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AML
A Regione sadipscing ex mea. Option comprehensam ei duo, per facete aperiri deterruisset at, est ut falli viderer tibique. Et tota illum pertinacia sea, ut usu augue vivendum. Amet deseruisse dissentiunt cu est.
EU rules to revoke public access to beneficial ownership information; UAE regulators plan to strengthen information sharing laws; and King Charles’ charity could be investigated.
This week, Netflix blew the whistle on the FIFA corruption scandal; German authorities sought to end unlimited cash transactions; and the FBI may issue FTX’s ex-CEO a red card.
Oligarchs among the offshore owners of UK property; prosecutors consider letting former Louvre director and curator go; and billions in crypto stolen from the Silk Road seized.
Here we look at 6 ways Payments Services Providers (PSPs) can mitigate the risk of financial crime by reducing their risk exposure.
Eimer Cotter
November 3, 2022
It’s estimated there are almost three billion online gamers worldwide and regulations in this industry are still rather lax so the potential for financial crime is vast.
The EU voted in a bill targeting crypto crime; Pakistan was removed from the FATF grey list; and Interpol entered the metaverse.
The major headline this week in financial crime news sees the UK and USA plan closer collaboration in sanctioning bad actors globally. Elsewhere it emerged that the fugitive ‘Cryptoqueen’, who is on the FBI’s ‘most wanted’ list, was tipped off about investigations prior to her disappearance and France appointed a new head of its regulatory body, the Financial Markets Authority (AMF).
We’ve summarised the American Gaming Association’s 2022 guide to ‘Best Practices for Anti-Money Laundering Compliance.’
The Swiss plan to introduce a corporate ownership registry; UK tax authorities get tough on real estate; and a UK businessman is arrested for helping an oligarch dodge sanctions.
We’ve summarised the key findings and problem areas highlighted by the 11th Annual Basel AML Index, namely a concerning stagnation in global risk mitigation efforts.
The Prince of Wales advocated for fighting trafficking by following the money; the EU agreed to new cryptocurrency trade laws to target money laundering; and the UK banned law firms from servicing Russia.
The Japanese government stiffen against cryptocurrencies; South Africa takes aim at tax evaders; and the U.S. presses charges over a New Jersey deli’s multi-million-dollar secret.
In a webinar with Thomson Reuters on the cost of compliance, our Chief Data Scientist, Dr. Janet Bastiman, explained why banks and regulators struggle hiring data scientists.
While the past week saw Britons pay their final respects to Queen Elizabeth II, the worldwide fight against financial crime rumbled on.
Napier and Thomson Reuters recently hosted part 3 of our ‘Cost of Compliance’ webinar series, this time looking to the future of the compliance function.
In the shadow of Queen Elizabeth II’s death this week, financial crime headlines saw a hacker make off with $185,000 of charity funds raised in an NFT auction.
Discover the key insights from the panel of a webinar we co-hosted in partnership with Thomson Reuters, the second in a series of webinars on the cost of compliance.
FATF found Germany’s AML regime lacking; Malaysia jailed an ex-Prime Minister for financial crimes; and a UK money laundering duo were sentenced.
In this blog, we examine the US Department of State’s 2022 Trafficking in Persons Report, and the role AML plays in detecting trafficking globally.
UK authorities arrest suspected traffickers with drug trade links; Spanish police foil a laundering operation in Tenerife; and Switzerland to return $100m+ to Uzbekistan.
An ex-lawyer caught for fraud and laundering via his investment fund; Portugal’s banks purge crypto exchanges; and 3 charged with defrauding US Covid-19 relief funds.
The UK’s halting money laundering through property purchases; Australian authorities proposed restrictions on casinos; and Mexico’s FIU investigated an ex-president.
Technology’s use by human traffickers has only been exacerbated by the Covid-19 pandemic and global digitalisation, but it can also be used by the AML sector to eliminate the scourge.
Hagar is an international NGO (non-governmental organisation) with 28 years of experience in healing and empowering communities suffering from the trauma of human trafficking, modern-day slavery, and abuse. To raise awareness of how technology is used to enable human trafficking and also how it can be used to disrupt it, Napier’s head of APAC, Robin Lee, sat down with Dr Andrew Catford, Global CEO of Hagar International, to talk about the problem.
Concern in the UK that a jobs-cut will encourage financial crime; a joint operation busts money laundering operation in Hungary; and Taiwan halts credit cards for cryptocurrency trades.
To learn more about the use and abuse of technology in human trafficking, we interviewed Aaron Kahler, Founder and CEO of the Anti-Human Trafficking Intelligence Initiative.
UK couple jailed for laundering offences; Australian authorities seized a record cash haul from laundering syndicate; and UK and US governments launch competition to fight financial crime.
We explore solutions for challenger banks to adapt their financial crime risk approach and address weaknesses identified by the FCA.
