Westpac’s chairman and CEO to step down amid AML scandal
Australian bank Westpac will see its CEO Brian Hartzer step down next week as the lender is facing money laundering and terrorism financing allegations.
One in five South Korean banks struggle to update their AML solutions
New research suggests that 23% of banks in South Korean banks have problems modifying their anti-money laundering compliance systems, according to a new survey from FICO.
PayPal audited by AUSTRAC for money laundering and terrorism funding compliance concerns
Australia’s top financial services watchdog has ordered PayPal to submit to an external audit after expressing concerns that it had been fully compliant with money laundering and terror laws.
Deutsche Bank’s German HQ raided in money laundering investigation
Deutsche Bank has revealed its Frankfurt headquarters were recently raided by German prosecutors in link to a money laundering probe.
How can firms assess the risks associated with a politically exposed person?
A recent webinar by Alessa has examined what constitutes a politically exposed person (PEP) and why relationships with certain PEPs may offer increased financial crime threats.
Varo Bank taps Quantifind’s AI platform for adverse screening, automated investigations
Varo Bank has selected financial crime investigation firm Quantifind’s Graphyte platform to optimise its adverse media screening and investigations automation performance.
EBA calls on FIs to ensure sanctions compliance against Russia
The European Banking Authority (EBA) has asked financial institutions to make sure they remain compliant with sanctions against Russia.
$36bn in non-compliance with anti-money laundering, due diligence and sanctions regulations were issued in...
Financial firms around the world were ordered to pay $36bn in total due to failing to comply with legislation set up to prevent money laundering and fraud.
FBI worried that private equity firms are being used to launder money
A leaked FBI bulletin calls for increased regulatory scrutiny of private equity firms and hedge funds to better fight money laundering.
Australian and UK regulators team up to fight money laundering and terrorism financing
Two regulatory watchdogs in Australia and Britain have signed a memorandum of understanding (MOU) to tighten their collaboration in their fight against financial crimes.