The European Commission has fined five major European banks a total of €344m as part of a long-running investigation into the foreign exchange (Forex) spot trading market. The Commission’s investigation focused on the trading of G10 currencies – the most […]
Financial sanctions are an important tool in the global fight against financial crime. Governments around the world use sanctions to restrict and prohibit trade with foreign targets as a means to achieve political objectives or punish violations of international law […]
White collar ‘gatekeepers’ such as accountants, real estate agents and lawyers are helping criminals launder billions of dollars, much of it through the housing market, the Australian Criminal Intelligence Commission (ACIC) has warned. ACIC deputy chief executive Matthew Rippon told a Senate […]
In October 2021 the International Consortium of Investigative Journalists (ICIJ) published the results of an explosive investigation known as the Pandora Papers More than 600 journalists from across 117 countries including from the BBC, The Washington Post, and The Guardian, […]
Since Russia’s invasion of Ukraine in February 2022, the European Union (EU) has been focused on creating strong sanctions against the Putin regime. While the attention has been on punishing Russia and creating incentives for them to stop, there has […]
The Australian Transaction Reports and Analysis Centre (AUSTRAC) is urging the financial sector to take a risk-based, case by case approach to managing anti-money laundering/counter-terrorism financing (AML/CFT) concerns, as it issues new guidance around the “complex global problem” of de-banking. “Businesses vulnerable […]
The Financial Action Task Force (FATF) has updated its guidance for the virtual asset (VA) industry following a public consultation. The 111-page 2021 Guidance for a Risk-Based Approach to Virtual Assets and VASPs (virtual asset service providers) has been much-anticipated by regulatory […]
BitMEX exchange has agreed to a $100 million settlement with the US Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network (FinCEN). The fine was imposed after the exchange failed to carry out sufficient checks on its customers. […]
Bank Negara Malaysia will now allow money services businesses (MSBs) to onboard corporate clients digitally, using electronic Know Your Customer (e-KYC) and non-face-to-face verification processes. Previously, remittance and money-changing businesses were only permitted to use e-KYC techniques for individual customers. […]
The Philippine Anti-Money Laundering Council (AMLC) is weighing disciplinary action against entities who filed incorrect STRs, according to a statement made by the executive director of the regulatory body, Atty. Mel Georgie Racela. Racela made the remark during an interview […]
OFAC sanctions fines and how to avoid them International sanctions are a vital part of the global fight against money laundering and the financing of terrorism. In the United States, economic sanctions are implemented by the Treasury’s Office of Foreign […]
In a data-driven financial landscape, cybercrime has become a significant concern for regulators and institutions alike, with criminals exploiting computer systems and online financial services to perpetrate money laundering, fraud, and other crimes. The cost of cybercrime money laundering is […]
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