Swiss banks often file suspicious activity reports only as a reaction to "external information," while penalties Swiss regulators levy in response to serious compliance violations fall short of deterring future misconduct, according to the Financial Action Task Force.
A global anti-money laundering group is set to include at least a dozen countries on a new list of jurisdictions that don't meet minimum standards for controls against terror finance, according to a source with direct knowledge of the matter.
In light of growing militant threats and increasing sophistication in terrorist funding networks, a handful of banks are rethinking how to monitor and act upon financial intelligence.
An intergovernmental watchdog group published its first national evaluation under a revised scoring system Friday, giving Spain high marks for its efforts to stop money launderers and terrorist financiers.
The world's top financial crime watchdog Thursday disclosed revisions to its blacklists and its widely-cited standards on combating money laundering and terrorist financing.
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