India: Government to push Banking Regulation Bill in Monsoon Session
26th July 2017
India: Government to push Banking Regulation Bill in Monsoon Session
The finance ministry is gearing up to introduce a host of Bills, including the Banking Regulation (Amendment) Bill, repeal of State Bank of India(Subsidiary Banks) Act, 1959, among others, in the upcoming Monsoon Session. Besides, it is working on the Banning of Unregulated Deposit Schemes and Protection of Depositors Interests… Read More
UK: FCA outlines proposals to extend the Senior Managers and Certification Regime to all financial services firms
26th July 2017
UK: FCA outlines proposals to extend the Senior Managers and Certification Regime to all financial services firms
The Financial Conduct Authority (FCA) has today published proposals to extend the SM&CR to almost all regulated firms. The new regime will essentially replace the Approved Persons Regime. The aim of the new regime is to reduce harm to consumers and strengthen market integrity by making individuals more accountable for… Read More
Computer scientists reveal the hidden architecture of untaxed financial flows
25th July 2017
Computer scientists reveal the hidden architecture of untaxed financial flows
We know there are tax havens. We just can’t agree on where they are. Although many countries recognise that major corporations divert tax revenue—there’s a reason, after all, why US multinationals hold more than $2 trillion overseas—collective action is tough. Read More
Ireland: regulatory role split in Central Bank move
24th July 2017
Ireland: regulatory role split in Central Bank move
The Central Bank has made two leadership appointments to its restructured financial regulation division. Ed Sibley has been appointed deputy governor, prudential regulation, complementing fellow deputy governor Sharon Donnery. Meanwhile, Derville Rowland, pictured, has been made director general, financial conduct. Read More
Ireland: over 23,000 suspected money laundering cases reported
24th July 2017
Ireland: over 23,000 suspected money laundering cases reported
More than 23,000 incidents of suspected money laundering or terrorist financing were notified to the gardaí last year, an increase in reports of 7.5%. Banks, credit unions, and other financial institutions were responsible for the vast majority of 23,308 suspicious transaction reports which were passed to gardaí during 2016. Read More
Philippines: AMLC set to probe Metrobank fraud
24th July 2017
Philippines: AMLC set to probe Metrobank fraud
Metropolitan Bank and Trust Co. may be subjected to a probe by the Anti-Money Laundering Council (AMLC) in the aftermath of a massive fraud incident involving anywhere between P900 million and P2.5 billion in illegally disbursed loans orchestrated by a rogue officer. An investigation by regulators tasked with guarding against… Read More
US: Bipartisan bill would give regulatory relief to regional banks
20th July 2017
US: Bipartisan bill would give regulatory relief to regional banks
Rep. Blaine Luetkemeyer is set to introduce legislation with bipartisan support Wednesday that would give regulatory relief to regional banks, which are being regulated in some ways as if they were Wall Street megabanks, yet have more in common with community banks. The bill from the Missouri Republican would determine… Read More
Stephen Platt, Chair of the KYC Technologies Group, on the impact of tech on AML compliance
Stephen Platt, Chair of the KYC Technologies Group, on the impact of tech on AML compliance
Stephen Platt, Chairman of KYC Technologies, offers an optimistic perspective on the impact of technology on AML compliance. Read More
Money laundering and terrorist financing: Sri Lanka not completely out of woods, says FinMin
19th July 2017
Money laundering and terrorist financing: Sri Lanka not completely out of woods, says FinMin
While Sri Lanka has made considerable progress in thwarting money laundering and terrorist financing over the past two years, more needs to be done to improve the situation, Finance and Mass Media Minister Mangala Samaraweera said yesterday.“ In fact, I have been informed that we are not yet completely out… Read More
How Russian money launderers boosted the clean-up drive in Hong Kong
18th July 2017
How Russian money launderers boosted the clean-up drive in Hong Kong
A shocking report in March by the Organised Crime and Corruption Reporting Project revealed that up to US$80 billion may have been funnelled out of Russia from 2010 to 2014, via amenable banks in Latvia and Moldova. Involved were all corners of the Russian elite, from oligarchs to shadowy figures… Read More
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