Featured Compliance

Privacy Coins Face Existential Threat Amid Regulatory Pinch

The subset of digital assets dubbed privacy coins, which have long delighted libertarians and frustrated law enforcement, are feeling the pinch of a step up in regulation. Cryptocurrencies such as Monero, Zcash and Dash, which can to varying degrees obfuscate transactions, are making it harder for exchanges and custodians to… Read More

Lebanon’s Jammal Trust Bank forced to close by U.S. sanctions

Lebanon’s Jammal Trust Bank has been forced to wind itself down after being hit last month by U.S. sanctions for allegedly helping to fund the Iran-backed Hezbollah movement, the bank said on Thursday. The central bank said the value of the bank’s assets, and its share of the national deposit… Read More

Foreign Investors Fueled Violence and Corruption in South Sudan, Report Finds

A cabal of ruling elites and warlords in South Sudan have been propped up by a complex and global web of corruption that includes would-be American arms dealers, British business tycoons, and Chinese oil giants, according to a new report released on Thursday. The report, released by the Sentry,… Read More
20th September 2019
AP — U.S. officials are investigating the suspected looting of valuable European and Latin American artwork they believe is being quietly plundered by Venezuelan government insiders as Nicolas Maduro struggles to maintain his grip on power. The U.S. Treasury in recent months has sought the cooperation of the… Read More
20th September 2019
Financial intermediaries and other entities classified as “high-risk” are going to have to undergo a rigorous examination by the Financial Intelligence Analysis Unit every 18 months. A new automated system will classify entities according to their risk profile, a compliance manager with the FIAU said during a media briefing in response… Read More
20th September 2019
Despite the best efforts of law enforcement agencies, regulators, international government organisations, diplomats and a complex framework of multilateral legislative and cooperative arrangements, the cost of financial crime and money laundering globally and regionally remains unacceptably high. The UN Office on Drugs and Crime estimates the amount of money… Read More
20th September 2019
The parliamentary foreign affairs commission on Tuesday approved a draft resolution supporting Belgium’s membership of INSTEX, the European special purpose company that is required to allow trade with Iran despite American sanctions. In 2015, an agreement was reached between Iran and the five members of the UN Security Council as… Read More
19th September 2019
British Arab Commercial Bank PLC agreed to pay $4 million to settle allegations that it violated U.S. sanctions on Sudan, the U.S. Treasury Department said. The Treasury had alleged that the London-based commercial bank, with no presence in the U.S., processed payments of hundreds of millions of U.S. dollars related… Read More
19th September 2019
Latvia’s financial watchdog said on Wednesday it had fined PrivatBank, the country’s 12th-biggest bank, 1 million euros ($1.1 million) for insufficient money-laundering controls. The Financial and Capital Market Commission (FCMC) said in an emailed statement it had found a number of “serious faults in the internal control system in the… Read More
19th September 2019
Automation and artificial intelligence are transforming the payments industry into one of the most dynamic sectors of transaction banking. But there are still many teething problems in an industry that has been catapulted onto centre stage. Doing business in Sudan isn’t easy, but back in 2011, it should have been… Read More
19th September 2019
Members of South Africa’s controversial Gupta family have long been implicated in a series of corrupt political connections and illegal deals that have earned them millions, often in government funds. The influence of the family, now reportedly in exile in Dubai, is so all-pervasive that the affair is widely known… Read More
19th September 2019
Criminals are recruiting a rising number of teenagers to act as money mules to help them launder the proceeds of crime. The number of cases of 14 to 18-year-olds who have allowed their bank accounts to be used to divert funds has grown by 73% in two years. Banks are… Read More
19th September 2019
A B.C. company set up by Mexican businessmen was used to launder millions of dollars of criminal proceeds, the Canada Border Services Agency alleges in Federal Court documents. The CBSA interviewed one of the men it claims is involved, Sergio Antonio Reyes Garcia, on March 3, 2019 when he arrived… Read More