Terrorist attacks in Europe over the past year have done more than spur talk of new rules from the European Union. They've also prompted major financial institutions to adjust their compliance controls in an effort to root out terrorism's financial backers. Such has been the case for Western Union Europe, according to Fabrice Borsello, the corporation's chief anti-money laundering (AML) risk officer. The money services business has worked with French officials multiple times over the year in response to shootings in Paris in January and November. In an interview with reporter Irene Madongo, Borsello outlined the steps Western Union has...
The world's largest remitter has agreed to pay $586 million for transferring hundreds of millions of dollars over a period of several years for human smugglers, drug traffickers and fraudsters in the United States and abroad, U.S. officials said Thursday.
In an ideal world for compliance officers, the finances of individuals plotting mass casualty attacks would exhibit enough anomalies to draw attention to their plans before they could carry them out, assuming such plans were made at all.
Among the many challenges of identifying terrorist funds is the fact that they can be hidden in plain sight, according to Colin P. Clarke, an associate political scientist at the RAND Corporation who studies the subject.
When Robert Frimet arrived last summer at a small check cashing business in California to audit its compliance with financial crime and sanctions rules, one problem immediately stood out: the business had never heard of the U.S. Treasury Department's Office of Foreign Assets Control.
Gauging the vulnerability of money service businesses' agents to being used to launder money or finance terrorism is central to adopting a risk-based approach to compliance, according to a global watchdog report released Monday.