14th August 2020
Federal banking regulators on Thursday clarified that they generally do not issue cease-and-desist orders for minor deficiencies in a bank’s anti-money-laundering program or isolated violations of Bank Secrecy Act rules. In a joint statement, the Federal Reserve, Federal Deposit Insurance Corp., Office of the Comptroller of the Currency and National… Read More
14th August 2020
Coronavirus infection tracing apps have brought the formerly obscure and specialist topic of ‘centralised’ versus ‘decentralised’ data analysis into the spotlight, in a way that few could have foreseen. Coronavirus has also led to a rapid escalation of a wider debate across liberal democracies about the legitimacy of… Read More
13th August 2020
AP — Pakistan’s information minister said Wednesday he hoped that five new bills passed in Parliament aimed at curbing terror financing and money laundering will lead to the country’s removal from an international watch list. Shibli Faraz commented hours after the National Assembly, the powerful lower house of Parliament, passed… Read More
13th August 2020
Multiple national banks responded to the OCC’s June “Advance Notice of Proposed Rulemaking” (ANPR), which asked the general public to weigh in before Aug. 3. on how cryptocurrencies and other fintech tools might be used in the financial sector. Notably, several banks, including U.S. Bank and PNC, indicated they… Read More
12th August 2020
Reporting of potential terrorist financing has more than doubled in New Zealand since the March 15 mosque shootings. Police said people are far more vigilant when it comes to potential terrorist acts after the Christchurch attacks, which killed 51 and injured scores more. The organisation has also ramped up its… Read More
11th August 2020
The Wolfsberg Group has published new guidance on how financial institutions (FIs) can identify, mitigate and manage money laundering risks by undertaking source of wealth (SoW) and source of funds (SoF) checks on customers. SoW assessments seek to identify how a customer accumulated their wealth, while SoF information provides an… Read More
7th August 2020
The U.S. designation last week of a new Turkey-based member of the notorious Rawi Network for allegedly facilitating money transfers to the Islamic State (IS) in Syria has raised fresh concerns among observers that jihadists continue to use Turkey to fund their activities in Syria. The Rawi Network, founded by… Read More
6th August 2020
Eight individuals were sentenced to between three and nine years in jail by the High Court here today, for money laundering and illegal deposit taking related to gold bullion investments in 2011. Judicial Commissioner Datuk Ahmad Shahrir Mohd Salleh also fined all accused between RM1 million to RM3 million and… Read More
6th August 2020
Lithuania plans to establish an anti-money laundering competence center as the Nordic and Baltic region has been hit by several money laundering scandals in recent years. The new center’s operation would be funded from contributions of the central Bank of Lithuania and commercial banks. The Finance Ministry would represent the… Read More
6th August 2020
At first glance, the shipping trailers that arrived at the Italian port of Salerno appeared to contain only paper, rolled up on giant industrial spools as tall as a man. But when an investigator sliced into one of the rolls with an electric saw, he unleashed an avalanche of little… Read More