Philippine Senate moves to include casinos in AML law
8th February 2017
Philippine Senate moves to include casinos in AML law
The Philippine Senate has moved closer to including casinos in the coverage of the country’s Anti-Money Laundering Act, as one of the Senate’s panels began analysing three different bills on the matter. Read More
Dutch authorities look to deem ‘Bitcoin Mixers’ as money laundering
7th February 2017
Dutch authorities look to deem ‘Bitcoin Mixers’ as money laundering
The Dutch government is trying to make it easier to launch a criminal investigation against persons who use bitcoin to launder money from illegal activities, according to Financieele Dagblad, a Dutch newspaper. Read More
Dubai: Many officers ‘lack confidence in AML programmes’
6th February 2017
Dubai: Many officers ‘lack confidence in AML programmes’
A substantial number of compliance officers (about 44 per cent) lack confidence in the anti-money laundering (AML) programmes of their organisations, according to a new report. Read More
“Reasonable grounds for knowing or suspecting”: a cautionary tale about VAT fraud
6th February 2017
“Reasonable grounds for knowing or suspecting”: a cautionary tale about VAT fraud
An HMRC study on the 2014-15 tax year estimates that there was a gap of £12.7 billion between the VAT theoretically due and the amount actually collected. Up to £1 billion of the missing money is thought to have been lost to so-called ‘missing trader’ fraud. Read More
Financial crime solutions in demand as Nepal moves to grow economy
3rd February 2017
Financial crime solutions in demand as Nepal moves to grow economy
FICO will join the Nepal banking community today at a symposium in Kathmandu to address the urgent problem of financial crime. Read More
Dutch activists accuse Rabobank of laundering drug-money
3rd February 2017
Dutch activists accuse Rabobank of laundering drug-money
Dutch lawyers and rights activists Thursday filed a criminal complaint against Rabobank accusing the lender of complicity in money-laundering by Mexican drug cartels and urging prosecutors to investigate. Read More
UK: Queen’s bank Coutts fined by Swiss financial regulators over money laundering
3rd February 2017
UK: Queen’s bank Coutts fined by Swiss financial regulators over money laundering
Coutts, owned by Royal Bank of Scotland, allowed a total of $2.4bn worth of assets related to the Malaysian development fund to flow through accounts in Switzerland. Read More
UK: Former HBOS manager and associates jailed for fraud and corruption
3rd February 2017
UK: Former HBOS manager and associates jailed for fraud and corruption
A senior banker, financial consultant and their associates who conspired to enrich themselves, driving businesses into the ground in the process, have been jailed for almost 50 years after being convicted of corruption, fraudulent trading and money laundering. Read More
Transaction laundering is the new, advanced form of money laundering
1st February 2017
Transaction laundering is the new, advanced form of money laundering
Transaction laundering is the new sophisticated form of money laundering and terrorism financing and is one of the biggest challenges facing the AML regime today. Read More
AML Compliance Failure: The Gift that Keeps on Giving
1st February 2017
AML Compliance Failure: The Gift that Keeps on Giving
It’s no state secret that Anti-Money Laundering (AML) compliance failures can cause serious harm. Read More
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