Love it or hate it – the UK receives its FATF Mutual Evaluation The Financial Action Taskforce (FATF) Mutual Evaluation of the UK has been hotly anticipated. Delivered last Friday, it gives a generally positive review of the UK’s financial…
How can we keep crime out of cryptocurrencies?
Decrypting crypto risk – how can we keep crime out of cryptocurrencies? Europol recently released the fifth edition of its “Internet Organised Crime Threat Assessment”. The Assessment makes a statement that shouldn’t come as a surprise; criminals continue to…
Top 7 Trends in AML Compliance for 2019
Two issues shaped AML news in 2018 – huge money laundering scandals in Europe and the implementation of the first wave of cryptocurrency regulations. As the year draws to a close what can we expect to fill the headlines in…
US authorities hit SocGen with a $1.3bn fine
A fine start to the week Société Générale announced on Monday that it will pay $1.3bn to US authorities and enter a Deferred Prosecution Agreement (DPA) with the Southern District of New York and the New York County District Attorney…
The EU continues to find fault with member states
Weak links – the EU continues to find fault with member states European member states continued to frustrate regulators last week because of their relaxed approach to anti-money laundering controls. Here’s what you need to know: Malta was…
The UK’s Serious and Organized Crime Strategy
SOC it to ‘em – The UK’s Serious and Organised Crime Strategy Last week the UK unveiled its new strategy to tackle Serious and Organised Crime (SOC) which costs the country £37bn a year. The strategy applies the Pursue, Protect,…
Key outcomes of the FATF Plenary October 2018
This week’s ComplyAnalysis will focus on the outcomes of last week’s FATF Plenary. The Plenary, which was prefaced with the long-awaited announcement of FATF’s position on virtual assets made headway on a number of key compliance issues. Don’t reinvent the…
Foreign banks and BSA compliance
Unaligned and fined – Mashreqbank The New York State Department of Financial Services (NYSDFS) fined Mashreqbank $40 million last week for violations of the Bank Secrecy Act. Mashreqbank, whose parent bank is based in the United Arab Emirates, is the…
Community banks to pool “some” AML resources
Comply together – Community banks given the ok to pool “some” AML resources At ACAMs in Las Vegas last week, a live survey taken by over 1000 attendees listed “resource allocation” as the greatest challenge facing the US anti-money laundering…
Environmental crime and threat finance
An inconvenient truth – environmental crime and threat finance Environmental crimes are the most important stream of revenue in conflict finance today. This is the stark finding of the “World Atlas of Illicit Flows” which was released last week by…
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