ITFA launches fraud prevention working group
The International Trade and Forfaiting Association (ITFA) has announced the creation of the ITFA fraud prevention working group. The global trade finance industry body says the newly created group is being set up as part of ITFA’s fintech committee, with the aim of addressing a…
NICE Actimize targets nested correspondent banking with ActOne10 solution
Financial crime, risk, and compliance solutions provider, NICE Actimize, has launched its ActOne10 case management solution for financial institutions. It claims to provide the tools required to uncover networked crime, including nested correspondent banking, where a smaller financial institution, such as a local bank or credit…
British trade banks join forces with ICCUK to take action on duplicate financing fraud
The majority of the UK’s trade banks have agreed to take part in a new initiative led by a unit of the International Chamber of Commerce United Kingdom (ICCUK) to strengthen the country’s finance industry against the impacts of duplicate financing fraud. The Centre for…
TradeSun launches real-time offering to tackle dual-use goods and Russia sanctions
TradeSun, an artificial intelligence (AI) platform for financial crime prevention and compliance in trade, has launched a real-time offering to detect and intercept financial transactions involving dual-use goods from Russia and Belarus, as well as vessels entering sanctioned areas amid the Russia-Ukraine crisis. The solution…
Fraud prevention and AML/CFT applications amongst most frequently used regtech solutions says EBA
Fraud prevention and anti-money laundering and countering the financing of terrorism (AML/CFT) are amongst the five most frequently used regtech solutions in the EU banking sector according to a new report published by the European Banking Authority (EBA). Based on information obtained from surveys and…
IBM publishes whitepaper on the use of AI in AML compliance
Tech giant IBM has published an extensive whitepaper on the use of artificial intelligence (AI) in anti-money laundering (AML) compliance. Fighting financial crime with AI looks at how cognitive solutions are changing the way institutions conduct surveillance and manage AML, financial fraud and compliance.
Pressure on India to criminalise TBML and other financial crimes
A multi-agency group in India, has decided at a high level meeting that the Foreign Exchange Management Act (FEMA) should be made a criminal offence in view of the economic damage caused by trade-based money laundering (TBML), illegal hawala transactions and foreign currency smuggling. At the…
Namibia puts on workshop for illicit financial flows and money laundering investigations
The Namibia University of Science and Technology in association with Bank Windhoek and Capricorn Group, has hosted a two-day workshop for journalists and media students on the investigation of illicit financial flows (IFFs) and money laundering in the Namibian capital, Windhoek. The workshop’s aim was to…
Bangladesh takes additional step to curb TBML
Bangladesh has taken an additional step to curb trade-based money laundering (TBML) by forming a nine-member expert committee within the Bangladesh Financial Intelligence Unit (BFIU). The committee has been formed to specifically focus on mitigating the risks of frauds and forgeries in the banking sector.
ABA resisting US beneficial ownership legislation, UK registry flawed
The managing partner of solicitors Martin Kenney & Co, who is focused on multi-jurisdictional fraud and grand corruption cases says the American Bar Association (ABA) is apparently putting up a fight against proposed US legislation for greater disclosure of beneficial ownership that would help prevent money laundering…
