18th March 2019
Recent headlines pointing to suspected money laundering networks and tax fraud schemes operating within European banks should startle compliance professionals, according to KYC360.com contributor and bestselling author Robert Mazur. While the ongoing investigations of Danske Bank, Swedbank, UBS and other institutions echo similar financial crime scandals of the past decade, the… Read More
3rd March 2019
India’s financial crime fighting agency said on Friday it was conducting searches on properties of former ICICI Bank CEO Chanda Kochhar and a top executive of Videocon group, amid probes into suspected conflict of interest and misconduct. Searches, under prevention of money laundering laws, were being conducted in Mumbai and… Read More
27th February 2019
The European Union should set up a police force to investigate tax evasion and financial crime and create a watchdog to counter money-laundering, EU lawmakers said in a report on Wednesday, which accuses seven member states of acting as tax havens. The report is the result of a year’s work… Read More
24th January 2019
Britain’s Financial Conduct Authority (FCA) has launched a consultation into guidance on the cryptoasset activities it regulates. The watchdog said the move is aimed at providing clarity for firms about whether their cryptoasset activities fall under its regulation, and [for them to] ensure they are compliant and have appropriate consumer… Read More
29th October 2018
The High Court in London has dismissed an application to reinstate the Serious Fraud Office’s charges which sought to prosecute Barclays for alleged fraud surrounding its fundraising during the financial crisis. The issue can be traced back to 2008 when Barclays took a £12bn loan from Qatar Holding, and… Read More
2nd October 2018
The Financial Conduct Authority (FCA) has fined Tesco Personal Finance plc (Tesco Bank) £16,400,000 for failing to protect its customers against a November 2016 cyber attack and the resulting financial crimes that occurred. The banking watchdog found that cyber attackers exploited deficiencies in Tesco Bank’s design of its debit card,… Read More
12th September 2018
The United Kingdom’s Financial Conduct Authority (FCA) received hundreds of requests for information from regulators and police units from around the world, in line with an initiative to work with other authorities to tackle financial crime. The FCA received 1,064 requests for information and investigatory assistance from over 80 different… Read More
29th January 2018
AP News – A senior U.S. Treasury official touring Asia has urged banks and financial regulators in the region and elsewhere to do more to tighten oversight of booming trading in bitcoin and other cryptocurrencies. Sigal Mandelker, the Treasury undersecretary for terrorism and financial intelligence, said Friday… Read More
22nd January 2018
The corporate watchdog wants new powers for its investigators to go undercover to combat financial crime on the dark web. The Australian Securities and Investment Commission has said it needs more investigatory powers because the increasing use of the dark web and virtual currencies such as bitcoin has… Read More
7th December 2017
KYC360 News The use of artificial intelligence (AI) in bank compliance departments can be highly effective, however it has limitations and remains a work in progress, according to Rob Gruppetta, head of financial crime at the UK’s Financial Conduct Authority. Generally there has been a sharp interest in AI in… Read More