Reported by ELEANOR MYERS In July 2020, Andrew Fahie, premier of the British Virgin Islands, wrote to the U.K. government boasting of transparency in its financial services industry that “competitors may envy.” A publication detailing the letter shows a smiling Fahie alongside the proud message that the BVI “continues to meet and adhere to the highest international […]
Reported by Pete Schroeder The U.S. Federal Reserve announced on Thursday it had imposed an enforcement action against Customers Bancorp (CUBI.N) for “significant deficiencies” around the bank’s risk-management and anti money-laundering practices. The enforcement action against the Pennsylvania-based bank, which provides digital asset services and a tokenized instant payments platform, stemmed from a recent examination by the […]
Reported by Gavin Newsham In “Rinsed: From Cartels to Crypto: How the Tech Industry Washes Money for the World’s Deadliest Crooks” (Penguin Business), Geoff White asks: what would you do with sudden wealth if it came from a source you couldn’t admit to. “You’re faced with an excruciating dilemma,” he writes. “How do you enjoy your […]
Reported by FinTech Global Ever since its launch in November 2022, Generative AI has been the topic of discussion on everyone’s lips when it comes to discussing transformational technology. In the area of KYC, could we expect Generative AI to have significant long term impacts? In the view of Ted Datta, senior director, head of […]
Reported by Braddock Stevenson The revised rules’ renewed emphasis on innovation, and their requirement that financial institutions ensure their operational program requirements are US-based, also carry potential impact. To drive innovation and effective programmatic changes and reduce regulatory hindsight, banks and other financial institutions should consider several steps. Develop data-driven measurements for risk over qualitative […]
Reported by Lisa Cavazuti For much of his career as a federal drug agent, Ray Donovan had a singular focus: the capture of Mexican cartel boss Joaquin “El Chapo” Guzman. When Guzman was finally arrested in early 2014, fentanyl trafficking was on the rise in the U.S., and Donovan soon found his next project. He enlisted a data […]
Reported by Lananh Nguyen NEW YORK (Reuters) -Wells Fargo is being investigated by government authorities over issues in its anti-money laundering and sanctions programs, the bank said on Thursday in a filing. The company did not specify which government was inquiring about its practices. Read full report: https://finance.yahoo.com/news/wells-fargo-faces-government-probe-215048093.html
Reported by Moody’s In the United Kingdom, there are beneficial ownership registers for companies, properties, land, and trusts. In February 2022, the UK Government sought to increase the accuracy of some of these registers and in March 2022 introduced new legislation around overseas entities owning property in the UK. According to the UK Government, “The […]
Reported by ELIZABETH MEEHAN Most Americans have now heard about Project 2025, even if they only know those two words and nothing from the 900 pages of policies that will impact every person living in the United States. One area that has been overlooked is its plan for the US anti-money laundering regime. It’s a massive […]
Reported by Huw Jones A Coinbase business in Britain has been fined for breaching a regulatory agreement to improve its defences against financial crime, in the first sanction of its kind in the UK cryptoassets sector. The Financial Conduct Authority (FCA) said on Thursday that CB Payments Limited (CBPL), a gateway for customers to trade […]
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