Qatar threatened witnesses to hide Nusra Front financing, court told
12th November 2020
Qatar threatened witnesses to hide Nusra Front financing, court told
The Qatari state is orchestrating a criminal conspiracy to pervert British justice through bribery, witness intimidation and the planting of illegal tracking devices, a court was told yesterday. It was claimed in the High Court that such steps were ordered in an attempt to shield the emir of Qatar from… Read More
Singapore Proposes to Strengthen FIs’ Identity Verification Process
11th November 2020
Singapore Proposes to Strengthen FIs’ Identity Verification Process
MAS (Monetary Authority of Singapore) has issued a consultation paper on the types of information required for non-face-to-face verification of an individual’s identity. The proposed requirements come against the backdrop of rising impersonation scam cases, and seek to address the risks arising from theft and misuse of an individual’s personal… Read More
Banks bury AUSTRAC in junk reports
10th November 2020
Banks bury AUSTRAC in junk reports
A massive rise in the number of transactions reported to financial crimes agency AUSTRAC has been partly driven by institutions submitting unnecessary reports of varying quality because they are petrified of being handed billion-dollar fines. Since the financial intelligence regulator steamrolled Commonwealth Bank in mid-2017 for more than 50,000… Read More
Swedbank ex-CEO: We did not knowingly launder money
9th November 2020
Swedbank ex-CEO: We did not knowingly launder money
Former Swedbank Baltic CEO Priit Perens told daily Eesti Päevaleht (EPL) in an interview that he and his colleagues never consciously laundered money, and that the heads of Estonian banks did not foresee changes in regulations and society. “… Expectations of banks have changed so much. As Erkki Raasuke (current… Read More
Lebanon’s president seeks evidence behind U.S. sanctions on son-in-law
9th November 2020
Lebanon’s president seeks evidence behind U.S. sanctions on son-in-law
President Michel Aoun said on Saturday that Lebanon would seek evidence and documents from the United States that led Washington to impose sanctions on his son-in-law Gebran Bassil, a prominent Christian politician. The United States on Friday blacklisted Bassil, leader of Lebanon’s biggest Christian political bloc, accusing him of corruption… Read More
Hong Kong cracks down on crypto trading in a bid to tackle fraud
4th November 2020
Hong Kong cracks down on crypto trading in a bid to tackle fraud
The Hong Kong government is aiming to ban retail investors from trading in cryptocurrencies and force exchange operators to obtain licences, in a move that promises to end an era of largely unregulated trading of digital assets, according to officials. The government planned to release a consultation paper on… Read More
Cayman Islands introduce regulations for virtual asset service providers
4th November 2020
Cayman Islands introduce regulations for virtual asset service providers
The Ministry of Financial Services of the Cayman Islands Government announced that it has commenced a regulatory framework for virtual asset service providers, or VASPs. In an Oct. 31 press release, the ministry claimed that the move had strengthened the country’s “ability to regulate and attract persons and entities… Read More
Financial crime country lists in a fragmenting world order
3rd November 2020
Financial crime country lists in a fragmenting world order
Naming and shaming countries that fail to meet the international community’s anti-financial crime standards is an increasingly popular pastime. The Financial Action Task Force (FATF, the global money-laundering and terrorist-financing watchdog) has long been a proponent and has recently been joined by the EU. The EU has now developed its… Read More
Working together to stop money laundering: A conversation with Marcus Pleyer
3rd November 2020
Working together to stop money laundering: A conversation with Marcus Pleyer
The International Compliance Association’s BIG Compliance Festival concluded on a high note last week as financial crime expert and Compliance Week columnist Martin Woods sat down with Dr. Marcus Pleyer, president of the Financial Action Task Force (FATF), for an exclusive interview. In a wide-ranging and forward-looking discussion, Pleyer emphasized… Read More
Citigroup Chief Risk Officer to Depart
3rd November 2020
Citigroup Chief Risk Officer to Depart
Citigroup Inc.’s chief risk officer will depart as the bank works to overhaul its risk-management systems, the nation’s third-largest bank said Monday. Brad Hu, a 12-year veteran of Citigroup, will remain in his position until the end of the year to ensure a smooth transition, according to an internal… Read More
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