Featured Regulatory Update

EU agrees on directive for combating cryptocurrency and credit card fraud

European Parliament and Council of the EU negotiators have reached an agreement on new measures aimed at boosting the fight against fraud involving non-cash means of payment, including credit cards, online shopping and virtual currencies such as bitcoin. The agreed text of the directive on combating fraud and counterfeiting of… Read More

Money laundering: UK publishes measures to address abuse of Scottish Limited Partnerships

The United Kingdom has announced new measures it says will boost transparency and tackle the misuse of Scottish limited partnerships (SLPs), following a consultation on reforming limited partnership law and a number of high-profile money laundering scandals. Under the proposals, individuals registering limited partnerships (LPs) must demonstrate that they are… Read More

FATF publishes assessment of UK anti-money laundering, counter terror financing systems

A global anti-money laundering (AML) watchdog has found that the United Kingdom has a ‘robust understanding’ of laundering and terrorism financing threats, but warned it faces significant risks of dirty cash inflows from offshore jurisdictions and foreign criminals. The Financial Action Task Force (FATF) said Britain’s ‘strong’ public-private partnerships are… Read More
13th December 2018
European Parliament and Council of the EU negotiators have reached an agreement on new measures aimed at boosting the fight against fraud involving non-cash means of payment, including credit cards, online shopping and virtual currencies such as bitcoin. The agreed text of the directive on combating fraud and counterfeiting of… Read More
11th December 2018
The United Kingdom has announced new measures it says will boost transparency and tackle the misuse of Scottish limited partnerships (SLPs), following a consultation on reforming limited partnership law and a number of high-profile money laundering scandals. Under the proposals, individuals registering limited partnerships (LPs) must demonstrate that they are… Read More
11th December 2018
Israel has become a full member of the Financial Action Task Force (FATF), making it the 38th member of the global anti-money laundering body. The jurisdiction has ‘worked to meet the requirements’ for full membership, which includes undergoing a successful mutual evaluation. “Since the start of its observership in February… Read More
10th December 2018
The governor of the Reserve Bank of India, Urjit R. Patel, has announced his resignation from the post with immediate effect. Patel said he was resigning because of ‘personal reasons.’ The development comes amid reports of a growing split between the government and the central bank. “It has… Read More
10th December 2018
A global anti-money laundering (AML) watchdog has found that the United Kingdom has a ‘robust understanding’ of laundering and terrorism financing threats, but warned it faces significant risks of dirty cash inflows from offshore jurisdictions and foreign criminals. The Financial Action Task Force (FATF) said Britain’s ‘strong’ public-private partnerships are… Read More
7th December 2018
Britain will suspend its top tier investor visas, which require 2 million pounds ($2.55 million) in investment, as part of a drive to crack down on organised crime and money laundering. From Russian oligarchs and Middle Eastern oil barons to newly-minted Chinese entrepreneurs, the wealthy have flocked to London over… Read More
7th December 2018
AP — Cuba’s government has modified a series of measures unpopular with the country’s private sector, including lifting restrictions on the number of business permits a person can have and the number of chairs there can be in restaurants, a top official said Wednesday. In July,… Read More
6th December 2018
Iran’s parliament approved a tweaked draft law against funding terrorism on Wednesday which officials hope will bring Tehran closer to global standards and help remove it from investment blacklists as it faces renewed U.S. sanctions. The official news agency IRNA said lawmakers had included amendments requested by a powerful clerical… Read More
6th December 2018
Anti-money laundering (AML) expert Denis O’Connor looks at some of the main points raised at an EU Parliament hearing by Danske Bank whistelblower Howard Wilkinson, and recommends AML and compliance professionals take note of the issues discussed. The €200 billion Danske Bank money laundering scandal is considered to be the… Read More
5th December 2018
The Council of the European Union has adopted conclusions on an action plan aimed at improving the fight against money laundering and terrorism financing, amid a rise in the number of European banks mired in financial crime scandals. The plan comprises non-legislative actions designed to address a number of issues,… Read More
Must Read

Senate rebukes Saudi Arabia over Khashoggi, Yemen war

AP — Senators voted Thursday to recommend that the U.S. end its assistance to Saudi Arabia for the war in Yemen and put the blame for the death of journalist Jamal Khashoggi squarely on Saudi Crown Prince Mohammed bin Salman, in a direct challenge to both… Read More

Elise Bean – The Inside Track – The US Senate’s Investigations into Financial Crime

Elise Bean joins Tom Devlin (from KYC360) in conversation to discuss her new book, highlights of her investigative career, and learning points for both banks and financial crime investigators arising from the PSI's work Read More