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Privacy Coins Face Existential Threat Amid Regulatory Pinch

The subset of digital assets dubbed privacy coins, which have long delighted libertarians and frustrated law enforcement, are feeling the pinch of a step up in regulation. Cryptocurrencies such as Monero, Zcash and Dash, which can to varying degrees obfuscate transactions, are making it harder for exchanges and custodians to… Read More

Lebanon’s Jammal Trust Bank forced to close by U.S. sanctions

Lebanon’s Jammal Trust Bank has been forced to wind itself down after being hit last month by U.S. sanctions for allegedly helping to fund the Iran-backed Hezbollah movement, the bank said on Thursday. The central bank said the value of the bank’s assets, and its share of the national deposit… Read More

Foreign Investors Fueled Violence and Corruption in South Sudan, Report Finds

A cabal of ruling elites and warlords in South Sudan have been propped up by a complex and global web of corruption that includes would-be American arms dealers, British business tycoons, and Chinese oil giants, according to a new report released on Thursday. The report, released by the Sentry,… Read More

20th September 2019

US helping Venezuela’s Guaido track stolen art

AP — U.S. officials are investigating the suspected looting of valuable European and Latin American artwork they believe is being quietly plundered by Venezuelan government insiders as Nicolas Maduro struggles to maintain his grip on power. The U.S. Treasury in recent months has sought the cooperation of the… Read More

20th September 2019

High-risk entities to be audited by FIAU every 18 months

Financial intermediaries and other entities classified as “high-risk” are going to have to undergo a rigorous examination by the Financial Intelligence Analysis Unit every 18 months. A new automated system will classify entities according to their risk profile, a compliance manager with the FIAU said during a media briefing in response… Read More

20th September 2019

RBI Revises Concurrent Audit Rules For Banks Amidst Rising Frauds

The Reserve Bank of India, on Thursday, issued a revised set of rules for concurrent audits in commercial banks, amidst rising instances of fraud detected at Indian lenders. Concurrent audits, conducted by internal officials or an external agency, are intended to examine transactions across various banking departments to ensure… Read More

20th September 2019

Bringing banks and regulators closer in the fight against financial crime

Despite the best efforts of law enforcement agencies, regulators, international government organisations, diplomats and a complex framework of multilateral legislative and cooperative arrangements, the cost of financial crime and money laundering globally and regionally remains unacceptably high. The UN Office on Drugs and Crime estimates the amount of money… Read More

20th September 2019

Anti-Graft Crusader Wins Uphill Battle for Top EU Prosecutor Job

European Union ambassadors backed a former anti-corruption crusader from Romania to become the European Union’s first chief prosecutor, defying objections from her own government and other leaders’ endorsement of a rival candidate. Booted from her job at home after leading a drive that put scores of top-level officials behind… Read More

19th September 2019

Latvia’s financial watchdog fines PrivatBank for lax money-laundering controls

Latvia’s financial watchdog said on Wednesday it had fined PrivatBank, the country’s 12th-biggest bank, 1 million euros ($1.1 million) for insufficient money-laundering controls. The Financial and Capital Market Commission (FCMC) said in an emailed statement it had found a number of “serious faults in the internal control system in the… Read More

19th September 2019

Entering the era of intelligent payments

Automation and artificial intelligence are transforming the payments industry into one of the most dynamic sectors of transaction banking. But there are still many teething problems in an industry that has been catapulted onto centre stage. Doing business in Sudan isn’t easy, but back in 2011, it should have been… Read More

19th September 2019

Down the Guptas’ Financial Rabbit Hole

Members of South Africa’s controversial Gupta family have long been implicated in a series of corrupt political connections and illegal deals that have earned them millions, often in government funds. The influence of the family, now reportedly in exile in Dubai, is so all-pervasive that the affair is widely known… Read More

19th September 2019

Rise in teenage money mules prompts warnings

Criminals are recruiting a rising number of teenagers to act as money mules to help them launder the proceeds of crime. The number of cases of 14 to 18-year-olds who have allowed their bank accounts to be used to divert funds has grown by 73% in two years. Banks are… Read More

19th September 2019

Albanian gangs take up cryptocurrencies: ‘We need a new approach’ say police

Notorious Albanian gangs in the UK have a new trick up their sleeves. They are using cryptocurrencies for money-laundering operations, and it’s making life hard for the police. Albanian gangs have been heavily implicated in the UK’s cocaine market, a business estimated to be worth around £5bn ($6.23bn) annually. The… Read More

Must Read

Privacy Coins Face Existential Threat Amid Regulatory Pinch

Lebanon’s Jammal Trust Bank forced to close by U.S. sanctions

Foreign Investors Fueled Violence and Corruption in South Sudan, Report Finds

US helping Venezuela’s Guaido track stolen art

High-risk entities to be audited by FIAU every 18 months