Banking: Swiss watchdog urges risk reviews following FATF updates on Iran, DPRK
7th November 2018
Banking: Swiss watchdog urges risk reviews following FATF updates on Iran, DPRK
The Financial Markets Supervisory Authority (Finma) has urged firms to update their policies in line with new information issued by global anti-money laundering body the Financial Action Task Force (FATF). New documents published include FATF’s Public Statement urging members to apply a number of counter measures to countries with ‘serious… Read More
Financial crime: EU adopts new rules on asset freezing, confiscation orders
7th November 2018
Financial crime: EU adopts new rules on asset freezing, confiscation orders
The Council of the European Union has announced the adoption of a new set of rules that will provide authorities with broader powers and faster methods of seizing property off criminals. A key feature of the legislation is that is introduces a single set of asset freezing rules across the… Read More
HSBC discloses customer accounts hacked at its U.S. bank
7th November 2018
HSBC discloses customer accounts hacked at its U.S. bank
Hackers breached some HSBC (HSBA.L) customers’ accounts in the United States in October and accessed their information, the bank said in a regulatory filing on Tuesday. It was not immediately clear how many accounts were breached or whether any money was stolen. – By Lawrence White, Reuters, 7 November 2018. Read More
Money laundering: Australia’s NAB undergoing investigative issues on KYC, regulator involved
5th November 2018
Money laundering: Australia’s NAB undergoing investigative issues on KYC, regulator involved
Australian lender NAB is going through some ‘investigative’ issues regarding weaknesses in its financial crime controls and is communicating with financial watchdog AUSTRAC about the matter, according to its annual results. NAB said it is also undergoing ‘remediation activities,’ and that it would also alert foreign regulators, where applicable. Read More
US reimposes all Iran sanctions lifted under nuclear deal
2nd November 2018
US reimposes all Iran sanctions lifted under nuclear deal
AP — The Trump administration on Friday announced the reimposition of all U.S. sanctions on Iran that had been lifted under the 2015 nuclear deal. The sanctions will take effect Monday and cover Iran’s shipping, financial and energy sectors. It’s the second batch of penalties that the administration has reimposed… Read More
UK publishes anti-money laundering strategy, targets lawyers, public schools
2nd November 2018
UK publishes anti-money laundering strategy, targets lawyers, public schools
The United Kingdom has published its strategy to tackle money laundering and other serious crime, outlining a crackdown on professional enablers and sectors targeted by launderers, such as public schools. Officials estimate that billions are laundered through the UK annually, impacting its reputation and economy. Under its Serious and Organised… Read More
UK report says banks could share money-laundering checks on customers
2nd November 2018
UK report says banks could share money-laundering checks on customers
Shared digital platforms for banks to make anti-money laundering checks on customers could save money and boost Britain’s fintech sector, a report from TheCityUK and Deloitte said on Thursday. The report was commissioned by the Financial Services Trade and Investment Board (FSTIB), a joint industry and government body set up… Read More
Prison time, hefty fines for data privacy violations: draft U.S. Senate bill
2nd November 2018
Prison time, hefty fines for data privacy violations: draft U.S. Senate bill
A senior Democratic U.S. senator on Thursday unveiled draft legislation that would allow hefty fines and as much as 20-year prison terms for executives who violate privacy and cybersecurity standards. Senator Ron Wyden released a draft of legislation that would grant the Federal Trade Commission authority to write privacy regulations. Read More
UK expects to get ‘favourable’ FATF review of anti-money laundering systems
1st November 2018
UK expects to get ‘favourable’ FATF review of anti-money laundering systems
Britain anticipates that the Financial Action Task Force (FATF) will rate its anti-money laundering (AML) and counter terror financing (CFT) processes positively, a Treasury minister has indicated. The global AML body recently announced that it has discussed the United Kingdom’s mutual evaluation report, which examines a country’s financial crime… Read More
UK accounting body, investors back Big Four market shake-up
1st November 2018
UK accounting body, investors back Big Four market shake-up
The “cosily competitive” Big Four accounting firms, who check the books of 97 percent of Britain’s 350 largest companies, need stronger rivals to avoid becoming too-big-to-fail, officials and investors told a UK competition inquiry into auditing. EY, KPMG, Deloitte and PwC have come under intense scrutiny in Britain for failing… Read More
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