Reported by Jim Vivenzio of Perkins Coie The Financial Crimes Enforcement Network’s proposed rules seek to streamline AML/CFT program rules across banks, broker dealers, mutual funds, insurance companies, futures commissions merchants, commodities brokers, casinos, and money services businesses, among others. FinCEN and federal banking agencies propose these key changes: New statement of purpose. This intends to summarize the […]
Reported by Michael Forsythe, Katrina Northrop and Eliot Chen No businessman in China was more successful, famous or rich than Jack Ma, whose magic touch turned companies like Alibaba into international juggernauts. He was also unafraid to cross the Chinese authorities, insisting he would not do business with them. But an investigation by The New York Times and […]
Reported by KYC Portal CLM Why Traditional KYC Reviews Are No Longer Sufficient Manual periodic KYC reviews have long been the industry standard. However, these periodic reviews often lag, exposing organisations to undetected risks. The gaps between reviews allow for significant changes in a customer’s risk profile to go unnoticed. Consequently, companies face increased operational risks, […]
Reported by FinTech Global FullCircl, which offers a SaaS platform to support regulatory and verification processes, recently offered a guide on customer due diligence regulations. Regulatory bodies across the globe mandate and oversee these CDD processes to uphold the transparency and integrity of business dealings. Key players include the Financial Action Task Force (FATF), which sets […]
Reported by Brett Wolf The anti-money laundering unit of the United States Treasury Department recently began a long-delayed rulemaking process to “strengthen and modernize” financial institutions’ anti-money laundering and countering the financing of terrorism (AML/CFT) programs by issuing a proposal which, among other things, would make risk assessments mandatory and require integration of national AML/CFT […]
Reported by Rob Copeland For close to a century, putting your savings into a federally insured bank has been a sure thing: If the institution fails, up to $250,000 of your money will be protected. What if it isn’t anymore? The promise of bank insurance — a tenet of U.S. consumer protection since the Great […]
Reported by AFP – Agence France Presse The Hong Kong Monetary Authority fined the local arm of Singapore’s DBS Bank HK$10 million ($1.3 million) for breaches of its anti-money laundering law, the banking regulator said on Friday. The HKMA said the bank failed to “continuously monitor business relationships and conduct enhanced due diligence in high […]
Reported by Ray Fernandez (Click link all the way down below for full report) Blockchain Bridges, Droppers, and Neural Network Forgeries Deniss Kudrjašov, AML Compliance Officer at the neobank Keytom, spoke to Techopedia about the tactics and technologies used by cyber criminals to clean dirty money. “Recently, combined laundering systems that utilize both centralized and decentralized […]
Reported by Rabihah Butler Manager for Enterprise content for Risk, Fraud & Government / Thomson Reuters Institute Before the Beneficial Ownership Information (BOI) Database went live, there were scams and rumors of scams surrounding the CTA and the database. These scams were so prevalent that FinCEN had to make an official alert to the scam before it was […]
Reported by Mustafa Mulla The Nigerian Federal Inland Revenue Service (FIRS) has withdrawn tax allegations against two top Binance executives, Tigran Gambaryan and Nadeem Anjarwalla. However, the charges are now solely directed at Binance, raising questions about the next steps for the cryptocurrency giant. This dismissal of charges follows intense international pressure, including a letter […]
Financial Crime News Briefs 