In conjunction with Internal Revenue Service Criminal Investigation (IRS CI), the US Financial Crimes Enforcement Network (FinCEN) has released a notice asking financial institutions to report signs of workers’ compensation fraud and payroll tax evasion in the construction industry. The […]
Specializing in international cash management solutions, financial services company Ebury partnered with ComplyAdvantage to build a fit-for-purpose transaction monitoring (TM) rule set that could keep pace with the company’s rapid growth. Ebury is fully regulated in 21 countries and offers […]
A letter by three US senators – Elizabeth Warren, Tim Kaine, and Chris Van Hollen – has revived concerns that the Democratic People’s Republic of Korea (DPRK) may be funding its ballistic weapons program with cryptocurrency. The letter urges the […]
On March 17, 2023, the French Ministry of Economy introduced changes to the definition of politically exposed persons (PEPs) and, consequently, has expanded the scope of AML regulations. Although these modifications appear substantial, the adjustments made by the French government […]
In the opening speech for the 2023 Regional Anti-Scam Conference in Singapore, Sun Xueling, Minister of State for the Ministry of Home Affairs and Ministry of Social and Family Development, highlighted the need for countries to cooperate in combatting fraud. […]
On May 24-25, 2023, Canada and the United States joined a trilateral workshop reviewing the opioid problem, including fentanyl, and its connection to money laundering. The workshop was hosted by Mexico’s Unidad de Inteligencia Financiera (UIF) in Mexico City. As […]
Obtaining banking services as a Money Service Business (MSB) or fintech providing services similar to an MSB can be challenging. We’ve created this guide to help you achieve this goal by drawing on the experience of our regulatory and compliance experts, in-house practitioners who have advised MSBs and fintechs.
When financial institutions exchange payments, they must also exchange essential data associated with them – for example, the payment amount, currency, sender and receiver, intermediary institution details, and other important information. This information needs to be structured to be usable […]
On May 11, 2023, Canada’s division of the global anti-corruption non-government coalition Transparency International (TI) published a whitepaper on establishing a Canadian Financial Crime Agency (CFCA). The report follows Canada’s 2022 budget, which laid out plans to bolster Canada’s ability […]
The recent Guidance Paper on Transaction Monitoring from the Philippines Office of the Deputy Governor of Financial Supervision describes the comprehensive capabilities required to fight financial crime. As the financial services world gets smaller with the introduction of more real-time […]
On May 9, 2023, the Monetary Authority of Singapore (MAS) announced that the Financial Services and Markets (Amended) Bill (FSM(A)B) had been passed by parliament, creating a regulatory framework for MAS’ secure information-sharing platform that is due to launch in […]
On April 18, 2023, Singapore’s Ministry of Home Affairs (MHA) and the Smart Nation and Digital Government Office (SNDGO) proposed stricter laws to strengthen the country’s defense against scams facilitated by money mules. While the police investigated more than 19,000 […]
EN
FR