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Money remittance firms serving U.S.-based Somalis have more than doubled their monthly cash declarations at border crossings since last spring, according to data provided by an American official.
The British High Court injunction Tuesday against Barclays ending its relationship with Somali money services businesses is likely to keep the bank from dropping the accounts for five or six months, according to compliance experts.
A federal judge has agreed to sign off on a plan to settle a civil money laundering case against SAC Capital Advisors LP, France will remove Jersey from its tax blacklist if the jurisdiction improves how it responds to data requests, and more, in the midweek roundup.
American and British officials will likely weigh steps to quash fundraising by the Somali rebel group behind the terror attack and hostage standoff in Kenya, two investigators said Monday.
London-based Barclays Bank will close accounts for some 250 money services businesses by July 10, Ireland has transposed the Third EU Money Laundering Directive and addressed most of the deficiencies noted by FATF, and more, in this week's roundup.
New York City investigators are concerned that several start-up companies selling mobile payment products may be giving criminals an easy means to defraud banks and individuals.
American sanctions, terrorist financing prosecutions and rising related compliance costs have made it increasingly difficult for Somalia's U.S.-based community to move money to the African nation.
That mobile banking and cell phone remittances are drawing people into the formal global financial system is more an opportunity than a compliance problem, according to Jean Pesme.
Mobile payments with little or no bank involvement are highly vulnerable to money laundering, terror finance and other criminal abuse, according to Bank Secrecy Act compliance officers and attorneys.
As more financial institutions roll out mobile banking programs to extend their online services, they may be generating fresh opportunities for identity thieves, money launderers and financiers of terrorism, say privacy lawyers and data security consultants.
