29th May 2020
Bankers working from their kitchens or bedrooms may raise new risks around handling sensitive information, meaning financial firms must check if their surveillance systems can spot suspicious transactions, British regulators said on Wednesday. Since mid-March, many stock and bond traders have been working from home or back-up sites due to… Read More
28th May 2020
Secretary of State Mike Pompeo said the U.S. would stop allowing foreign companies to facilitate Iran’s civil nuclear activities, a core provision of the 2015 international nuclear agreement. Tehran has “continued its nuclear brinkmanship by expanding proliferation sensitive activities,” Mr. Pompeo said Wednesday in a statement announcing his decision. The Trump… Read More
28th May 2020
The U.S. House voted Wednesday to authorize sanctions against Chinese officials for human rights abuses against Muslim minorities, as Congress and the White House ratchet up pressure on the government in Beijing amid rising tensions between the world’s two biggest economies. The 413-1 vote comes on the same day the… Read More
28th May 2020
The days of individuals hiding their ill-gotten wealth or cash in banks’ safe deposit boxes are numbered. This is after the Central Bank of Kenya (CBK) gave banks until the end of this year to ensure that safe boxes and lockers are free of any dirty cash and illegal items… Read More
28th May 2020
Ship owners and insurers say it may be impossible for the maritime industry to fully comply with the Trump administration’s new guidelines on how to avoid sanctions penalties related to Iran, North Korea and Syria, raising the risk of disruptions in a sector already struggling with the fallout of the… Read More
28th May 2020
The UK is at risk of becoming more vulnerable to illicit funds if it doesn’t closely cooperate with EU authorities on a post-Brexit deal, City of London lawyers told the Financial Times. The concerns follow recently announced plans by the European Union to strengthen its anti-money laundering controls by empowering… Read More
27th May 2020
The so-called Vancouver model is an outlier in the history of Canadian crime, a criminologist told B.C.’s public inquiry on money laundering Tuesday. Stephen Schneider told the Cullen Commission of Inquiry into Money Laundering that this system for laundering illegal funds from China and revenue from drug trafficking is exceptional. “I’ve… Read More
25th May 2020
Payment companies are ramping up their processes to combat fraud and scams as regulators warn financial institutions of illicit activities related to the coronavirus pandemic. Compliance teams at companies such as PayPal Holdings Inc. and Western Union Co. have been closely monitoring early indicators of fraudulent activities and… Read More
22nd May 2020
A plan to boost European Union powers to curb the flow of dirty money through banks faced resistance at an EU meeting from member states recently hit by major money-laundering and financial fraud scandals, three officials told Reuters. The EU is discussing how to strengthen its scrutiny of the financial… Read More
21st May 2020
The United States continues to turn the screws on Iran with its “maximum pressure” campaign, announcing another round of sanctions on Wednesday – this time targeting Iran’s interior minister as well as senior law enforcement officials, over allegations of grave human rights violations. The US Treasury is accusing Iranian Interior… Read More