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
4th November 2019
A recent joint report by the European Banking Authority (EBA), the European Securities & Markets Authority and the European Insurance and Occupational Pensions Authority (the Joint Supervisory Authorities, or JSAs) has highlighted current money laundering and terrorist financing risks to the EU’s financial sector participants. Transaction monitoring and suspicious… Read More
1st November 2019
The draft guidance analyses the use, reliability and independence of digital ID systems, and looks at how they can meet FATF requirements around customer due diligence. The FATF (Financial Action Task Force) has issued draft guidance clarifying how digital ID systems can be used for CDD (customer due diligence), reflecting… Read More
28th October 2019
The National Fraud Intelligence Bureau (NFIB) and one of the UK’s largest mobile phone networks, EE, have raised concerns about banks’ growing reliance on text messages when authorising large payments. The calls follow the release of a declassified document by America’s Federal Bureau of Investigation (FBI) that warns about the… Read More
22nd October 2019
BriansClub is one of the top underground destinations for buying and selling stolen credit cards, according to security experts. It is known for good customer service, a steady stream of stolen credit-card information and expert quality control. BriansClub also appears to enjoy goading Brian Krebs, a cybersecurity journalist who runs… Read More
18th October 2019
Technology and data have transformed the way we live, work and play. So far, the outcomes have been mixed. While we are undoubtedly more connected and better informed, we’re simultaneously more anxious about the pace of change and our personal privacy. And rightly so. Last year’s Cambridge Analytica scandal… Read More
14th October 2019
Danske Bank (DANSKE.CO) has started a hiring freeze to cope with rising compliance costs and a tough business environment, the bank said on Thursday. Danske Bank has been rocked by its involvement in a major money laundering scandal. It said last year it had channeled 200 billion euros… Read More
10th October 2019
If Britain hasn’t secured a deal to leave the European Union as the clock ticks past 11 p.m. on Oct. 31, billions of data transfers could be thrown into legal limbo. Though not as visible as lines of trucks backing up at ports, disruption to data would affect more of… Read More
9th October 2019
Twenty years ago, anti–money laundering (AML) was an afterthought for most banks. Today, it’s at or near the top of the executive agenda. Daniel Moore is group head and chief risk officer at Scotiabank, one of Canada’s top five banks, with 99,000 employees and more than $1 trillion in assets. Read More
1st October 2019
British bank HSBC (HSBA.L) has converted a financial crime-spotting algorithm it was forced to build in the wake of a money-laundering scandal into one that can scope out new business opportunities, bank executives said. The system combines data on clients’ banking activities, with public data on company ownership… Read More