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Anti-Money Laundering
Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
Anti-Money Laundering
FinCEN Proposes Rule to Enhance FIs’ AML/CFT Programmes
By Editors | 02/07/2024
The rule will explicitly require AML/CFT programmes to be “effective, risk-based, and reasonably designed” based on a risk assessment.
Anti-Money Laundering
US Sanctions Two Chinese Nationals for Assisting Sinaloa Cartel
By Editors | 01/07/2024
The sanctions include two China-based targets who helped launder illicit drug proceeds belonging to Mexico’s Sinaloa Cartel.
Anti-Money Laundering
Wolfsberg Group Calls for More Effective Approach to SARs/STRs
By Manesh Samtani | 01/07/2024
Wolfsberg Group says the value being derived from the constantly increasing volume of SARs/STRs is not contributing proportionately to effective outcomes.
Anti-Money Laundering
Australia Law Body Issues Guidance on AML
By Sanday Chongo Kabange | 01/07/2024
The guidance will safeguard legal practitioners from being “unwittingly” misused by financial criminals.
Anti-Money Laundering
US DOJ, Jho Low Reach Global Pact on 1MDB Asset Forfeiture: Report
By Nithya Subramanian | 01/07/2024
The agreement forever resolves the United States’ civil, criminal and administrative asset forfeiture actions of monies and assets traceable to 1MDB.
Anti-Money Laundering
FATF Adds Monaco, Venezuela to Grey List; Removes Two Others
By Manesh Samtani | 01/07/2024
The Plenary also adopted two new country assessments and approved five priorities for the incoming Mexican Presidency.
Anti-Money Laundering
Switzerland, US to Strengthen Information Exchange Under FATCA
By Editors | 28/06/2024
The US will receive tax information from Switzerland automatically, and Switzerland will also be able to receive information from the US.
Anti-Money Laundering
Iraq’s Al-Huda Bank Cut Off from US Financial System
By Editors | 27/06/2024
FinCEN rule identifies Al-Huda Bank as a “foreign financial institution of primary money laundering concern”.
Anti-Money Laundering
US DOJ to Recover Additional $100mn in 1MDB Case
By Nithya Subramanian | 27/06/2024
Jho Low will forfeit a luxury apartment in Paris and artworks by Andy Warhol and Claude Monet purchased for USD 35 million.
Anti-Money Laundering
Vietnam Made “Minimal Progress” to Address AML Deficiencies
By Manesh Samtani | 27/06/2024
Vietnam was upgraded on just one recommendation for strengthening its correspondent banking requirements. The country is moved to enhanced follow-up.
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