Following recent on-site reviews, the Swiss Financial Market Supervisory Authority (FINMA) has announced that many examined banks’ anti-money laundering and counter-terrorist financing (AML/CFT) risk analyses are deficient. The deficiencies, which include inadequately defined risk tolerances, could impede the banks’ability to […]
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 […]
The UK’s Payment Systems Regulator (PSR) is conducting two consultations exploring when and how its authorized push payment (APP) requirements will apply when they come into force in 2024. According to Chris Hemsley, Managing Director at the PSR, “The two […]
Authorities in Singapore have made ten arrests, seizing illegal assets worth over S$900 million in simultaneous raids nationwide. The raids were the culmination of a forgery and money laundering (ML) investigation facilitated by the Monetary Authority of Singapore (MAS) and […]
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 […]
The European Banking Authority (EBA) has released a report revealing notable progress in Europe’s international supervisory cooperation against financial crime. The regulator has also highlighted growth areas and several best practices to continue improving Europe’s anti-money laundering and counter-terrorist financing […]
The Monetary Authority of Singapore (MAS) is proposing a rule that would close AML loopholes by standardizing licensing exemption criteria for single-family offices (SFOs). According to the criteria, firms would have to be family-owned and subject to more uniform AML/CFT […]
His Majesty’s (HM) Treasury has proposed a cold-calling ban for all United Kingdom consumer financial products and services. According to the consultation paper, the interdiction would extend existing legislation that restricts unsolicited direct marketing. The proposed measures seek to disrupt […]
The European Public Prosecutor’s Office (EPPO), the European Union’s independent prosecutor, has indicted eight individuals on charges related to a value-added tax (VAT) fraud scheme responsible for about €80 million in damages. The fraud is said to have been perpetrated […]
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has released a follow-up operational alert to its 2019 original concerning money laundering (ML) in underground banking. The initial alert particularly focused on the casino sector. The new alert, published in […]
Malaysian deputy governor Marzunisham Omar has announced that the country’s central bank received around 250,000 suspicious transaction reports (STRs) in 2022 – representing a 30 percent increase from 2021. According to Omar, 70 percent of the reports pertained to the […]
As of July 2023, the European Union’s (EU) proposed new anti-money laundering and countering the financing of terrorism (AML/CFT) framework is continuing to progress through legislative processes. Now under negotiation between the European Commission, Parliament, and Council, and with broad […]
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