30th November 2018
AP — A New York City councilman is proposing legislation that would ban cash-free businesses. Democratic City Councilman Ritchie Torres, who represents parts of the Bronx, formally introduced the legislation Wednesday, which would force eateries and other retailers to accept cash alongside credit and electronic payments. Read More
29th November 2018
European Union finance ministers are set to delay a reform of money laundering supervision at banks next week because they first want to assess recent alleged cases of financial crime at the bloc’s lenders, an EU draft document shows. The text, to be adopted on Dec. 4, backs a need… Read More
29th November 2018
European Union leaders meeting for a summit in Brussels in December are expected to extend for another year the bloc’s main economic sanctions against Russia over Ukraine. The bloc is debating whether to add more sanctions over the latest flare-up of tensions between the two on the Azov Sea. Below… Read More
28th November 2018
The British government is set to announce new rules surrounding limited partnerships, which featured prominently in the Danske Bank €200 billion money laundering affair and other top financial crime scandals. The plans were announced in April, as a consultation by the Department of Business, Energy and Industrial Strategy (BEIS),… Read More
28th November 2018
A longtime favorite vehicle for money launderers, real estate as a means of hiding illicit proceeds has gained renewed attention by regulators and legislators throughout the world. Real estate was an $8.5 trillion market in 2017, which warrants regulatory scrutiny and enhanced transparency for an industry exposed to the downstream… Read More
28th November 2018
AP — Ohio is now accepting the cryptocurrency, bitcoin, for business tax payments including sales tax. State Treasurer Josh Mandel’s office announced Monday that businesses can sign up for the program through OhioCrypto.com. Businesses will pay their taxes through a third-party processor called BitPay, which will convert the digital… Read More
26th November 2018
Auditing firm KPMG faces a disciplinary tribunal hearing after the Financial Reporting Council (FRC) filed a complaint against its handling of work for mattress company Silentnight. According to the watchdog, KPMG and its partner performed an engagement for Silentnight in circumstances where ‘their professional judgment was compromised, or was likely… Read More
26th November 2018
India’s central bank has hit Deutsche Bank with a ₹ 30.10 million (about $420,000) penalty for failing to comply with know your customer (KYC) and anti-money laundering standards. An RBI official confirmed the development to KYC360 over the phone but was not in a position to provide further details. Deutsche… Read More
23rd November 2018
The European Union’s new rules aimed at strengthening its financial crime regime have been published in the Official Journal of the EU (OJEU). Dubbed the Sixth Anti Money Laundering Directive (6AMLD), the regulations complement the criminal law aspects of the EU Fifth Anti-Money Laundering Directive (5AMLD), which was formally adopted… Read More
23rd November 2018
The Financial Conduct Authority (FCA) has reportedly launched an investigation into a senior regulatory compliance figure at HSBC’s Global Banking and Markets (GBM) division. The probe is understood to be focused on the supervision of systems in the unit, which lends to large corporations, and the individual’s ability to carry… Read More