26th September 2019
The Council of Europe’s anti-money laundering (AML) watchdog called on nations to take swift action against money launderers and terrorist financiers in an annual report published Wednesday.  Moneyval Chair Elzbieta Frankow-Jaskiewicz said in the report that large-scale money laundering scandals and terrorist attacks in 2018 underline the “importance and… 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
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
Notorious Albanian gangs in the UK have a new trick up their sleeves. They are using cryptocurrencies for money-laundering operations, and it’s making life hard for the police. Albanian gangs have been heavily implicated in the UK’s cocaine market, a business estimated to be worth around £5bn ($6.23bn) annually. The… Read More
18th September 2019
The cryptocurrency industry is rushing to comply with new anti-money-laundering standards that require exchanges and other firms to share information about their customers. The standards, adopted in June by the Financial Action Task Force, require cryptocurrency exchanges, some digital wallet providers and other firms to send customer data—including names… Read More
12th September 2019
Facebook’s (FB.O) Libra cryptocurrency suffered another setback on Wednesday when Switzerland said the proposed payments system could face strict rules that typically apply to banks, on top of tough anti-money laundering laws. The world’s largest social media network announced plans in June to launch the new currency as… Read More
23rd August 2019
When HSBC Holdings Plc thwarted a $500 million central-bank heist, sophisticated computer software didn’t raise the alarm. The funds flowed undetected from Angola’s reserves to a dormant company’s account in London. It was a teller at a suburban bank branch who became suspicious, declined a request to transfer $2 million,… Read More
20th August 2019
Today, it’s not just humans competing for work in banking. Machines are becoming a threat to warm-blooded number crunchers worldwide. Indeed, almost one-third of financial-services jobs could be displaced by automation by the mid-2030s, according to a report by PricewaterhouseCoopers LLP last year. Despite those stark forecasts, some optimists… Read More
15th August 2019
Barclays (BARC.L) is no longer providing banking services to major cryptocurrency exchange Coinbase, sources familiar with the matter told Reuters, ending a relationship that started in March last year as the exchange expanded in Europe. The rare deal between the San Francisco-based exchange and the British bank made… Read More
7th August 2019
For decades, increasing reliance on technology and automation has meant one thing for workers: fewer jobs. In a fast-growing corner of the finance industry, it’s doing the opposite as banks across Europe struggle to fill positions in units employing tech to combat money laundering. Reeling from a litany of scandals… Read More