The Philippines Anti-Money Laundering Council (AMLC) is adopting new rules that will impose tougher regulations and higher fines on individuals and banks found to have engaged in money laundering activities. Under these new rules, the council can enforce administrative sanctions… Read more >
Are Policy and Safety Enhancements Enough to Make Cross-Border Payments a Game Changer in Today’s Marketplace? Cross-border payment systems provide businesses with a way to internationally manage their money just as if they were local in each individual country. This… Read more >
Singapore-based company, TransTel, wholly owned by a technology company named CSE Global Limited, was recently fined $12,027,066 by OFAC (the U.S. Treasury Department’s Office of Foreign Assets Control) for violating trade sanctions against Iran. In 2010 and 2011, TransTel signed… Read more >
The Commonwealth Bank of Australia (CBA) is accused of failing to report more than 53,000 “serious and systemic” breaches of anti-money laundering (AML) laws involving at least four criminal syndicates and over $44 million Australian dollars. This month, Australia’s financial… Read more >
“This case demonstrates how terrorists exploit modern technology to inculcate sympathizers and build hidden networks, but federal agents and prosecutors are working tirelessly and using every available lawful tool to disrupt their evil schemes.” ~ U.S. Attorney Rod J. Rosenstein… Read more >
If an eCommerce giant like Amazon is unable to flag illegal sales to terrorists for five years, how are other eCommerce businesses managing their trade compliance? Amazon.com, Inc. (“Amazon”) (AMZN), the Seattle based electronic commerce (eCommerce) conglomerate, is currently involved… Read more >