Real estate is often used to aid money launderers in the Integration stage of a money laundering scheme. Criminals are able to invest their illicit gains into property, which provides stability in prices that usually appreciate over time and functionality… Read more >
The European Union’s (EU) Fifth Anti-Money Laundering (AMLD5) became binding recently on Monday, July 9 and even after two years of reforming the anti-money laundering (AML) provisions and regulations, the new directive still faces weaknesses and limitations in preventing illicit… Read more >
The federal Financial Transactions and Reports Analysis Center of Canada (FinTrac) has released an alert to banks, credit unions and other organizations regarding drug traffickers laundering money through their organizations in relation to the deadly opioid, fentanyl. Fentanyl is wreaking… Read more >
According to the Securities and Exchange Commission (SEC), between March 2012 and June 2013, Wells Fargo failed to comply with anti-money laundering (AML) rules and did not file up to 50 “Suspicious Activity Reports” that are mandatory by the U.S…. Read more >
Professionals across all industries and sectors must familiarize themselves with the Money Laundering Regulations 2017 (MLR2017) which has introduced a variety of new provisions to replace and expand the requirements of the existing Money Laundering Regulations 2007 (MLR2007). This newest… Read more >
Commonwealth Bank (CBA) has been accused by the Australian Transaction Reports and Analysis Centre (AUSTRAC) of failing to comply with anti-money laundering (AML) and terrorism financing laws on nearly 54,000 occasions between November 2012 and September 2015. Law firm Maurice Blackburn… Read more >
Under Resolution Nº 4,595 of August 28, 2017, the Central Bank of Brazil will be requiring financial institutions and credit unions to adopt compliance programs. The new rule also requires the boards of directors of financial institutions to send the… Read more >
In August, Habib Bank Ltd (HBL), was fined a record $630 million for a Pakistani financial institution by the New York State Department of Financial Services (DFS) for noncompliance with state and federal anti-money laundering (AML) laws at its U.S…. Read more >
In order to combat terrorist financing via nonprofit organizations, the Cayman government must use knowledge as their main weapon. Unfortunately, information is what the government is lacking and this weakness is leaving them susceptible to terrorist financing and other illicit… 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 >