FATF Issues New Guidance on Assessing Terror Finance Risks
10th July 2019
FATF Issues New Guidance on Assessing Terror Finance Risks
The Financial Action Task Force (FATF) published new guidance Friday on how nations and compliance professionals can best implement counterterrorist financing (CFT) strategies and policies. The paper expands on recommendations issued in 2013 by the Paris-based intergovernmental group on national money laundering and terrorist financing risk assessments, and includes input… Read More
Chinese Wealth Manager Claims $490 Million Fraud Behind Missed Repayments
9th July 2019
Chinese Wealth Manager Claims $490 Million Fraud Behind Missed Repayments
Noah Holdings Ltd., one of China’s largest wealth managers, levied accusations of fraud against Camsing International Holding Ltd., the Hong Kong-listed company that said last week its chairman had been detained by police. The asset manager has filed a lawsuit and reported Camsing to… Read More
U.S. market regulator issues guidance on custody of digital asset securities
9th July 2019
U.S. market regulator issues guidance on custody of digital asset securities
The U.S. Securities and Exchange Commission (SEC) on Monday issued a notice on broker-dealer custody of digital asset securities, amid industry requests for clarity on whether they can hold such assets under federal securities laws. The SEC’s statement, issued in conjunction with the general counsel of the Financial Industry Regulatory… Read More
Iranian scientists accused of violating US sanctions
8th July 2019
Iranian scientists accused of violating US sanctions
AP — When a respected Iranian scientist left Tehran bound for the U.S. last fall, he had plans to complete the final stage of his research on treating stroke patients as a visiting scholar at the prestigious Mayo Clinic in Minnesota. Instead, when professor Masoud Soleimani touched down on U.S. Read More
Trump is a huge headache for Deutsche. But the bank has plenty more.
8th July 2019
Trump is a huge headache for Deutsche. But the bank has plenty more.
Investigations surrounding Deutsche Bank’s more than decade-long relationship with President Trump and his business have created a crisis for the German financial giant. It’s caught in a legal tug of war between Trump and House Democrats for the president’s financial records and calls for broad investigations of its… Read More
German prosecutors intensify Deutsche Bank client investigation: source
4th July 2019
German prosecutors intensify Deutsche Bank client investigation: source
German prosecutors are escalating a money laundering inquiry involving Deutsche Bank (DBKGn.DE), including planned raids on wealthy former clients, a person with direct knowledge of the matter told Reuters. Frankfurt’s state prosecutors will in the coming months search the homes of people who it suspects of using a… Read More
Switzerland Looks to Fill Gaps in AML Regime
28th June 2019
Switzerland Looks to Fill Gaps in AML Regime
Switzerland’s Federal Council disclosed on Wednesday that it is moving forward with a proposed amendment to the Anti-Money Laundering  Act that would impose new regulatory obligations as soon as 2021.  The draft amendment seeks to address weaknesses identified by the Financial Action Task Force in a 2016 mutual… Read More
Ex UBS compliance officer jailed for insider dealing
28th June 2019
Ex UBS compliance officer jailed for insider dealing
A London judge on Thursday sentenced both a former UBS (UBSG.S) compliance officer and her day-trader friend to three years in jail after they were convicted by a jury of insider dealing. Fabiana Abdel-Malek, 36, and Walid Anis Choucair, 40, were both found guilty after a two-month trial… Read More
Money Laundering in UK Professional Services Sectors Not Understood: RUSI
26th June 2019
Money Laundering in UK Professional Services Sectors Not Understood: RUSI
UK officials and professional services providers are failing to share sufficient information on the risks posed by money launderers seeking to the exploit firms in the country, according to research published Tuesday by the Royal United Services Institute (RUSI). The London-based think tank based its analysis on the findings of… Read More
Saudi Arabia named full member of anti-illicit funding body
24th June 2019
Saudi Arabia named full member of anti-illicit funding body
Saudi Arabia has been granted full membership of the Financial Action Task Force (FATF), a global body dedicated to fighting illicit money flows, Saudi Arabia’s monetary authority said on Friday. The kingdom had been previously denied membership after not meeting criteria in anti-money laundering and counter terrorism financing, and its… Read More
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