Gazprombank and Russian diamonds in line for EU sanctions
Gazprombank could be a prime target in a new batch of European Union (EU) sanctions on Russia expected in response to Moscow’s mobilisation decree to conscript 300,000 reservists into the Russian army and referendums in areas the union sees as Ukrainian sovereign territory. Imports of…
Tightening the screws on Russian sanctions, more help expected from US banking and financial services sector
The banking and financial services sectors have been “enormous partners” throughout the information sharing effort to combat Russian sanctions evasion according to the US justice department’s director of Task Force KleptoKapture, Andrew Adams. Now, he says, the department wants to introduce additional means to prevent…
Wolfsberg publishes RFI best practice guidance
The Wolfsberg Group has published a guidance paper on requests for information (RFIs) as used in anti-money laundering and counter financing of terrorism (AML/CFT) transaction monitoring processes. The guidance is focused primarily on inquiries initiated as a result of transaction monitoring, and is not intended to…
J P Morgan strategic alliance with Cleareye.ai to identify TBML and sanctions red flags
J P Morgan has entered into a global strategic alliance with California-based artificial intelligence (AI) and machine learning (ML) platform Cleareye.ai to digitise trade finance due diligence processing. The alliance aims to identify trade-based money laundering (TBML) and sanctions red flags and significantly reduce false…
Russian sanctions are here to stay says maritime industry expert Edit
Sanctions against Russia are here to stay for the foreseeable future, even if a ceasefire agreement were to be reached in the Ukraine war, according to global head of maritime trade technologies & ESG at Pole Star, Simon Ring. In an article for Seatrade Maritime…
Germany announces new authority in major shake-up of anti-money laundering and sanctions control efforts
Germany plans to create a national financial crime authority with the aim of effectively fighting white-collar crime, vigorously enforcing sanctions and overcoming its reputation as a money-laundering hub. A central element of the plan is to bundle the most important anti-money laundering and sanctions control…
Dutch financial supervisors’ informal warnings miss opportunities to use full range of sanctions
Despite two recent high profile out-of-court settlements involving major Dutch banks, some of the Netherland’s supervisors still heavily rely on informal enforcement actions and warning letters according to the Financial Action Task Force (FATF). In its Mutual Evaluation Report Netherlands-2022, the FATF says that whilst the…
Germany could do more to tackle money laundering says FATF
Germany has drawn criticism from the Financial Action Task Force (FATF) for not doing enough to tackle money laundering, such as not implementing reforms to its anti-money laundering and counter financing of terrorism (AML/CFT) regime and prosecuting very few for money laundering. In its Mutual Evaluation…
Financial services firms lacking resources and talent to cope with fog of Russian sanctions
Global banks and businesses face unprecedented challenges in applying sanctions, export controls, and prohibitions against providing certain services to Russia since its invasion of Ukraine on 24 February, according to a white paper published by Thomson Reuters. Entitled The fog of sanctions, the paper observes that…
TradeSun’s trade finance compliance platform now integrated with Coriolis’ ESG solution
TradeSun, a trade finance platform that features artificial intelligence technology that augments human behaviour by learning how employees interact with trade finance documents, and Coriolis Technologies, a trade data and analytics provider, have partnered to launch an integrated solution for banks to measure and verify…
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Trade Based Financial Crime
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