Cross-border transactions face EU anti-money laundering overhaul
13th January 2020
Cross-border transactions face EU anti-money laundering overhaul
Incoming EU-level reforms to anti-money laundering laws are set to take legal effect on January 10, introducing new requirements for banks handling transactions linked to high-risk countries. EU member states are expected to write the 5th Anti-Money Laundering Directive (5AMLD) into national law by the end of this week, tightening… Read More
Iran’s millionaire mullahs, the military, and the fight for foreign currency
10th January 2020
Iran’s millionaire mullahs, the military, and the fight for foreign currency
The Islamic Revolutionary Guard Corps (IRGC), which along with the regular military (Artesh) comprises the armed forces of Iran, is an economic heavyweight in the country. Most experts agree that it controls at least a third of the Iran’s economy through a variety of business subsidiaries and religious foundations. The… Read More
Estonian Minister: Money laundering fight starting to impede entrepreneurship
10th January 2020
Estonian Minister: Money laundering fight starting to impede entrepreneurship
Minister of Finance Martin Helme (EKRE) invited bank directors to the Ministry of Finance for a meeting. According to the minister, businesses are complaining that in tightening anti-money laundering rules, banks have started to impede on business. Banks’ fight against money laundering is absolutely essential, but recently it has begun… Read More
U.K. Law to Combat Dirty Money in Art Market Set to Take Effect
9th January 2020
U.K. Law to Combat Dirty Money in Art Market Set to Take Effect
The U.K. art market is about to become more transparent. Starting Friday, art businesses registered in the country, including galleries, auction houses and freeport operators storing high-value items, will have to verify client identities on transactions exceeding 10,000 euros ($11,000), according to the regulations approved by Parliament shortly before Christmas. Read More
Explainer: HSBC, Spark Alliance and the law behind the latest fury in Hong Kong protests
9th January 2020
Explainer: HSBC, Spark Alliance and the law behind the latest fury in Hong Kong protests
HSBC Holdings, which traces its origin in Hong Kong to March 1865, is the latest institution to be embroiled in the city’s worst political crisis. What appears to be a routine regulatory decision to close a client’s corporate banking account has triggered an ugly backlash as its outlets became the… Read More
Trump vows new sanctions on Iran in bid to escalate “maximum pressure” campaign
9th January 2020
Trump vows new sanctions on Iran in bid to escalate “maximum pressure” campaign
President Trump’s vow Wednesday to slap new sanctions on Iran probably would target a broader range of Iranian commercial institutions and government officials, deepening the Middle Eastern nation’s spiraling economic crisis. But with the economy already convulsed by earlier U.S. enforcement actions, any new financial punishments are likely to be… Read More
U.S. imposes sanctions on South Sudanese vice president
9th January 2020
U.S. imposes sanctions on South Sudanese vice president
The United States on Wednesday imposed sanctions on South Sudanese First Vice President Taban Deng Gai, the U.S. Treasury Department said in a statement, in Washington’s latest move to pressure the country’s politicians to form a unity government. The Treasury Department said Gai arranged and directed the alleged killings of… Read More
Australia’s prudential regulator lashes banks over risk failures
8th January 2020
Australia’s prudential regulator lashes banks over risk failures
The prudential regulator has described the risk and compliance functions of the nation’s largest financial institutions as in need of urgent overhaul, as it completes a deep dive of the systems that permitted banks to break money laundering laws millions of times and wrongly charge customers billions in fees. Early… Read More
Higher cost to implement Malaysia’s new compliance rulings
8th January 2020
Higher cost to implement Malaysia’s new compliance rulings
Bank Negara Malaysia’s (BNM) reporting institutions, especially insurance operators, Lembaga Tabung Haji (TH) and money services, will incur higher operating cost to comply with the central bank’s money laundering rulings. The central bank recently released comprehensive guidelines on anti-money laundering and countering financing of terrorism (AML/CFT) to stem illegal transfers. Read More
Egrant inquiry uncovered ‘hidden’ Pilatus filing system
7th January 2020
Egrant inquiry uncovered ‘hidden’ Pilatus filing system
A “dual filing system” at the shuttered Pilatus Bank meant key documents may have been withheld from the MFSA and FIAU during a 2016 review of the bank’s operations. The existence of this ‘hidden’ filing system was revealed to the Egrant inquiry during testimony by Pilatus auditors KPMG. KPMG managing… Read More
Popular

The Reality About Corrupt PEPs: They’re a Global Problem

Western Advisers Helped An Autocrat’s Daughter Amass And Shield A Fortune

Estonia expands Danske laundering probe to cover up to $2 billion of transfers

Virgin Islands AG says Epstein trafficked girls, exploited shell companies in 2018

In Europe’s Dirty Money Scandals, Bill Browder Sees Wilful Blindness

Must Read

Portugal probes Angola leaks as Eurobic bank distances itself from dos Santos

Ex-Portuguese minister named in €35 million corruption probe involving Venezuelan funds

UK SARs fall from key company formation agents

‘Suspicious’ that Malta’s FIAU not given resources when investigating PEPs – former director

Facebook’s ‘Failed’ Libra Cryptocurrency Is No Closer to Release