A year after Deutsche Bank, Germany’s biggest lender, was fined $700 million for money laundering, recent confidential reviews that the bank conducted internally on June 5th and July 9th revealed deficiencies in its initial know-your-customer (KYC) screening procedures and its… Read more >
Lindsay Columbo: How did due diligence become so complicated? By Lindsay Columbo | Thursday, July 19, 2018 at 7:28AM
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 >
In the 2017 South African Reserve Bank (SARB) annual report that was released last month, it was detailed that VBS Mutual Bank was fined R2.5-million by the SARB for failing to comply with regulations aimed at preventing money laundering and… Read more >
Due to ever changing technology and its effect on money laundering, a Hong Kong based non-government organization (NGO) recently announced plans to form an alliance to regulate the financial technology across Asia in an effort to combat money laundering. Representatives from… Read more >
The best way to limit risk in a financial institution is through proper customer due diligence. Financial Institutions (FI) are required to collect enough customer information that will allow them to mitigate risks, and to develop a customer acceptance policy… Read more >
A motion has been made by the US and its European allies for the Financial Action Task Force (FATF) to place Pakistan on a watchlist for countries who are non-compliant with worldwide financial regulations. Pakistan is one of 37 nations… Read more >
Money laundering is a major problem rising within the United States and the current laws are just not enough to be effective in preventing this issue. Recently, Senator Elizabeth Warren put her support on the Senate floor for stricter anti-money… Read more >
From 2008 to 2016, Foreign Corrupt Practices Act (FCPA) fines have increased tremendously from $890 million to $2.48 billion in 2016. Although 2017 showed a slight decrease with the total in fines only reaching $1.92 billion to resolve FCPA cases,… Read more >
In order to fight money laundering within the British property market, Britain’s Department for Business, Energy and Industrial Strategy introduced the world’s first public register that requires overseas companies which own or have the ability to buy property within the… Read more >