By Paul O’Donoghue The Ministers of the Financial Action Task Force (FATF) have committed to more funding as part of an effort to reduce “gaps” in the effective implementation of the organisation’s standards. During their biennial meeting in Washington DC, the FATF ministers signed a document containing 21 declarations which will govern how the organisation operates for the coming two year period. This content is for members only. Visit the site and log in/register to read. The post NEWS: Governments pledge increases to FATF funding, reduce ‘gaps’ in fight against global fincrime appeared firs ..read more

The US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis today focusing on patterns and trends identified in Bank Secrecy Act (BSA) data linked to Elder Financial Exploitation (EFE), or the illegal or improper use of an older adult’s funds, property, or assets. FinCEN examined BSA reports filed between… This content is for members only. Visit the site and log in/register to read. The post BREAKING: FinCEN issues analysis on elder financial exploitation appeared first on AML Intelligence ..read more

By PAUL O’DONOGHUE for AMLi THE VALUE of STRs has been highlighted by officials in the Netherlands, Estonia and Canada after separate incidents led to the arrests of almost 20 people. Financial institution reporting was hailed by the Dutch Fiscal Information and Investigation Service (FIOD Economic Crime Bureau) after it arrested a 57-year-old man in… This content is for members only. Visit the site and log in/register to read. The post INSIGHT: Value of STRs highlighted in Netherlands, Estonia and Canada as red flags drive ML arrests appeared first on AML Intelligence ..read more

By ALISHA HOULIHAN for AMLi FINTRAC, Canada’s FIU, played a part in the capture of the gang behind the country’s biggest gold heist, it’s been disclosed. The news comes as the Canadian government proposes allowing banks to share data with each other and FINTRAC. Judges also set to get discretion to direct banks to keep… This content is for members only. Visit the site and log in/register to read. The post NEWS: FINTRAC plays role in capture of Toronto gold heist gang; new PPP data sharing plan for Canada’s banks appeared first on AML Intelligence ..read more

By PAUL O’DONOGHUE The Basel Institute’s late MD Gretta Fenner has been remembered as an anti-corruption campaigner who helped set the global standards for asset recovery. The organisation announced last week that 49-year-old Gretta, born in 1975, was killed in a car accident. The organisation has now paid tribute to its first Managing Director, describing how she led the body “from a one-room office” after it was established by Mark Pieth, a law professor at the University of Basel and Chair of the OECD Working Group on Bribery.  The organisation, founded in 2003, is dedicated to prevent ..read more

By Paul O’Donoghue UK Finance has said sex workers using banking services can pose possible related risks to financial institutions. The trade body, which represents the UK’s banking and financial services sector, made the comments in response to a report from the Financial Times. This content is for members only. Visit the site and log in/register to read. The post NEWS: UK Finance raises concerns over banking services for sex workers, citing potential risks and regulatory compliance appeared first on AML Intelligence ..read more

By PAUL O’DONOGHUE for AMLi DEPUTY Governor of the Central Bank of Ireland, Derville Rowland has been confirmed as the latest speaker at the ‘European Anti-Financial Crime Summit 2024’. Ms Rowland, who focuses on areas including money laundering and consumer protection, joins a long list of influential industry figures speaking at #EAFCS2024 in Dublin on May 16 next – described as the fincrime “event of the year.” She is responsible for Consumer and Investor Protection, overseeing Retail Conduct, Securities and Markets Supervision as well as oversight of Anti-Money Laundering, Financial Sancti ..read more

By Alexandra Schwarz-Goerlich Austria’s anti-corruption prosecutor has opened an investigation into Rene Benko, head of the crisis-ridden Signa property group, on suspicion of fraud, ORF radio reported on Tuesday citing the prosecutor’s office. According to the report, prosecutors opened the case over a 25 million euro ($26.57 million) line of credit from an Austrian bank that would have expired last summer, but was then extended. Benko is alleged to have misled the bank about Signa’s financial situation. This content is for members only. Visit the site and log in/register to read. The po ..read more

By Arshad Mohammed, Timothy Gardner and Michael Martina Iran’s unprecedented missile and drone strike on Israel is unlikely to prompt dramatic sanctions action on Iran’s oil exports from the Biden administration due to worries about boosting oil prices and angering top buyer China, said analysts. Shortly after Tehran launched its weekend attack – retaliation for Israel’s suspected April 1 strike on the Iranian consulate in Damascus – House Republican leaders accused President Joe Biden of failing to enforce existing measures and said they would take up this week a seri ..read more

By AML Intelligence Correspondent US AUTHORITIES today (Monday) issued a Notice on the use of counterfeit Passport Cards to perpetrate identity theft and fraud schemes at banks. The Notice provides an overview of typologies associated with U.S. passport card fraud, highlights select red flags to assist financial institutions in identifying and reporting suspicious activity, and reminds financial institutions of their reporting requirements under the Bank Secrecy Act (BSA). Today’s Notice was issued the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), in close co ..read more