Tag: money laundering

With the rising level of money laundering regulations and fines, firms need to know what their requirements are. Electronic IDentification has released a report examining the AML Directives.

 Sentinels, which helps detect money laundering in real-time, has released a report outlining why real-time transaction monitoring is the next step for compliance functions.

Financial crime prevention firm Resistant AI has deployed technology into Netherlands-based B2B FinTech FINOM to bolster AML measures.

ComplyAdvantage has released ComplyTry, a new tool that lets anyone verify prospective customers by leveraging live sanctions, politically exposed people (PEPs) and adverse media data.

The Cyprus Securities and Exchange Commission (CySEC) has launched a new online beneficial ownership register with the aim of fighting money laundering.

UR Islamic Bank will implement Capital Banking Solutions integrated compliance platform to help prevent money laundering and tax evasion in Iraq.

NatWest has pleaded guilty to money laundering failings amounting to £365m from UK-based jeweller Fowler Oldfield.

Documents from the US Financial Crimes Enforcement Network (FinCEN) were leaked to the press and published globally in September 2020. The leak involved over 2,100 documents and around $2trn in transactions and showed how some of the world’s largest banks enabled criminals to move dirty money around the globe. A year on, has the industry been able to clean up its act?

As the pandemic rages on, crime and money laundering risks continue to evolve at a rapid pace in the commercial lending space. However, firms can mitigate these risks by applying advanced technologies and using a data-driven approach.

The Financial Conduct Authority (FCA) has issued warning letters to retail banks due to ongoing weaknesses and failings around their financial crime controls.