The City of London calls for banks to make better use of RegTech, the EU announces a five-year plan to tackle money laundering and financial crime, and FinCEN shuffles its leadership ahead of a new financial transparency law.
All too often, FIs continue with ineffective traditional methods based on a lack of technology, process and approach that could enable them to instead to rely on a trigger-based approach to client reviews.
EY drops appeal against $10.8m payment to whistleblower who found evidence of a money laundering cover up, Britain’s financial services minister says cryptocurrency regulations will prioritise stablecoins first and first post-Brexit MoU agreement between U.K. and E.U. is encouraging for London finance firms.
Germany’s finance watchdog BaFin hires top Swiss regulator as their new president, London art galleries are issued an “amber alert” from the National Crime Authority and UBS appeal their £3.85 billion fine from 2019.
FinCEN has informed art and antiquities traders that they will be subject to the same reporting standards as financial institutions; Trinidad & Tobago’s FIU received a record number of SARs and South Korea is set to impose heavy penalties on cryptocurrency violations.
Reports suggest UK universities unknowingly facilitate money laundering, a UN Commission report spotlights international financial system failures, and the UAE takes a major step in combating money laundering.
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