Featured Terrorism Financing

HSBC Warned Twice by Bank of England on Conduct Risk Control

The Bank of England has warned HSBC Holdings Plc for two years in a row that it hasn’t done enough to tackle concerns about how the bank handles risks including financial crime and staff conduct. Samir Assaf, HSBC’s top investment banker, told executives on a conference call this week… Read More

NCA Cites Record Number of SAR Filings, Far Fewer Investigations

UK financial institutions and other firms filed a record number of suspicious activity reports (SARs) between April 2018 and March of this year, but only a third of the reports citing potential money laundering prompted criminal investigations. In an annual report published Tuesday, the National Crime Agency (NCA) said… Read More

Malaysia to impose cash transaction limit of RM25,000 starting next year

Malaysia is planning to impose a cash transaction limit (CTL) of RM25,000 starting next year to further strengthen the country’s financial integrity and curb illicit activities. “This is to address the abuse of physical cash used for illicit activities,” Bank Negara Malaysia (BNM) deputy governor and chairman of the National… Read More
8th November 2019
New York state tax officials are restoring a measure of secrecy for condo owners who buy units without disclosing their names publicly through limited-liability companies, in a reversal of a policy that drew fire from the real-estate industry. In September, the tax department stunned the real-estate industry by requiring that… Read More
8th November 2019
Recent commentary on AUSTRAC and the risk of money laundering, as well as high profile investigations into banks such as Westpac and money remitters like PayPal, has raised some important points around how Australia governs funds coming into and going out of the country. At a time when… Read More
8th November 2019
A French court on Thursday upheld preliminary criminal charges against one of France’s biggest companies over allegations that it financed the Islamic State and other armed groups in Syria, while putting the lives of its employees there in danger. In its ruling, the Court of Appeal in Paris also said… Read More
8th November 2019
Despite significant regulatory attention on emerging financial crime risks related to crypto assets, one of the oldest and most sought-after physical assets — gold — remains a prevalent money laundering risk. A recent Thomson Reuters Regulatory Intelligence article detailed how gold bars fraudulently stamped with logos of major refineries were being inserted… Read More
7th November 2019
Malta’s financial services sector is exposed to flows of funds from higher risk jurisdictions and customers, the Malta Financial Services Authority (MFSA) has indicated in a report. This is mainly due to the exposure to flows of funds from higher-risk jurisdictions and customers, Malta’s economic policy, as well as the… Read More
7th November 2019
Latvia’s Trasta Komercbanka has succeeded in getting a review of the withdrawal of its banking licence after the European Court of Justice overturned a lower European Union court’s rulings, ordering it to check the process was done correctly. The European Central Bank (ECB), which assumed responsibility for euro area bank… Read More
7th November 2019
The Latvian government on November 5 supported a Justice Ministry plan to establish a specialized economic affairs court that will start operating as of January 1, 2021. However, Interior Minister Sandis Ģirģens (KPV LV) spoke against the legislative amendments and minister also called for an audit of the judicial sector before… Read More
7th November 2019
In this exclusive interview KYC360 talks to Tom Keatinge, Director of the Centre for Financial Crime and Security Studies at the Royal United Services Institute (RUSI) in London, where his research focuses on matters at the intersection of finance and security, including the use of finance as a tool of… Read More
6th November 2019
Free trade zones (FTZs) present both opportunities and challenges for globalised trade. At their best, they facilitate frictionless trade and manufacturing, creating jobs and economic growth for local communities. At their worst, they enable illicit trade and the laundering of criminal proceeds. In this article, the authors examine how the… Read More
4th November 2019
Small businesses are assessing the potential costs of complying with requirements under proposals in both chambers of Congress aimed at limiting the use of anonymous shell companies. The House in October passed a bill requiring most limited-liability companies, among other firms, to tell the Treasury Department who their primary… Read More