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Financial Crime
PEPs & Sanctions
Businesses Have Lost Over $100bn From Russia Exits – Report
By Editors | 28/03/2024
Russia has steadily tightened its exit requirements as sanctions pressure has ramped up. It now demands discounts of at least 50% on foreign asset sales.
PEPs & Sanctions
Russia Buys its Own Diamonds to Support State-owned Alrosa
By Editors | 28/03/2024
The Russian government is for the first time in 15 years procuring diamonds from Alrosa, which has been targeted by sanctions.
PEPs & Sanctions
US, UK Probing $20b in Tether Transfers to Russia’s Garantex – Report
By Editors | 28/03/2024
There is no immediate suggestion of wrongdoing by Tether Holdings, the BVI-incorporated issuer of USDT.
Fraud, Scams & Cybercrime
Westpac Unveils “First of its Kind” Anti Scam Service
By Sanday Chongo Kabange | 28/03/2024
The AI-powered service will ask customers to answer a “series of dynamic questions” if a new payment appears to have high scam risk.
Cybersecurity
US Treasury Publishes Report on AI-Specific Cyber Risks
By Manesh Samtani | 28/03/2024
The report outlines measures including the development of a common AI lexicon and a data lake to help FIs train AI models to detect fraud.
Anti-Money Laundering
BIS Innovation Hub Launches New Phase of AML Project
By Manesh Samtani | 28/03/2024
Phase 2 of Project Aurora aims to, among other things, deliver real-world proofs-of-concept that could scale to a potential pilot.
Anti-Money Laundering
Advice Industry Seeks Clarity on AUSTRAC Outsourcing Guidance
By Sanday Chongo Kabange | 28/03/2024
The Financial Advice Association Australia calls on AUSTRAC to provide clear definitions of outsourcing versus reliance arrangements.
PEPs & Sanctions
US Warns Pakistan Against Proceeding With Iran Pipeline Project
By Editors | 27/03/2024
Iran has already invested $2bn in the project. Pakistan is seeking a US sanctions waiver to go ahead with construction on its leg of the pipeline.
PEPs & Sanctions
Russia Launches Scheme to Unblock Foreign Securities
By Editors | 27/03/2024
Russian broker is accepting offers from Russians looking to free up overseas-held shares affected by sanctions.
Anti-Money Laundering
FATF Upgrades US Rating on Beneficial Ownership Transparency
By Editors | 27/03/2024
The FATF cites the ongoing implementation of requirements for companies to report beneficial ownership information to FinCEN.
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