Trade association UK Finance has issued a new report calling for further action from the UK government and regulators to mitigate a “ransomware scourge” that produced over 620 million detected attacks in 2021. The report details growing concerns around cryptocurrencies […]
The European Central Bank (ECB) has released a new working paper as part of its 24-month central bank digital currency (CBDC) project. The paper focuses on the technical aspects of a potential digital euro and examines digital economy pain points […]
In a new report, MONEYVAL, the Council of Europe’s financial crime research body, has called for stricter and more coordinated regulations to combat insufficient anti-money laundering (AML) compliance standards across 18 European jurisdictions. The report acknowledges that the growing use […]
On April 28 2022, the House of Commons Treasury Committee issued responses from the government, Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) to its report on fraud, scams and economic crime. The original report, published in February 2022, […]
Challenger banks need to improve how they assess financial crime risk, with some failing to adequately check their customers’ income and occupation. Others do not have adequate risk assessments in place for customers, the UK’s Financial Conduct Authority (FCA) has […]
Due to price flexibility and purchase anonymity, the art and antiquities market can provide an attractive environment for racketeers to launder money. According to a 2023 report, the global art market grew from $441 billion in 2022 to $579 billion […]
The EU has issued new guidance on the risks associated with foreign direct investments (FDI), targeting Russia and Belarus in light of military aggression against Ukraine. With five packages of sanctions already imposed on Russia, the EU emphasizes that FDI […]
New planned AML regulations in the EU will reinforce the importance of a risk-based approach for banks. Automated, scalable adverse media solutions are an important component of this, enabling banks to conduct comprehensive customer risk assessments, taking into account a […]
The UK government has announced plans for stablecoins to become a recognized form of payment in the country, as part of a wider plan to boost the UK’s reputation as a hub for digital payment companies. In a statement Chancellor […]
As Australia steps up its response to Russia’s invasion of Ukraine, it has targeted 39 Russians in its first use of the Magnitsky sanctions for human rights abuses. 14 Russians are accused of serious corruption, along with 25 Russian “perpetrators […]
The European financial sector is still not wholly effective in its anti-money laundering and countering the financing of terrorism (AML/CFT) measures, the European Banking Authority (EBA) has warned in its latest review. In the second of its annual assessments of […]
The European Commission has set up a ‘Freeze and Seize’ Task Force to implement sanctions and seize the assets of listed Russian and Belarussian oligarchs, in partnership with the G7. EU Commissioner for Financial Services, Financial Stability, and Capital Markets […]
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