Featured 360 News

Malta’s FIAU slaps Credorax Bank with €51,000 fine

Credorax Bank has been slapped with a €51,000 fine by the Financial Intelligence Analysis Unit (FIAU) for failing to provide it with information in a timely manner. In a notification on the FIAU’s website, the anti-money laundering unit said Credorax Bank had given delayed replies to 37 requests for information… Read More

Another Kind of Outbreak: COVID-19 as Financial Crime Threat

When the World Health Organization (WHO) designated COVID-19 a ‘pandemic’ earlier this month, it understandably left out another concern linked to the outbreak: how financial crooks might exploit it. Whether it is this virus or another in the future, the significant attention and panic that comes with such outbreaks can… Read More

Estonian bank enters liquidation over money laundering case

HELSINKI — Denmark’s largest bank says its Estonian branch, which was involved in a 200 billion-euro ($220 billion) money laundering scandal, has entered liquidation after winding down banking activities in the Baltic country. Frederik Bjoern, Danske Bank’s chairman of the liquidation committee, said Tuesday it “has now essentially… Read More
1st July 2019
Troika Laundromat: inside Europe’s latest money laundering scandal Reports of a new money laundering scheme, the Troika Laundromat, highlight the brazen use of illegitimate funds within the world of the ultra-wealthy Like a vast, corruptive beast, money laundering has loomed large over Europe in recent months. Scandal after scandal has… Read More
1st July 2019
Dutch ministers want to regulate cryptocurrencies as part of a wider effort to tackle money laundering in the country. According to a note sent to parliament on Monday, Minister of Finance Wopke Hoekstra and Ferdinand Grapperhaus, Minister of Justice and Security, want to limit the… Read More
1st July 2019
Macau has “not been taking a relaxed attitude” towards the issues of anti-money laundering (AML) and combatting the financing of terrorism, said the head of the city’s casino regulator at a major conference on those topics, held in Macau on Thursday. The regulator, the Gaming Inspection and Coordination Bureau, also… Read More
2nd May 2019
The KYC360 community is invited to take advantage of the few remaining places in a free, high-impact event at The News Building in London on 9th May, entitled ‘Why AML Failure is a Choice’.  Innovations in RegTech are transforming financial crime risk management and creating enormous cost saving… Read More
26th February 2019
With its publication in the Official Journal of the European Union in late 2018, the Sixth EU Anti-Money Laundering Directive (6AMLD) is now on its way. Member-states have until December 2020 to transpose the directive into domestic law—an effort that would standardize criteria across the economic bloc for when predicate… Read More
20th March 2018
Zambia’s tax agency said on Tuesday it had uncovered $8 billion (£5.7 billion) tax scam at an unspecified “prominent mining company”, nearly double the total amount the country collected in taxes in last year. The Zambian Revenue Authority (ZRA) said in a statement it had issued a preliminary tax assessment… Read More
8th December 2017
Regulators from around the world tied off the final round of new regulations for banks in Frankfurt on Thursday, the Basel Committee on Banking Supervision said in a statement, closing a saga begun at the height of the financial crisis. Completing the so-called “Basel III” reforms… Read More
30th January 2017
The Malaysian sovereign wealth fund, 1 Malaysia Development Bhd (“1MDB”), has been the subject of extensive press coverage and regulatory scrutiny. In this recorded webinar, Stephen Platt, Hugo Miller and Clare Rewcastle-Brown examine the 1MDB case from an AML perspective. They offer practical lessons for compliance professionals on topics including managing sovereign wealth funds, monitoring politically exposed persons (PEPs) and mitigating your institution from transactions involving the proceeds of corruption. Read More
9th January 2017
A syndicated loan is a loan made by a group (or “syndicate”) of lenders who together provide funds for a single borrower. Syndicated loans are usually made to corporations or governments, and are also often used in “project finance” (that is the funding of large-scale projects, like oil fields or power stations). Read More
4th January 2017
Jan 4 Deutsche Bank's head of fighting financial crime and money-laundering, Peter Hazlewood, is leaving his post after just six months, a source familiar with the matter told Reuters. Read More