sanctioned transaction risks…
