Banks should include all forms of TBML in compliance processes says new NGO
Financial institutions should include all forms of trade-based money laundering (TBML) in their standard due diligence, record keeping, and financial intelligence reporting according to a new report by a recently formed national security non-governmental organisation (NGO) based in Washington. The report by the International Coalition…
Information from financial institutions a core function for FIUs says Egmont Group
Analysis of information received from financial institutions is a core function of financial intelligence units (FIUs), particularly in the asset recovery process according to a new report by the Egmont Group of FIUs. The group facilitates and prompts the global exchange of information, knowledge, and…
Whitepaper: Sanctions advisories for the maritime industry
Practical challenges and recommendations for financial institutions regarding the monitoring of AIS outages and suspicious vessel activity. Executive summary
TBML increasingly a priority for financial institutions in Asia Pacific says new report
New research conducted by RegTech NICE Actimize and Regulation Asia, suggests that countering financial crime could move beyond well-used tools such as suspicious transaction monitoring and sanctions screening and focus on high risk areas, including trade-based financial crime. Other areas considered high risk include fraud…
UAE banks have one month to comply with new transaction monitoring and sanctions screening guidelines
The UAE Central Bank has issued new guidelines to financial institutions on transaction monitoring and sanctions screening. Banks must demonstrate compliance with the central bank’s requirements within one month of 13 September when the guidelines came into effect.
High risk of violating US law for banks and others that fail to exit Xinjiang supply chains, ventures and investments
Financial institutions, businesses and individuals that do not exit supply chains, ventures and investments connected to the Chinese province of Xinjiang could run a high risk of violating US law according to an updated business advisory published by several US government departments. Banks come under…
Bahrain to prosecute 13 of Iran’s top financial institutions for money laundering
Bahrain is to prosecute Iran’s most prominent financial institutions on charges related to money laundering of US$1.3 billion via the now defunct Bahrain-based Future Bank. This is the largest such case in the Gulf state’s history. Prosecutors say Future Bank – established jointly in the…
War against money laundering being lost
The global system for financial crime is hugely expensive and largely ineffective according to The Economist. The international weekly newspaper and online publisher concludes in an article that the war against money-laundering is being lost.
Avoid sanctions risks by applying L/C due diligence to open account transactions says Windward
Importers, exporters, and their financial institutions have shifted away from traditional, document-based trade finance instruments over recent years towards non-documentary, open account settlement through clean wire transfers, which significantly increases sanctions risks according to maritime insight provider Windward.
FATF seeks views of financial institutions in public consultation on its Guidance on proliferation financing risk assessment and mitigation
The Financial Action Task Force (FATF) is seeking views, primarily from financial institutions and designated non-financial businesses and professions (DNFBPs) in its development of Guidance to help both public and private sectors implement new requirements to identify, assess, understand and mitigate proliferation financing risk. The…
Trade Based Financial Crime
Trade Based Financial Crime
This online training course provides you with the technical knowledge required to succeed within the trade finance compliance landscape.