Banks in Australia have been praised by the Australian Transaction Reports and Analysis Centre (AUSTRAC) for improving their compliance programs to more effectively tackle money laundering, organized crime, tax evasion, and welfare fraud. AUSTRAC said that it is now better […]
As part of Estonia’s mission to become ‘the world’s most advanced digital society’, the government established the e-Estonia program. e-Estonia was put into action in 1996 through the Tiger Leap Initiative, a roadmap to develop the country’s IT infrastructure. This […]
The Baltic countries – Latvia, Estonia and Lithuania – have rapidly become fintech hubs, making them increasingly attractive destinations for founders launching a startup or firms expanding from other parts of Europe. However, the Baltics have a complex geopolitical history, […]
Regulated financial institutions around the world follow a similar process when it comes to reporting suspicions of money laundering via Suspicious Activity Report (SAR) disclosures to their regulator or law enforcement. However, there may be some deviation in how the […]
Following a Financial Action Task Force (FATF) plenary in February 2020, Mauritius was added to FATF’s list of Jurisdictions under Increased Monitoring, which is commonly referred to as the ‘grey list’. How did Mauritius find itself in this position, and […]
Insights on how to scale a compliance program in a cost-effective way, the role of machine learning, and the pros/cons of build vs buy.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has released a new guide aimed at tackling the increasing misuse of transaction payment text fields by criminals. The guide, Preventing misuse and criminal communication through payment text fields, aims to raise […]
Swiss regulator the Financial Market Supervisory Authority (FINMA) has reprimanded two banks for breaking money laundering rules during their dealings with Venezuelan entities. Wrapping up a five-year investigation into 30 banks suspected of breaches relating to Venezuela’s state oil company […]
Banks offering digital-first services are redefining how consumers worldwide access and interact with their money. This guide explores how digital banks can successfully build and scale an AML program.
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