2nd June 2020
We all like to kill a goblin or two online, but most people would agree multiplayer games are not the place for real-world crime. With lockdowns continuing around the globe and people staying at home, it is no wonder that the popularity of online gaming has skyrocketed. And as in-game… Read More
28th May 2020
The UK is at risk of becoming more vulnerable to illicit funds if it doesn’t closely cooperate with EU authorities on a post-Brexit deal, City of London lawyers told the Financial Times. The concerns follow recently announced plans by the European Union to strengthen its anti-money laundering controls by empowering… Read More
27th May 2020
A recent rash of ransomware attacks on bank technology vendors — including Finastra, Diebold Nixdorf, Cognizant and Pitney Bowes — raises serious questions about why they’re happening and what banks can do to protect themselves. “The threat vector of ransomware is definitely concerning for the industry, not only for us… Read More
27th May 2020
Authorities recently arrested an alleged member of the prolific hacking group known as Fin7, whose victims include Chipotle and other fast food restaurants, casinos, and credit unions, according to newly unsealed court records. The news signals a notch against one of the world’s most sophisticated and successful financially motivated hacking… Read More
25th May 2020
Many paths lead to the small town of Traben-Trarbach, which is situated on Germany’s Mosel River and famous for its much-visited “underworld” of wine cellars. Frankfurt-Hahn is located just 30 minutes away by car, a regional airport that was, at least until the arrival of the coronavirus, a budget airline… Read More
25th May 2020
Thanks for the effort, but you really need to do better. Some EU countries are among the best in the world at implementing technical recommendations to combat money laundering, but this doesn’t necessarily lead to impressive results: In the bloc, only 1.1 percent of estimated illicit proceeds are seized by… Read More
20th May 2020
Westpac has elected to dump EY for a review of its risk management processes three years after its last review found “known and ongoing risks” within the bank’s anti-money laundering systems including “poor data quality”, “manual workarounds” and “historical underinvestment”. The reviews are required under APRA’s CPS 220 and are… Read More
8th May 2020
A new messaging standard released today is designed to help cryptocurrency firms comply with anti-money laundering regulations from the Financial Action Task Force (FATF). The standard, called IVMS101, defines a uniform model for data that must be exchanged by virtual asset service providers (VASPs) alongside cryptocurrency transactions. The standard will… Read More
6th May 2020
At the start of the pandemic, banks scrambled to increase remote capacity to allow employees to work safely from home. Transaction bankers have had to grapple with an extra layer of complexity: helping large multinational corporations and their vendors within the supply chain adapt to the huge disruption caused by… Read More
29th April 2020
Efforts to deal with corporate malfeasance, employee misconduct, and ethical failings are falling short. Nowhere is this more visible than in the financial sector. More than $400 billion has been paid in fines since the 2008 financial crisis. But one corner of the industry offers hope: It is using behavioral… Read More