Wolfsberg Group publishes paper advocating public-private partnerships for effective AML/CFT and KYC
Financial institutions should participate actively in public-private information-sharing frameworks to foster a more effective anti-money laundering and counter financing of terrorism (AML/CFT) programme according to a paper published by the Wolfsberg Group. The association of global banks that develops frameworks and guidance for the management…
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…
Financial crime specialists expect to benefit from Danske Bank’s trade finance collaboration with Conpend
Danske Bank has announced plans to digitise its trade finance processes through a collaboration with Conpend for use of its Trade AI app to automatically check against anti-money laundering (AML), know your customer (KYC) and sanctions regulations. Trade AI employs artificial intelligence and machine learning….
China’s central bank fines MYBank US$3.5 million for AML/CFT and other violations
China’s MYBank has been handed a 22.4 million yuan (US$3.5 million) penalty by the People’s Bank of China (PBOC) for anti-money laundering and counter financing of terrorism (AML/CFT) and several other violations. The fine reflects the Chinese authorities’ increased focus on AML/CFT compliance since the…
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…
AML and KYC requirements remain top barriers to expanding trade finance operations
Requirements for anti-money laundering (AML) and know your customer (KYC) compliance remain the top barriers to expanding trade finance operations according to 72 per cent of banks canvassed in the latest Trade Finance Gaps, Growth and Jobs Survey released by the Asian Development Bank (ADB)….
Accuity survey reveals differences in trade compliance processes at banks, corporates and NBFIs
Accuity has conducted a survey on trade compliance and the specific challenges facing the industry. More than 120 compliance professionals from banks, insurance and fintech firms around the world participated in the survey. The results reveal differences in how global banks, corporates and non-banking financial…
Overseas art traders subject to tough UK AML laws as autumn fairs resume post-pandemic
Overseas art traders and advisors participating in major upcoming international fairs in the UK such as Frieze London, Frieze Masters and the 1-54 Contemporary African Art Fair will have to comply with tough anti-money laundering (AML) requirements if they want to sell works of art….
New initiative aims to remove AML and KYC barriers to trade finance for African SMEs
A new initiative supported by the German government aims to reduce the compliance burden associated with stringent anti-money laundering (AML) and know your customer (KYC) regulations and enable small- and medium-sized enterprises (SMEs), especially in Africa, to apply for trade finance. The collaborative initiative aims…
Chinese banks must take zero-tolerance approach to illegal wildlife trade
Chinese banks must take action to prevent illegal wildlife traffickers from exploiting their networks to launder money according to new guidance from TRAFFIC, an NGO that works globally on trade in wild animals and plants. The guidance calls on Chinese banks to take steps to…
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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.