Blog

Dutch banks join forces to combat Money Laundering and Terrorist Financing

The coalition, comprising ABN Amro, ING, Rabobank, Triodos Bank and de Volksbank, will establish an agency to monitor their transactions, using Transaction Monitoring Netherlands (TMNL) in an effort to identify unusual patterns in payments traffic that individual banks cannot identify. It is estimated that up to €18 billion of criminal money is laundered in the Netherlands…

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The fall of Wirecard

Wirecard AG who were “missing” €1.9 billion have now filed for insolvency last month, with CEO Markus Braun being arrested on suspicion of inflating the company’s balance sheet and revenues to make it appear stronger and more attractive for investors and customers.   Europe’s largest fintech, heralded for its innovation, Wirecard was undoubtably a leader in…

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Human rights sanctions

On 6th July 2020 the UK government announced a ground breaking global sanction regime against Human Rights abusers that will target individuals and organisation involved in some of the gravest human rights violations and abuses around the world. The sanctions came into effect immediately and initially named individuals in Saudi Arabia, Russia, Myanmar and North…

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EU names additions to list of high-risk third countries

The EU’s 5th Money Laundering Directive broadened the criteria for the European Commission (EC) in assessing high-risk third countries. The EC recently announced that in October 2020 several countries will be added to the list of high-risk third countries, including Barbados, Cambodia, Mauritius, and Ghana. These countries are identified as having strategic deficiencies in their national anti-money…

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AUSTRAC proposes amendments to AML/CTF rules

On 14 July 2020, AUSTRAC, the Australian Government agency responsible for protecting the community from financial crime such as money laundering and terrorist financing (ML/TF), has released for public consultation proposed amendments to Chapter 46 of the AML/CTF rules. Chapter 46 outlines rules related to “Applicable Customer Identification Procedures” (ACIP) and these proposed amendments aim…

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July 2020 Note from CEO

As we continue to watch the rapid acceleration of COVID-19 both in Australia and overseas create wide-reaching impacts on our business and personal lives it is hard to see a return to anything that resembles business as usual anytime soon. As with any crisis there are always opportunists looking to make a fortune from others…

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Is your AML/CTF compliance program up to scratch?

OPINION: On June 4th, Westpac released its 48-page response to AUSTRAC’s statement of claim following the conclusion of the Promontory led Advisory Panel tasked with identifying the primary causes for the well documented AML/CTF failings. The findings in this report are by no means exclusive to Westpac.  Many of these issues can be commonly found…

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June 2020 Note from CEO

Since we issued our last newsletter an incredible amount of activity has been happening in the financial crime space globally, that it’s made drawing up a shortlist of things to talk about a bit  challenging…! In Australia, the most significant development occurred on June 4th, when Westpac released its 48-page response to AUSTRAC’s statement of…

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EU Update – June 2020

UK regulator issued second largest fine for AML failings.  The FCA has fined Commerzbank London £37,805,400 over anti-money laundering failures between 2012 and 2017. The original fine was reduced from £57,007,800 as Commerzbank agreed to resolve the matter at an early stage Commerzbank breached Principle 3 of the FCA’s Principles for Businesses, which requires firms…

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