Anti-Money Laundering

Anti-Money Laundering

FATF Framework Can Better Support Financial Inclusion: RUSI

By Manesh Samtani | 16/06/2021

There are insufficient incentives within the framework to ensure the FATF Standards are implemented in a way that supports inclusion.

Anti-Money Laundering

PNG’s BSP Financial Group Faces Possible AML Penalties

By Editors | 16/06/2021

Australia’s CBA and NAB are reportedly under scrutiny as they provided correspondent banking services to BSP Financial Group.

Anti-Money Laundering

SEC Orders Finance, Lending Companies to Submit AML Plans

By Editors | 16/06/2021

All financing and lending companies have until 21 June to submit plans for implementing a comprehensive and risk-based AML/CFT programme.

Anti-Money Laundering

WEF Offers Framework to Help Prevent Illicit Financial Flows

By Sanday Chongo Kabange | 16/06/2021

The “Unifying Framework” published this month sets out five core practices for gatekeepers to use to identify and respond to potential illicit activity.

Anti-Money Laundering

RUSI Calls On FATF to Devise Financial Inclusion Strategy

By Editors | 15/06/2021

Little concrete work has been done by the FATF so far to actively promote financial inclusion as part of its primary integrity mandate.

Anti-Money Laundering

AUSTRAC Seeks Input to Develop New Reporting Systems

By Editors | 14/06/2021

Input is sought as part of a discovery phase of a four-year systems transformation programme to replace ‘AUSTRAC Online’.

Anti-Bribery & Corruption

G7 Leaders Commit to Acting on Corruption, Shell Companies

By Manesh Samtani | 13/06/2021

The communique highlights a need to tackle the misuse of shell companies and curtail the ability of illicit actors to hide wealth, including in real estate.

KYC & CDD

Financial Crime Compliance Costs to Reach $213.9bn for 2021

By Editors | 12/06/2021

KYC for onboarding and customer risk profiling were cited as the biggest challenges for APAC financial institutions in a LexisNexis Risk Solutions study.

Anti-Money Laundering

Philippine AMLC Amends AML/CTF Guidelines for DNFBPs

By Editors | 11/06/2021

The revisions broaden the scope to include newly covered persons and add a new section on the implementation of the targeted financial sanctions, among other changes.