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FinScan launches a webinar on ‘Staying on Top of the Sanctioned Securities Challenge’

In this webinar our panel of experts navigates the tumultuous terrain of geopolitical developments and the technological capabilities required to support…

Ankura delves into the Financial Crime Risk Assessment: The Foundations for an effective financial crime program

The key steps include: Identifying and Categorising Risks, involves outlining the types of financial crimes that could impact the organization, considering factors like industry sector, customer profiles, and transaction types, inherent Risk Evaluation and Scoring: Organisations assess the likelihood and potential impact of identified risks, often using scoring systems to prioritise areas of concern…

FATF Ministers meet for their Bi-Annual meeting and commit to stepping up efforts to fight money laundering and TF/PF

The Ministerial Declaration noted that further efforts were required on supervision and preventive measures, beneficial ownership transparency, investigating and prosecuting money laundering, and confiscating the proceeds of crime. Ministers reaffirmed their commitment to support jurisdictions to implement the tools…

OECD publishes ‘Tax Inspectors without Borders 2024 Annual report’

Beyond details about TIWB work on international audit, criminal tax investigations, and effective use of automatically exchanged information, the annual report describes the continuing expansion of TIWB technical assistance to tax administrations tackling frontier issues, including practical implementation and effective use of country-by- country reporting data, conducting audits of VAT on digital trade and facilitating the implementation of the global minimum tax.

Wolfsberg Group responds to the FATF public consultation on R.16 covering payments transparency and its Interpretative Note

The explanatory memorandum contains eighteen questions for consultation on various subjects including: Additional transparency requirements on exemption for purchase of goods and services using cards. Removal of the withdrawal or purchase of cash or a cash equivalent from R.16 exemption, subject to certain conditions. Improving the content and quality of basic originator and beneficiary information in payment messages…

INTERPOL network renews commitment to protecting victims from global crime threats

To address the increasing logistical, operational and technological sophistication of transnational organized crime, INTERPOL’s Heads of NCB conference has ended with delegates approving a series of conclusions to boost the law enforcement response…

UNODC launches new action to combat human trafficking and migrant smuggling

The involvement of organized crime and the rapid evolution of digital technologies have exacerbated the situation. Online technologies are regularly abused to exploit trafficking victims or advertise migrant smuggling services. Financial crises, armed conflicts and forced displacement, catalyzed by the pandemic…

New report from PWC reveals that some financial firms consider AML regulations to be unhelpful

The ‘AML Survey 2024: Spotlight on Effectiveness’ revealed that only 53% of EMEA financial firms believe that current AML regulations are helpful to prevent money laundering and terrorist financing. Over a third of respondents cited an increase in regulatory pressures as their most challenging issue and just over half stated they will spend more than 10% of their AML budget on technology in the next 2 years.

FinScan examines the role of effective payment screening in the fight against financial crime

Payment screening represents a cornerstone of modern financial compliance, playing a pivotal role in safeguarding the integrity of financial systems worldwide. However, numerous potential pitfalls exist in managing an effective programme…

Beyond FS releases white paper on ‘Fine Prevention: Why financial crime and regulatory programmes fail and how to fix them’

For financial institutions, the challenge posed by criminal activity such as money laundering, and the regulatory response to it, is constantly evolving. As a result, institutions frequently find themselves having to establish resource-intensive financial crime and regulatory change programmes, including large remediation projects.

New research from Moody’s reveals the far-reaching risk of shell companies and their role in financial crimes such as money laundering

Moody’s new research reveals this risk is far-reaching. As of November 2023, more than 21 million risk activity flags have been raised by Moody’s Shell Company Indicator across 472 million companies…

FATF publishes Status of implementation of Rec. 15 by FATF Members and Jurisdictions with Materially Important VASP Activity

FATF notes that many countries have yet to fully implement the FATF’s requirements on virtual assets and virtual asset service providers to prevent their misuse for illicit finance. The lack of implementation of these requirements (Rec. 15) leaves significant loopholes globally, that criminals and terrorists exploit.