MENA trade-based financial crime reference guide launched
With a long tradition of trade, the Middle East and North Africa (MENA) region shares trade-based financial crime (TBFC) typologies with other global trading hubs, according to a new guide published by the MENA chapter of the Global Coalition to Fight Financial Crime (GCFFC) and…
DRC, Mozambique, Tanzania added to FATF grey list
Democratic Republic of the Congo (DRC), Mozambique and Tanzania have been put on the Financial Action Task Force (FATF) ‘grey list’ of jurisdictions under increased monitoring it was announced at the end of the global financial watchdog’s plenary meetings in Paris last week. All three…
Financial crime compliance costs in US and Canada up 13.6 per cent in 2022 says Lexis Nexis
The total projected cost of financial crime compliance in the US and Canada for 2022 is up 13.6 per cent from 2021 to US$56.7 billion, according to a survey of North American financial institutions by Lexis Nexis Risk Solutions. The majority of the increased cost…
Russia and Iran sign agreement to facilitate bilateral trade with L/C alternative
Russia’s Agency for Export Credit and Investment Insurance (EXIAR) has signed an agreement with the Export Guarantee Fund of Iran (EGFI) to provide export insurance for sellers in both countries. Export insurance provides an alternative to letters of credit (L/Cs) by insuring an exporter against…
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…
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