Pole Star and Vasanda join forces to offer commodity trade risk screening
Pole Star, which is best known for its maritime sector vessel-tracking, sanctions screening and regulatory technology, has acquired a controlling stake in London-based start-up Vasanda to strengthen its screening offering in the global commodities trade. The acquisition aims to provide banks and organisations engaged in…
FATF publishes report on new technologies for AML/CFT risk management
The Financial Action Task Force (FATF) has published a report on how new technologies can improve the speed, quality and efficiency of anti-money laundering and counter financing of terrorism (AML/CFT) efforts. The task force says technologies can help financial institutions and supervisors assess AML/CFT risks…
Technology and collaboration needed to counter TBML says chief compliance officer
HSBC Singapore’s chief compliance officer is calling for continued vigilance, the use of technology, and participation in public-private partnerships to mitigate trade-based money laundering (TBML) risks. In an article for Regulation Asia, Jamil Ahmed discusses these mitigating factors and concludes that financial institutions need to…
US files complaint against Chinese shell companies facilitating US technology sales to North Korea
The US has filed a complaint against two Chinese shell companies it accuses of helping China’s ZTE Corporation sell US technology to North Korea in violation of US sanctions US prosecutors are now seeking to forfeit nearly US$1 million from Ryer International and Rensy International, the…
Comprehensive strategy for under-invoicing needed in Pakistan
Under-invoicing of imported goods is a huge challenge to Pakistan’s economy that requires serious attention and a comprehensive strategy, according to senator Mirza Muhammad Afridi. Chairing a meeting of the senate standing committee on commerce and textiles, Afridi said that since the issue was highlighted…
How Singaporean firms can avoid sanctioned transactions
A two-pronged approach would be the best way for Singaporean firms to avoid implicating themselves in sanctioned transactions according to head of financial crime compliance at HSBC Singapore, Jamil Ahmed. Writing for Regulation Asia, he says firms should recognise and respond to sanctioned transaction risks…
