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House Lawmakers Introduce Five Bills to Combat Terror Finance U.S. lawmakers on Wednesday unveiled a legislative package that would expand interbank data-sharing under the Patriot Act and grant federal officials new resources to identify assets linked to terrorist organizations.
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June 29, 2016
Midweek Roundup: U.S. Ruling Limits Scope of Public Corruption Cases, France Investigates Assad’s Uncle, and More Syrian President Bashar al-Assad’s uncle is under investigation in France on suspicion of tax fraud and money laundering, Pakistan’s commerce minister asked bankers to draw up proposals for facilitating transactions to Iran, and more, in the midweek roundup.
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June 29, 2016
Cyber-Heists Point to Need for ‘Real-Time’ Identification of Crime: Former Prosecutor At least 12 financial institutions are investigating suspected compromises of the interbank messaging platforms they use to resolve institutional payments, according to a former federal cybercrime prosecutor.
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June 28, 2016
‘Brexit’ Opens Possibility of AML and Sanctions Amendments for U.K. Britain’s historic vote to quit the European Union is likely to result in only modest changes to the country’s efforts to fight financial crime and coordinate economic sanctions, at least in the short term.
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June 24, 2016
Lynch
Legislation introduced Wednesday by Rep. Stephen Lynch (D-MA), pictured above, and other leading members of a congressional taskforce would expand federal powers to fight terrorist financing. More
UNSC Extends Disengagement Observer Force Mandate The United Nations Security Council adopted Resolution 2294 (2016), which extends the mandate for the observer force charged with overseeing the 1974 Disengagement of Forces Agreement between Israel and Syria. The newly adopted resolutions also reaffirms readiness to target terrorist financiers.
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June 29, 2016
AUSTRAC Cancels Registration of Two Remittance Dealers for AML/CTF Failures The Australian Transaction Reports and Analysis Centre announced that it cancelled the registration of ToKorea Pty Ltd and Vision Rehoboth Pty Ltd. Both remitters had previously been suspended for failing to comply anti-money laundering and counterterrorist financing reporting obligations.
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June 29, 2016
Canada Amends Certain Regulations Under AML/CTF Act Canada published finals rules amending certain regulations made under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, including suspicious transaction reporting regulations and due diligence measures.
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June 29, 2016
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Will Panama Papers Give Governments New Backbone for Transparency?

April 11, 2016

By Kieran Beer

The Panama Papers are justifiably grabbing headlines based on the number of “A-list” politicians and celebrities, as well as the handful of notorious criminals, that they name.

But it’s important to step back and have a little perspective: the use of shell companies for tax evasion, the proceeds of corruption and other crimes detailed in the papers are outrageous, but sadly nothing new.

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RBI Fines The Industrial Cooperative Bank Ltd for AML, KYC Failures The Reserve Bank of India issued a monetary penalty of five lakh rupees against the Guwahati, India - based bank for anti-money laundering and know-your-customer policy violations.
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June 24, 2016
OFAC Fines HyperBranch Medical Technology, Inc. Over $107,000 for Iran Sanctions Violations The Office of Foreign Assets Control of the U.S. Treasury Department issued a monetary penalty against the Durham, NC-based company requiring it to pay the fine to settle potential civil liability in connection to violations of the Iranian Transactions and Sanctions Regulations.
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June 23, 2016
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