FinCEN leak fallout shows size of KYC challenge for banks
Radical reforms of know your customer laws are looming after the FinCEN leaks exposed painful flaws in banks’ anti-money laundering (AML) systems. Shockwaves are still reverberating around the sector after leaks of Financial Crimes Enforcement Network (FinCEN) files showed top
‘Madness’ of US real estate AML regime will trigger new laws
Experts have branded failures in the US real estate anti-money laundering (AML) regime ‘madness’. They predict legislation is inevitable, and that rules and regulations will extend to cover real estate professionals. An unfavourable report on real estate geographical targeting orders
Supply chain due diligence: can oil and gas firms do more?
In the oil and gas industry, fraud, bribery and other financial crimes hit the headlines regularly. Stories about poor practices in the supply chain, for example relating to human rights and the environment, are also rife. The sector is
Why Russia still needs tighter AML procedures
A range of scandals and investigations have highlighted the pressing need for tighter anti-money laundering (AML) procedures in Russian banks, including customer due diligence and adverse media screening. Although Russia has made some progress on AML, various investigations have alleged
South East Asia banks feel pressure to boost AML processes
The ongoing 1MDB scandal has shone a harsh spotlight on the way South East Asian banks conduct anti-money laundering (AML) procedures, including adverse media screening. The scandal surrounds the 1 Malaysia Development Berhad (1MDB) state investment fund in Malaysia, the
Global money laundering fight heaps pressure on asset managers
The EU’s latest changes to money laundering regulations underline the need for asset managers to defend against constantly changing financial crimes with effective due diligence systems. The push to strengthen anti-money laundering (AML) regulation is not confined to the EU
Supply chain due diligence is faltering: here’s how to tackle it
Many companies are still not identifying crucial risks in their supply chain. Illegal and unethical practices are still rampant among the suppliers of large companies as a result. However, use of due diligence solutions to address these problems is
Challenger banks gear up for KYC battle
Challenger banks are in fierce competition to build economies of scale as they square up to traditional players. But they face a stiff test in onboarding customers quickly and easily while also meeting increasingly onerous know your customer (KYC)
Dope demand means US banks get high in risk
The number of US banks servicing marijuana-related businesses (MRBs) is surging. This lucrative clientele come with higher risks that banks will need to manage carefully, regardless of proposed laws designed to help. But sophisticated technology could also