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Regulatory Update

2nd December 2016

U.S. anti-money laundering regulations well-developed, analysis finds

U.S. anti-money laundering regulations are well-developed, and domestic coordination to prevent money laundering and terrorist financing is sophisticated and has improved over the past 10 years, according to a Financial Action Task Force (FATF) evaluation issued Thursday. Read More

2nd December 2016

India: Government tightens routes for trade based money laundering

The Indian government has tightened an oft-used route for trade-based money laundering. Read More

1st December 2016

Philippines: Money laundering amendment targets casinos, developers, traders

Casinos, real estate developers and dealers of high-value items will have to report any cash transaction exceeding P500,000 or $10,000 to the Anti-Money Laundering Council (AMLC) to help stop any illegal fund transfers in the Philippines. Read More

30th November 2016

UK: financial crime checklist

On 21 November 2016 the FCA issued a booklet aimed at consumer credit firms setting out good and bad practice on compliance with obligations under the Money Laundering Regulations 2007 (MLR). Read More

29th November 2016

US: Bankers are worried that Trump will scrap Wall Street regulation

Having spent billions of dollars on post-crisis U.S. financial industry reforms they once scorned, bankers are concerned the Trump administration, joined by a like-minded Congress, will scrap or significantly change the rules Read More

28th November 2016

Financial Crime & Operational Security – 2016 report

The Financial Crime & Operational Security report brings together Financial Crime Directors, Chief Security, Chief Information, Chief Risk and cyber-crime professionals to examine and debate initiatives that could give them competitive advantage in the fight against financial crime. Read More

28th November 2016

R3 uses blockchain to streamline KYC for banks around the world

Financial innovation firm R3 is seeking to use blockchain technology to streamline identification processes in regards to Know Your Customer registries. They've created a proof-of-concept for a system where an individual manages their own ID on a distributed public ledger. Read More

22nd November 2016

From AML to FCP – are your AML procedures out of date?

Tom Devlin, partner at Stephen Platt & Associates LLP, considers the limitations of the traditional AML model and why it undermines efforts by financial institutions to guard against the facilitation of crime. Read More

14th November 2016

Thailand: Dhammajayo petitions OAG over money-laundering case

Phra Dhammajayo has filed a petition with the Office of the Attorney General for justice in a money-laundering case in connection with the Klongchan Credit Union Cooperative (KCUC) multi-million-baht embezzlement scandal. Read More

14th November 2016

UK: money-laundering fear over HSBC move

HSBC’s planned move of its UK bank to Birmingham has been described as “a programme in crisis” by the monitor appointed by the American authorities to ensure the bank complies globally with anti-money-laundering rules. Read More

Must Read

India’s Money Laundering Agency Finds Proceeds in JPMorgan Case

Database Exposes Offshore Holdings of Prominent Germans

Switzerland cooperates with Vatican fraud investigation

Sudan recovers $4 billion in assets looted by Omar Al Bashir

Payment Companies Increase Efforts to Combat Coronavirus-Related Frauds