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This year is likely to be one of ‘adjustment’ as challenges outside of the pandemic emerge – including environmental crime, geopolitical standoffs, new regulatory frameworks for areas such as crypto-assets, and the implementation of new AML/CFT technologies.  ComplyAdvantage’s The State […]

As Russia amasses 100,000 troops near Ukraine’s border, the Biden administration looks likely to target banks as part of a torrent of economic sanctions in the event of an invasion. Increasing friction in the region comes eight years after Russia […]

The US Treasury’s Financial Crimes Enforcement Network (FinCEN) has proposed new measures to allow banks to share suspicious activity reports (SARs) more easily with foreign branches, subsidiaries and affiliates.  In a Notice of Proposed Rulemaking (NPRM) FinCEN has asked for […]

CDD in banking

In order to meet the demands of AML/CFT regulations, banks must implement suitable Know Your Customer (KYC) measures in order to understand who their customers are, and the nature of the business in which they are involved. With that requirement […]

Money laundering Switzerland

Switzerland is one of the wealthiest countries in the world, with a highly developed economy and a GDP of over $800 billion. Switzerland’s financial profile is built on its banking industry which has had a reputation for secrecy and confidentiality […]

The volume of cryptocurrency transactions grew to $15.8trn in 2021, up 567% from 2020, another sign that the trading of digital assets is becoming increasingly mainstream.  Highlights from a new report from blockchain data platform Chainalysis show illicit crypto transactions […]

The European Commission has fined five major European banks a total of €344m as part of a long-running investigation into the foreign exchange (Forex) spot trading market.  The Commission’s investigation focused on the trading of G10 currencies – the most […]

What is a global watch list?

Financial sanctions are an important tool in the global fight against financial crime. Governments around the world use sanctions to restrict and prohibit trade with foreign targets as a means to achieve political objectives or punish violations of international law […]