News
It’s all just a little bit of history repeating itself: How Business Risk Assessments Could Help to Reduce the De-Risking of the Crypto Currency Sector
Introduction In 2021, a Select Committee was set up in Australia to receive evidence on the country’s role as a technology and financial centre. Several different topics were canvassed, for which a variety of stakeholders made written submissions. One of these topics was the evolution of the cryptocurrency sector and the service providers who support…
Read MoreEU Update – July 2021
Business Wide Risk Assessments are a hot subject We recently wrote about the Dear CEO letter sent by the FCA to Retail banks naming the Business Wide Risk Assessment (BWRA) as an area of concern and one that they need to see significant improvements in. Financial Services aren’t the only firms failing under scrutiny for…
Read MoreNews in Brief – July 2021
Americas The Internal Revenue Service (IRS) is cracking down on crypto-asset tax evasion with virtual currencies and non-fungible tokens. Although designed to be invisible, this scrutiny also aims to identify users who use crypto to launder funds Commission-free stock mobile trading platform Robinhood fined $70m by Financial Industry Regulatory Authority (FINRA) for “systemic supervisory failures…
Read MoreNews in Brief – June 2021
AMERICAS Stephen Calk, founder and former CEO of The Federal Savings Bank, is being prosecuted in New York for bribery. He is accused of approving multi-million dollar loans to fund Trump’s 2016 campaign in exchange for a White House appointment. Find out about more about our anti-bribery and corruption solution here. Former CANNTRUST executives charged…
Read MoreEU Update – June 2021
The FCA recently sent a strong worded Dear CEO letter in relation to Financial Crime The letter covers several areas where the FCA are continuing to see firms failing to comply with ML regulations for a number of reasons. There is a common theme throughout, naming a failure to identify risks across differing business units…
Read MoreDear CEO… FCA address repeat compliance failings
The FCA recently sent a strong worded Dear CEO letter in relation to Financial Crime. The letter covers several areas where the FCA are continuing to see firms failing to comply with ML regulations for a number of reasons. There is a common theme throughout, naming a failure to identify risks across differing business units…
Read MoreWhat we are hearing – May 2021
It’s been another big month of financial crime news… In Europe, the largest mafia trial in 30 years is under way with 350 defendants including politicians and public officials. The Italian mafia’s estimated annual turnover is around £44bn (larger than Deutsche Bank and McDonalds combined!), making them one of the richest criminal organisations in the…
Read MoreNews in Brief – May 2021
AFRICA Ghana expected to be removed from the EU money laundering watch list following a meeting with the President of the European Council, His Excellency, Charles Michel and President Nana Addo Dankwa Akufo-Addo Federal Government is profiling a number of high profile Nigerians who are allegedly have links to terrorism financing AMERICAS FinCEN have introduced…
Read MoreNews in Brief – April 2021
AFRICA 66-year old ‘Hotel Rwanda’ hero, Paul Rusesabagina has been detained in his home country and is facing a slew of terrorism-related charges that include murder and financing terrorism The Corporate Affairs Commission (CAC) and the Nigerian Financial Intelligence Unit (NFIU) have announced a collaboration to boost Nigeria’s fight against financial corruption and funding terrorism…
Read MoreEU Update – April 2021
ABN AMRO fined (again!) OPINION: The Dutch bank will pay a total of €480 million for violating the Anti-Money Laundering and Counter Terrorism Financing Act (AML/CTF Act). These violations include failing to spot accounts involved in money laundering, failing to end relations with suspicious clients and failing to report these transactions to authorities. This is…
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