Featured AML News

Key points in the draft EU-UK Brexit deal

AP — The draft divorce agreement between Britain and the European Union has two parts: a legally binding withdrawal agreement, which runs more than 580 pages, and a looser political declaration on future relations. Some key points: WITHDRAWAL AGREEMENT Transition period: Britain will leave the EU… Read More

EU Sixth Anti-Money Laundering Directive (6AMLD) published, transposition date set

The European Union’s new rules aimed at strengthening its financial crime regime have been published in the Official Journal of the EU (OJEU). Dubbed the Sixth Anti Money Laundering Directive (6AMLD), the regulations complement the criminal law aspects of the EU Fifth Anti-Money Laundering Directive (5AMLD), which was formally… Read More

Warning over plans to microchip UK workers, bank begins testing

A leading British trade union is calling for the government to change laws in order to protect employees from ‘excessive surveillance’ following revelations that financial and other firms in the United Kingdom have started fitting their employees with microchips. The development comes amid concerns that bosses could use the technology… Read More
15th November 2018
AP — The draft divorce agreement between Britain and the European Union has two parts: a legally binding withdrawal agreement, which runs more than 580 pages, and a looser political declaration on future relations. Some key points: WITHDRAWAL AGREEMENT Transition period: Britain will leave the EU… Read More
15th November 2018
Danske Bank’s (DANSKE.CO) 200 billion euro ($225 billion) money laundering scandal might be the “tip of the iceberg” and investigators should examine whether major Western banks played a role, a lawyer for the whistleblower said. Stephen Kohn, a partner at U.S. law firm Kohn, Kohn and Colapinto who is representing… Read More
15th November 2018
Geneva prosecutors said on Tuesday they are looking at whether Credit Suisse (CSGN.S) exercised adequate oversight of money deposited in its accounts that belonged to Turkish investors who suffered losses. Two independent asset managers who used Credit Suisse accounts to deposit money from wealthy Turkish clients are suspected of covering… Read More
15th November 2018
The European Union’s new rules aimed at strengthening its financial crime regime have been published in the Official Journal of the EU (OJEU). Dubbed the Sixth Anti Money Laundering Directive (6AMLD), the regulations complement the criminal law aspects of the EU Fifth Anti-Money Laundering Directive (5AMLD), which was formally… Read More
15th November 2018
A leading British trade union is calling for the government to change laws in order to protect employees from ‘excessive surveillance’ following revelations that financial and other firms in the United Kingdom have started fitting their employees with microchips. The development comes amid concerns that bosses could use the technology… Read More
15th November 2018
Criminals shifted over $100 million through cash transfer giant MoneyGram, causing it to violate a government deal aimed at beefing up its security. According to the US Department of Justice, MoneyGram has now agreed to forfeit $125 million, the amount of consumer fraud transactions it processed just over a couple… Read More
15th November 2018
AP — For North Korean factory managers, a visit by leader Kim Jong Un is the highest of honors and quite possibly the most stressful event imaginable. The chief engineer at the Songdowon General Foodstuffs Factory had looked forward to the visit for nearly a decade. Read More
14th November 2018
European Union governments have reached a preliminary deal to clamp down on money-laundering by strengthening bank supervision, but do not address key loopholes, documents show. A series of money-laundering cases at banks in several EU states have forced regulators to act after public outcry. The preliminary deal, which could… Read More
13th November 2018
Malaysian Prime Minister Mahathir Mohamad said bankers at Goldman Sachs Group Inc (GS.N) “cheated” the country in dealings with state fund 1MDB and that U.S. authorities have promised to help return the fees the Wall Street bank earned from the fund. The U.S. investment bank has been under scrutiny for… Read More
13th November 2018
AP — Brexit is already having an impact on Britain’s labor market, with the number of people from the European Union working in the country falling by a record amount. The Office for National Statistics said Tuesday the number of EU nationals working in Britain fell… Read More
Must Read

Understanding EU anti-money laundering law: EU 4AMLD, EU 5AMLD, EU 6AMLD

In recent years the European Union has looked to its flex its legislative muscle and come up with an array of laws aimed at cracking down on money laundering and terrorism financing. Key to its package are its various directives, which impact national laws, banking operations and various other… Read More

Banking: Curbing employee fraud and corruption with an effective KYE program

The banking system’s vulnerability to fraud, corruption and money laundering is once again a focal point of debate in the wake of recent disclosures by the Central Bank of Nigeria that major losses have been recorded by banks from armed robbery cases and other criminal activities amounting to N12bn… Read More