financial-crime
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The UK as the World’s Money-Laundering Playground – and How It Can Be Cleaned Up
Date: November 23, 2022
By Mike Kiely, Sales Director for Financial Services, IDnow Despite the country’s illustrious history in many fields, there’s unfortunately another area in which the UK tops a list of popularity. Fraud and money laundering are rife throughout the country, with research conducted by UK Finance suggesting that Britons were defrauded out of approximately £1.3bn in...
Are Banks Losing the Arms Race Against Criminals Regarding Aml?
Date: November 10, 2022
By Jo Priestley, Head of Financial Crime Expertise · Efficient Frontiers International According to the NCA, money laundering has the potential to become a national security issue due to London’s role in the global financial system[i]. It is not being taken lightly. Before, perceived deficiencies in anti-money laundering (AML) systems and controls would result in a substantial fine...
U.S.-sanctioned Oil Tanker Stuck in Indonesia Carries Venezuelan Fuel
Date: November 10, 2022
By Marianna Parraga HOUSTON (Reuters) -A grounded oil supertanker under U.S. Treasury Department sanctions being refloated in Indonesia is filled with Venezuelan fuel, according to vessel monitoring services. Treasury’s Office of Foreign Assets Control last week imposed sanctions on the stranded tanker, Young Yong, for its part in an international oil smuggling network that Washington...
Cyber Officials From 37 Countries, 13 Companies to Meet on Ransomware in Washington
Date: October 31, 2022
By Andrea Shalal WASHINGTON (Reuters) – The White House will host officials from 37 countries and 13 global companies in Washington this week to address the growing threat of ransomware and other cyber crime, including the illicit use of cryptocurrencies, a senior U.S. official said. The in-person meeting follows last year’s virtual inaugural meeting of...
Anti-Money Laundering Verification and Shell Corporations
Date: October 27, 2022
By Adam Holden, CEO at UK financial crime risk regulatory and compliance firm Northrow. Shell corporations are infamous for all the wrong reasons—both from a moral and regulatory compliance perspective. These organisations, which go by the name “ghost firms,” are regularly used to conceal unlawful cash and, more significantly, the identities of beneficial owners. Shell...
Optimizing KYC Processes to Prevent Money Laundering
Date: October 25, 2022
By Chor Teh, Director, Financial Crime Compliance Industry Practice Lead at Moody’s Analytics, Despite the continual development of solutions to combat money laundering, criminals still have the capacity to get ahead. Indeed, it is hard to escape news stories of money laundering activity in the media. Presently, anti-money laundering (AML) measures can demand huge amounts...