The Financial Action Task Force (FATF) has warned that financial flows from migrant smuggling may be at risk of money laundering and terrorist financing (ML/FT) and urged authorities to “follow the money” linked to this criminal activity. In its latest […]
The USAA Federal Savings Bank (USAA FSB) has been fined $140m after admitting that despite repeated warnings, it willfully failed to implement and maintain an anti‑money laundering (AML) program that met the minimum requirements of the US Bank Secrecy Act […]
The attack on Ukrainian soil by Russian forces has not only triggered a new phase of international relations, but has transformed the international financial system. G7 members, including the European Union (EU), and like-minded partners released a flood of sanctions […]
Delays by the UK government in introducing legislation to combat economic crime are being questioned in a major new report. The Treasury Select Committee is calling for a raft of measures, including the creation of a new government department to […]
The European Banking Authority (EBA) has launched a central database for anti-money laundering and countering the financing of terrorism (AML/CFT), which it hopes will act as an “early warning tool” across the European Union. The European reporting system for material […]
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 […]
The Financial Crimes Enforcement Network (FinCEN) is considering creating regulatory ‘sandboxes’ to help firms experiment with new technologies. Himamauli Das, Acting Director of FinCEN, told a virtual conference on financial crime enforcement, that the regulator was considering how to innovate […]
The West African state of Mali has become the subject of new sanctions, imposed by neighboring countries in a bid to accelerate its delayed election timetable and return Mali to constitutional order. The 15-member Economic Community of West African States […]
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 […]
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 […]
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