4th September 2019
AP — An Iranian oil tanker blacklisted and pursued by the U.S. turned off its tracking beacon off the coast of Syria, leading to renewed speculation Tuesday that its oil will end up there, despite earlier assurances it wouldn’t. The disappearance of the Adrian Darya 1, formerly known as the… Read More
3rd September 2019
Huge fines, criminal investigations and public opprobrium are the consequences of big anti-money laundering failures at banks, but what about the regulators? The reluctance of fellow EU supervisors to criticize one of their own in Denmark has heightened doubts about Europe’s AML framework. Those of us used to hearing bankers’… Read More
3rd September 2019
The wait and anticipation are over – Switzerland finally has two newly-minted crypto banks: Sygnum and SEBA. Bitcoin Suisse is also hoping for a regulatory nod of approval towards its own banking license request. The “will they, won’t they” Sygnum/SEBA saga also reveals a bit about the mechanics… Read More
3rd September 2019
The European Central Bank’s key legal official Yves Mersch described Facebook Inc.’s plan for its Libra digital currency as “beguiling but treacherous,” in a defense of money issued by institutions such as his. In a speech at the ECB’s legal conference in Frankfurt on Monday, Mersch argued that private… Read More
2nd September 2019
Lebanon said it will investigate Jammal Trust Bank SAL after the U.S. blacklisted the lender for allegedly facilitating banking for the Iran-backed Hezbollah movement. The central bank is to monitor the bank’s operations and look to see if it has violated the law, Governor Riad Salameh said in an… Read More
2nd September 2019
Latvia has submitted a technical report on implementation of recommendations from the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (Moneyval), demonstrating significant changes in the financial sector. The State Chancellery reported that Latvian has sumbited a progress report on… Read More
2nd September 2019
Thousands of charities could face increased administrative bureaucracy as part of the government’s new anti-money laundering regulations, a lawyer has warned. Writing for Charity Finance magazine, Lucy Rhodes, associate at Bates Wells, said the Fifth Money Laundering Directive (5MLD) could force all charitable trusts, irrespective of size, to register with the… Read More
30th August 2019
European banks are ramping up spending on the fight against financial crime, after a wave of money-laundering scandals on the continent. However, industry insiders betray little optimism about the impact it will have on crime, let alone on banks’ reputations. Rob Wainwright, a former head of Europol now working at… Read More
30th August 2019
Advances in analytical tools for financial supervisors tasked with fighting money laundering could prove particularly helpful to jurisdictions struggling with de-risking, according to a new report. The findings, published by the Bank for International Settlements (BIS), outline how anti-money laundering (AML) authorities are adopting machine learning, natural language processing and… Read More
30th August 2019
Bank Negara Malaysia is finalizing revisions to guidelines against money laundering and terrorism financing. The central bank will publish a draft and seek feedback on the changes in September, Assistant Governor Adnan Zaylani Mohamad Zahid said in the text of a speech Thursday. Starting next year, the regulator is increasing… Read More