The UK Treasury polls the public on crypto assets; two asset managers face charges in a billion-dollar laundering scheme; and Ukraine seizes assets from crypto brokers with Russian clients.
Moscow welcomed Boris Johnson’s resignation as PM, Ukraine did not; South Africa risk the FATF grey list; and Pakistan’s ex-PM was accused of money laundering using diamonds.
Napier and Thomson Reuters ran a webinar on the increasing costs and requirements facing the compliance sector, find the summary of the panel’s insights here.
We summarised the highs and lows of FATF’s findings on mutual evaluation reports from a total of 120 FATF and FATF-style regional bodies.
Just how risky are NFTs and what can be done to mitigate that risk? We looked at advice issued by J5 and spoke with DOJ legal advisor, Karyn Kenny, to find out.
The fugitive ‘Cryptoqueen’ makes the FBI’s most-wanted list; the UK sanctions Russia’s second-richest man; and a global Task Force have disrupted $300bn in Russian assets.
Opponents ask the FBI to probe South Africa’s President for money laundering; Pakistan may get off the Grey List; and 2 brothers will pay millions to the UK’s NCA.
Interpol arrested thousands of scammers globally; a Californian court found two Nigerian fraudsters guilty as charged; and the UK’s jailed its one-time most-wanted woman.
We took a look at the current AML/CFT regime in the US, as described by the US Treasury’s May 2022 report: ‘National Strategy for Combating Terrorist and Other Illicit Financing.’
A Tiger King star is behind bars for money laundering; foreign regimes are enabling organised crime in Australia; and the Gupta brothers are arrested for laundering.
We summarise the results from the FCA’s review of financial crime and money laundering controls at challenger banks.
Our Technical Product Owner, Jacob Gloser, interviewed Nick Portalski, our Chief Solutions Officer, about Napier’s journey from inception to present-day.
The Louvre’s ex-president is charged for links to antiquities trafficking; Australian police dismantled a crime group in Sydney; and the US issued indictments to Colombia-based gangsters.
Our webinar, run in partnership with Protiviti, saw a world-class panel dive into the depths of transaction monitoring: the challenges, gaps, and future requirements.
The UK government protects access to cash; British and Romanian authorities broke up a human trafficking gang; and Cyprus’ authorities went online to fight money laundering.
We hosted an expert panel to establish what can be done to overcome the sanctions screening challenges financial institutions face every day.
The UK re-committed to the economic crime bill sanctioning kleptocrats; Japan and the EU toughen up against Moscow; and the FIFA corruption court date was postponed.
False positives and false negatives are the number one challenge for screening and transaction monitoring. Find out what Napier and Basis recommend to tackle this issue.
The US charged the kingpin of an international laundering scheme; Fiji seized a sanctioned oligarch's superyacht; and an Irish journalist is sanctioned for Russian media links.
Read our summary of the recent RUSI report on how sanctions are used to combat organised crime, and what lessons can be learned for the future.
UK MPs push for specialist fraught fighting unit and the BVI premier arrested for drug trafficking and money laundering.
The FATF reported on member states crypto regulations, watchdog warns of sanction evasion through illicit gold and South Africa and Interpol bust cybercrime gang.
We explain what NFTs are, what makes them so attractive to criminals, and how a robust AML approach can help financial institutions mitigate NFT risks.
A US crypto expert is jailed for helping North Korea; Switzerland end an 11-year-old probe into Egypt’s ex-president; and Chinese regulators crack down on NFTs.
Authorities seized a sanctioned Russian businessman’s yacht; the UK Treasury is to launch an NFT; and Colombia extended reporting deadlines for cryptoasset traders.
We’ve gathered financial crime book recommendations and must-reads from our colleagues at Napier and our friends across the industry.
Millions stolen from Kenya by a Jersey company to be returned; a US man is convicted of COVID-19 relief fraud; and Lebanon's central bank chief’s assets were frozen.
Global collaboration aims to stop Russians skirting sanctions; South Korean crypto exchanges anticipate FATF’s travel rule; and Thailand bans crypto payments.
We examine the rising risk factors faced by payment services providers and why those risks are on the rise.
We summarised the key findings of a study on money laundering and terrorist financing by the US Department of the Treasury, which was mandated by Congress.
UK auction houses halt sales of Russian art; the UK Government backtracks on sanctions to allow the sale of Chelsea FC; and Australia is courting FATF’s grey list.
We explain what the UK’s Economic Crime Bill means for sanctions compliance and financial crime in the UK.
The 2021-22 Economic Crime report delivered a sobering reality with a lot for the anti-money laundering (AML) industry to improve upon.
US-based credit card firms block Russian businesses; a UK woman was arrested in Spain on 9-year-old VAT fraud charges; and a New Zealand money mule pleaded guilty.
We gathered an expert panel from across the financial sector, the AML sector, and law enforcement to discuss financial crime in the metaverse.
