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Digital fraud attempt highest in video gaming in Philippines

November 14, 2023

The video gaming industry was followed by the retail sector with suspected digital fraud attempt rate of 11.3 percent while financial services came in third with 8.3 percent. Other sectors include insurance (7.1 percent), communities such as online dating and forums…

Gambling, money laundering and online scams: Asia’s trouble with organised crime

November 13, 2023

Transnational criminal gangs are using Southeast Asia’s booming and increasingly digital gambling industry as a shadow banking system to covertly move and launder ever more dirty money….

Singapore’s biggest bank makes $74M allowance to cover off exposure to money laundering scandal

November 6, 2023

They were “prudently taken” for exposures linked to the AML probe, with S$100M specifically related to the scandal…

US sanctions Russian accused of laundering Ryuk ransomware funds

November 6, 2023

Ekaterina Zhdanova is accused of using virtual currency exchange transfers and fraudulent accounts to launder money for Russian elites, ransomware groups and other bad actors to help them evade economic sanctions imposed on Russia’s financial system…

The role of cryptocurrency in financing terrorist organisations

November 5, 2023

Former federal prosecutor Ari Redbord joins Ali Rogin to discuss how terrorist groups are using cryptocurrency to fund their operations and how law enforcement is responding…

AML Rightsource unveils nine best practices for a successful compliance system implementation

November 1, 2023

A compliance department’s function is integral for safe business and legally mandated. As such, any legacy system change, even if necessary, is met with extreme caution and trepidation…

AML Rightsource insights on ‘Improving efficiency and your financial crimes program’

November 1, 2023

The article highlights the key points: improving data quality, fully use the systems you have in place, adding technology and advanced analytics, automate the SAR filing process…

JJCFinTech’s industry perspective on ‘Effective Client Lifecycle Management – A Case for Change’

November 1, 2023

Many Financial services firms have invested $billions in meeting their Anti-Financial Crime and Client Lifecycle Management regulations. Despite all the investment, this is still rated as the most dysfunctional, highly penalised and operationally frustrating processes…

OCCRP: The dictators’ bank: How Central America’s main development bank enabled corruption and authoritarianism

October 31, 2023

msg Rethink Compliance releases its AML Industry Benchmarking Report 2022

October 31, 2023

The 2022 AML Benchmarking Report builds takes an even deeper dive into EWRAs using aggregated data from hundreds of risk assessments and hundreds of survey respondents. The report’s insights can help organisations better understand ML/TF risks and the effectiveness of specific controls to reduce residual risk exposures…

UK authorities criticised for failing to prosecute financial crime enablers and rich tax cheats

October 17, 2023

Prosecutors in UK have been accused of being too timid in targeting financial criminals, with two separate reports last month highlighting low levels of enforcement against both financiers tasked with reporting suspicious money flows and wealthy tax cheats…

 

 

European Parliament and Council calls for clear rules on EC’s AML package

October 17, 2023

The Parliament highlights that the rules on identifying customers’ beneficial owners “have to be calibrated correctly and fit well within customer due diligence processes”. It also indicates that the ‘control exercised via other means’ criteria needs to be clear, workable and enforceable…

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