Banks and financial regulators wasting time on AML compliance should consider AI techniques
A new policy brief published by the Brookings Centre on Regulation and Markets has a clear focus on anti-money laundering (AML) compliance and suggests that banks, regulators, and law enforcement authorities are spending time and money chasing down potential leads but not really curbing illicit…
FinCEN head issues reminder on Russia-related alerts, warns of lack of funds for new AML legislation
The head of the US treasury department’s Financial Crimes Enforcement Network (FinCEN) has issued a reminder in a congressional committee of two alerts related to recent sanctions imposed on Russia that provide financial institutions with information about red flags and typologies that include several trade-based…
FinCEN issues first ever penalty for failing to comply with GTO order
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has for the first time ever fined a business in the Los Angeles Fashion District for failing to comply with a geographic targeting order (GTO). A&S World Trading, operating under the name Fine Fragrance (A&S), has…
Crack down on TBML to battle the world’s kleptocrats says US senator
Action to prevent or stem trade-based money laundering (TBML) needs to be better coordinated to battle the world’s kleptocrats according to a comprehensive plan devised by a leading US senator. Sheldon Whitehouse has launched his plan in the wake of Russia’s invasion of Ukraine, which…
Clamp down expected on UK registered shell companies favoured by Russia and other ex-Soviet actors
The UK government has published its proposals to clamp down on the use of anonymous or fraudulent shell companies and partnerships that provide criminals with a veneer of legitimacy to help commit a range of crimes, from money laundering and grand corruption to fraud and…
FACT Coalition “applauds” proposals for revised US beneficial ownership reporting
A non-partisan alliance of more than 100 US and international organisations working toward a fair tax system has “applauded” the proposal by the US treasury department’s Financial Crimes Enforcement Network (FinCEN) for revised rules on beneficial ownership information reporting requirements (Trade-based Financial Crime, 30 December 2021)….
Difficult to assess FinCEN’s beneficial ownership reporting proposals say US banks
The American Bankers Association (ABA) has responded to the proposal by the US treasury department’s Financial Crimes Enforcement Network (FinCEN) for revised rules on beneficial ownership information reporting requirements (Trade-based Financial Crime, 30 December 2020). The association says it supports the creation of the registry…
Unregulated art financiers vulnerable to money laundering says new US treasury report on high-value art trade
The US treasury department has published a study on the facilitation of money laundering and the financing of terrorism through the trade in works of high-value art. The study found that banks that regularly transmit payments for the art market have developed tailored policies, procedures…
FinCEN issues proposed rule on beneficial ownership information reporting requirements
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has issued a proposed rule on beneficial ownership information reporting requirements that would implement key provisions of the Corporate Transparency Act, which was enacted earlier this year as part of the Anti-Money Laundering Act of 2020….
FinCEN seeks comments on modernisation of US AML/CFT regulatory regime
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has issued a request for information (RFI) seeking comments on ways to streamline, modernise and update the country’s anti-money laundering and counter financing of terrorism (AML/CFT) regime. As part of a formal review process, FinCEN says…
