Money Transfer

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U.S. to Sanction Cuban Officials Behind Crackdown on Protesters

Washington will apply “hard-hitting sanctions” on Cuban officials responsible for cracking down on demonstrations that rattled the communist island earlier this month, a U.S. State Department official said Wednesday. In a series of tweets, Julie Chung, the acting assistant secretary for the U.S. Department of State’s Bureau of Western Hemisphere… Read More

EU proposes watchdog to halt flow of dirty money

EU policymakers proposed a new agency on Tuesday to stop financial firms from aiding criminals and terrorists after a scandal at a Danish bank highlighted the inadequacy of the bloc’s defences. Europe came under pressure to step up enforcement of its anti-money laundering rules when several countries began investigating Danske… Read More

U.S. Treasury issues AML ‘priorities’ but experts cite minimal value to compliance

The U.S. Treasury Department’s anti-money laundering (AML) unit recently issued the much-anticipated AML priorities Congress demanded in the Anti-Money Laundering Act of 2020, a legislative effort to clarify where financial institutions should focus their efforts to more effectively police transactions for illicit activity. Some experts said the AML and counter-terror… Read More
19th July 2021
Innocent customers are having their accounts closed, funds frozen and large transactions blocked as panicking banks try to crack down on crime. Regulators have become increasingly concerned that criminals are taking advantage of weaknesses in bank systems. They want banks to be more robust in monitoring transactions, large money transfers… Read More
19th July 2021
An evaluation by global organisation Financial Action Task Force (FATF) to analyse the effectiveness of India’s anti-money laundering and countering terrorist financing regime has been postponed for the second time in view of the ongoing COVID-19 pandemic and is now slated to be initiated next year, officials said. The… Read More
15th July 2021
The European Union’s planned new anti-money laundering agency will have broad powers to subject the bloc’s “riskiest” financial institutions—and their national supervisors—to rigorous scrutiny, a draft regulation obtained by ACAMS moneylaundering.com shows. On July 20, the European Commission, the EU’s executive branch, will unveil a wide-ranging regulation to enhance the… Read More
15th July 2021
Japan’s financial regulator and central bank will launch a sweeping investigation into how well anti-money laundering measures work at regional banks and other local financial institutions, Nikkei has learned. The probe, which comes amid a spate of fraudulent money transfers in the country, could get underway this summer. An international… Read More
14th July 2021
Getting off the money-laundering grey list might take longer than Maltese authorities hope as it will be difficult to prove effective enforcement in certain “tricky” areas, a leading international expert has warned. Giuseppe Lombardo, who has evaluated several countries as a senior assessor for MoneyVal, told a conference of local… Read More
13th July 2021
When President Biden signed Executive Order (E.O.) 14024 in April, there were likely more than a few eyebrows raised within the compliance community. For one, the order, which authorized the imposition of sanctions on Russian interests for “specified harmful foreign activities”, marked a departure from the previous administration’s response to the alleged… Read More
11th July 2021
By Chris Dalby, InSight Crime, 7 July 2021 InSight Crime – It began on December 6, 2018. It had been just 91 days since Jair Bolsonaro, a polarizing veteran of Rio de Janeiro’s brutal political wars, had been stabbed in the belly during a presidential campaign stop. Read More
28th June 2021
The Financial Action Task Force (FATF) on Friday added Malta, Haiti, South Sudan and the Philippines to its list of jurisdictions requiring increased monitoring for their shortcomings in meeting international standards on fighting money laundering and terrorist financing. As part of the designations, the jurisdictions agreed… Read More
25th June 2021
A new law that will formally designate Bitcoin as legal tender in El Salvador later this year is expected to increase the regulatory, financial and operational risks of banks in the Central American nation, according to Fitch Ratings. In a national address… Read More
24th June 2021
A former compliance expert who chaired the Association of UK Payment Institutions for 14 years has been been convicted of laundering the proceeds of an £850,000 investment scam, the Financial Times reported Wednesday. A jury at Southwark Crown Court convicted Dominic James Edward Thorncroft of one… Read More