Anti-Money Laundering

Anti-Money Laundering

UK FCA Fines Metro Bank for Transaction Monitoring Failures

By Nithya Subramanian | 14/11/2024

A data-feeding error meant 60 million transactions were not monitored by Metro Bank over a four-year period.

AI Risk & Governance

Unlocking the Potential of AI in Financial Crime Compliance

By Bradley Maclean | 14/11/2024

New research explores the potential of AI in financial crime compliance, highlighting pressing pain points and offering a roadmap for adoption.

PEPs & Sanctions

OFAC Probes UBS for Russia Risk from Credit Suisse Takeover

By Editors | 13/11/2024

OFAC is reportedly seeking information from UBS about the Russian clients the bank took on when it bought Credit Suisse in March 2023.

Anti-Money Laundering

Spanish Police Chief Arrested Over Links to Criminal Gangs

By Nithya Subramanian | 13/11/2024

Óscar Sánchez Gil was until recently the head of the fraud and AML division of Spain’s national police force in Madrid.

Anti-Money Laundering

Australia’s AGD Issues Supplementary Submission on AML Amendment Bill

By Thisanka Siripala | 13/11/2024

The AGD responds to issues raised in submissions to the Senate Legal and Constitutional Affairs Legislation Committee on certain aspects of the Bill.

Anti-Money Laundering

China Approves Passage of Revised Anti-Money Laundering Law

By Manesh Samtani | 13/11/2024

The revised law takes effect on 1 January 2025, strengthening FIs’ AML obligations, increasing penalties for breaches, and enabling China to introduce its own high-risk country list.

Anti-Money Laundering

Vietnam: SBV to Establish New Anti-Money Laundering Department

By Editors | 12/11/2024

The new department is part of amendments to the functions, missions, authority and organisational structure of the State Bank of Vietnam.

Anti-Money Laundering

AUSTRAC Launches New System for Enrolment, Registration and Reporting

By Sanday Chongo Kabange | 12/11/2024

AUSTRAC says the new online portal makes it easier and faster to enrol or register a new business and to meet AML/CTF obligations.

Anti-Money Laundering

HKMA Fines Fubon Bank for Transaction Monitoring Lapses

By Sanday Chongo Kabange | 11/11/2024

HKMA said Fubon had deficiencies in the controls for transmission of transaction data from the core banking system to its transaction monitoring system.