Malawi has quickly become a haven for illegal financial crime to take place. Between January and November 2017, the Financial Intelligence Authority (FIA) exposed 63 illicit transactions worth approximately US $7.4 million. The FIA director, Atuweni-Juwayeyi Agbermodji, detailed the laundering… Read more >
Lindsay Columbo: Sloppy data can ruin a compliance program By Lindsay Columbo | Thursday, June 28, 2018 at 7:08AM
Technology has advanced in recent years allowing for due diligence systems to become more precise in detecting terrorism financing and money laundering with the help of data analysis. The use of cognitive search and analytics technologies enables financial institutions and… Read more >
As the fight against money laundering and international crimes continues, increasingly stricter anti-money laundering (AML) regulations are being implemented, putting strain on professionals in the financial industry and financial institutions (FI’s). The Office of the Comptroller of the Currency’s Bank… Read more >
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has given the Commonwealth Bank of Australia (CBA) a record fine of $700 million Australian dollars ($534 million USD) for disregarding laws preventing money laundering and terrorism financing. AUSTRAC started legal action… Read more >
Between 2013 and 2017, the Drug Enforcement Administration (DEA) investigated an international drug trafficking and money laundering organization along with its cartel clients that operate in multiple countries such as Panama, Mexico, Spain, Italy and the United States. Jesus Rodriguez-Jimenez… Read more >
AML, Italy, Mexico, Spain, United States
On June 19, 2018, the Official Journal of the European Union (EU) published the Fifth Anti-Money Laundering Directive (5MLD) that includes amendments to resolve issues within the existing Fourth Anti-Money Laundering Directive (4MLD), including terrorist financing, tax leaks and the… Read more >
There is no doubt that the latest technologies for regulatory compliance remain a complex issue for banks because with the ever-growing and changing regulations aimed at anti-money laundering (AML) and Know Your Customer (KYC) compliance, large banks may just find… Read more >
Canara Bank in India has been fined $1.2 million by the UK Financial Conduct Authority (FCA) for multiple anti-money laundering (AML) failures and has been barred from accepting new deposits for up to five months. The FCA notified Canara Bank… Read more >
In the fifth largest FCPA case ever, and the first time the DOJ has coordinated with the French authorities in an overseas corruption case, Société Générale S.A. (SocGen) has agreed to settle bribery charges. SocGen has been accused of paying… Read more >