MONEYVAL: Cyprus is not doing enough to combat money laundering
The Council of Europe’s anti-money laundering (AML) body MONEYVAL has urged Cyprus to be more aggressive in its efforts to combat criminal transactions.
South Korea could do more to fight money laundering and financial crime says the...
While South Korea has established a strong legal framework to fight money laundering, the country must do more to prevent government officials from laundering the proceeds of corruption.
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.
Latin America and teen-focused FinTech services are coming of age as the industry closes...
Last week’s 32 FinTech rounds highlight how Latin America is exploding with new activity, how open banking has nudged closer to being fully adopted across Europe and the rising popularity of teen-focused ventures.
Credit Suisse given £147m fine by the FCA for tainted loan, bond exchange
The Financial Conduct Authority (FCA) has issued a £147m fine to Credit Suisse due to severe due diligence deficiencies linked to dealings with the Republic of Mozambique.
Chinese banking watchdog warns of scam risks in the metaverse
The Chinese Banking and Insurance Regulatory Commission (CBIRC) has warned of the potential for scams in the metaverse.
How perpetual KYC helps the fight for compliance
Managing risk through a customer’s lifecycle and solving compliance channels is becoming ever more important as more of the world moves into digital.
In a...
Inside the UK’s battle against money laundering and terrorist financing
RegTech firm Flagright recently described in detail the UK's regulations on terrorism financing and money laundering.
Are financial institutions struggling to keep up with modern sanction and PEPs lists? –...
The war in Ukraine has underscored how quickly sanction and PEPs lists can change. Since 2022, the US, UK, EU, Australia, Japan and Canada have imposed over 16,500 sanctions on Russia, according to the BBC. The current turbulent geopolitical scene means financial services firms need to be ready for regular, and often sudden, changes to PEPs and sanction lists. FinTech Global recently spoke to several industry players to ask whether financial institutions are keeping up with the modern sanction/PEPs landscape.
Whistleblower claims Deutsche Bank took years to alert authorities about Danske Bank’s suspected money...
Despite a whistleblower flagging suspicious transactions five years ago, Deutsche Bank allegedly waited until February this year to disclose one million suspect money transfers it did for Danske Bank.