The invasion of Ukraine put pressure on the UK Government over an economic crime bill; Scotland rebooted its organised crime strategy; and the EU’s planned watchdog will tackle crypto crime.
We explore why STR numbers are rising every year, what that means for financial institutions and FIUs charged with processing these vital documents.
An ex-MP claims he was forced to drop AML measures; Spanish police hit a crypto laundering gang; and Canada took aim at the 'freedom convoy' funding streams.
11 eyebrow-raising facts about FinCrime and money laundering that highlight the most prevalent issues the AML industry is up against.
Oliver Bullough’s book darkly details the fictional country of ‘Moneyland’ and the very real prevalence of it as a system of corruption and dirty money in our world.
A New York couple faced charges for record-breaking crypto theft; an Australian duo are in prison; and an 80-year-old retired nun in LA will serve time.
This week a crypto hack concerned investors, Interpol shut down illegal wildlife trafficking routes and the NCA seizes £5.6m linked to an Azerbaijani politician.
This week an MP resigned over written-off Covid relief fraud money; 13 were arrested for Covid pass forgery; and a report exposed a huge money laundering trail.
We summarise the 2021 GAO report, explaining how TCOs and terrorist groups traffic goods and launder the proceeds; and how US authorities combat this.
We outline the key challenges that compliance professionals face when tasked with filing STRs and how technology can help alleviate those challenges.
Malta fines an online gaming company for AML failings; the UK gambling commission cracks down on two online casinos for AML shortcomings; and a Macau woman faces prison.
We sum up 3 key takeaways from the FinCEN Financial Threat Analysis to improve detection of illicit wildlife trafficking threat patterns.
A radical iman’s son jailed for money laundering; the EU may stop Vanuatu's visa waivers over laundering risks; and AUSTRAC probes further into casino’s AML failures.
This week: a Swedish ex-banking CEO charged with fraud; a former Mexican political leader jailed on sex recruiting charges; and a gang of Twitch scammers arrested in Turkey.
Julian Dixon looks at the key AML themes and developments of 2021 and what we can expect from 2022.
The FATF Annual Report 2020/21 is now available to download. If you don’t have time to read it, here’s our quick summary loaded with all you need to know.
Ex-Olympian allegedly duped a Covid relief fund out of millions; suspicious financial flows from Hockey India; and an Argentinian footballer accused of laundering.
Illegal pollution is the result of criminals trafficking and dumping industrial and radioactive waste, and often they launder the proceeds.
Corrupt officials aren’t taking time off this festive season, as a former DEA agent is jailed for money laundering and other offences involving a Columbian drug cartel.
Filing STRs has long presented a challenge for financial institutions, and in response the global STR landscape is gradually but positively changing.
Julian Dixon analyses the executive summary of a joint project by FATF and Egmont Group to help FIUs in their digital transformation.
INTERPOL intercepts millions in illicit financial flows, Australian police arrest more in Taskforce Ironside investigations, and El Chapo’s wife accepts jail time.
Napier Chief Data Scientist, Dr. Janet Bastiman, appeared on a panel at the annual AMLP conference looking at today’s biggest AML and financial crime risks.
The UK and US commit to fight financial crime through crypto and Portuguese authorities search FC Porto.
This week was a mix of financial crime and fintech news, including DR Congo’s ex-president being implicated of money laundering by Africa’s biggest data leak.
Gangs often exploit children or vulnerable adults to carry out county lines drug trafficking, transporting drugs across the UK using dedicated phone lines.
Mexican FIU head quits after his wedding, UAE gets stricter with gold refineries, and ex-Mozambiquan finance minister to face money-laundering charges in US.
This week: COP26 was called to address wildlife trade; West Africa was urged to stem losses to illegal wildlife trade; and Moscow is allegedly hosting criminal companies.
This week, Interpol warns that high-end art thieves adapted during COVID-19; a global dark web operation worth £22.5m was smashed; and news for Trump Scottish golf course.
This week, regulators all over the world turned up the heat on fraudsters and money launderers through collaborative partnerships.
We discuss the four key AML risk trends of 2021 as identified by the 10th Basel Index – and how they have led to a global average increase in risk scores.
Tackling financial crime was on the agenda this week, as Biden tries to close the real estate sector’s laundering gap, and crypto hits the news in both China and Russia.
We recently gathered a panel of industry experts to share their opinions on and possible solutions to green crime, which generates up to $281 billion a year.
We explain what CSAE is, its links to financial crime, the extent to which it prevails in modern society, and the crucial role SARs play in flagging it.
We explain what Modern Slavery and Human Trafficking (MSHT) is, its relationship to money laundering, and examine the strategies law enforcement deploy against perpetrators.
Criminals partaking in illegal wildlife trading seek to launder the proceeds of their illicit activities, harming our planet and committing financial crime - here’s the rundown.
We look at the current state of suspicious activity reporting, its importance in fighting financial crime, and what the future holds for the AML sector