13th January 2020
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
10th January 2020
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
10th January 2020
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
9th January 2020
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
9th January 2020
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
9th January 2020
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
9th January 2020
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
8th January 2020
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
8th January 2020
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
7th January 2020
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