11th May 2020
The Duke of York’s main charitable body is being investigated by the Charity Commission, it revealed yesterday. The commission is to report on “a number of issues” with the Prince Andrew Charitable Trust (PACT), after the regulator “raised a concern” about the payment of £355,297 over a five-year period to… Read More
8th May 2020
The European Union is set to unveil plans on Thursday for a bloc-wide anti-money laundering (AML) supervisory body as the union considers the introduction of new legislation intended to bolster enforcement of its directives, according to a report by the Financial Times. Valdis Dombrovskis, the EU executive vice-president tasked… Read More
7th May 2020
The European Commission aims to intensify its scrutiny of states posing money-laundering risks, and is looking into creating a new body to help police financial crime and monitor banks more strictly, draft documents seen by Reuters show. One document, expected to be published on Thursday, adds Panama and other countries… Read More
6th May 2020
Headlines about Kim Jung Un’s absence from the public sphere drew attention away from other important North Korea developments in recent weeks. Among them was the publication of a UN Panel of Experts report, in April 2020, chock full of examples of sanctions evasion facilitated by nationals of UN… Read More
6th May 2020
Dutch crypto companies must register with the Netherlands’ central bank by May 18 or cease operations immediately, the monetary authority said Monday. De Nederlandsche Bank (DNB) is moving to quickly enforce enhanced Dutch anti-money laundering (AML) laws, which passed the Dutch Parliament last month to comply with the European Union’s… Read More
6th May 2020
The COVID-19 pandemic is diminishing the ability of governments and businesses to fight money laundering and terrorist financing, according to an intergovernmental watchdog. The Financial Action Task Force (FATF) on Monday outlined concerns and challenges linked to the pandemic’s effect on financial crime in a guidance paper summarizing recommendations… Read More
5th May 2020
Westpac has disclosed in its latest financial accounts that its internal investigations have revealed thousands more potential AML breaches, on top of the 23 million breaches alleged by AUSTRAC last November. Last month, Westpac said it expects to pay a AUD 900 million (USD 580 million) penalty over AUSTRAC’s allegations,… Read More
5th May 2020
Banks face longer transaction processing times and possible sanction violations as the coronavirus crisis puts pressure on their compliance control functions, experts warn. Customers’ rapidly changing supply chains are a growing concerns for banks. As lockdown measures are causing logistical challenges, businesses must increasingly change third-party providers at short notice,… Read More
5th May 2020
The Securities and Exchange Commission has stepped up the awards it pays to whistleblowers after years of complaints that it has been slow to compensate them for the risks they take to help spot fraud. On Monday, the SEC announced its latest award, to a recipient who will get almost… Read More
5th May 2020
Hong Kong Monetary Authority has warned investors against a fraudulent website that is misusing the details of a licensed bank – Tai Yau Bank, Limited. Fraudsters are using the details and website contents of this genuine bank in an effort to deceive the public, the HKMA said. The regulator has… Read More