A leak from the US treasury department’s Financial Crimes Enforcement Network (FinCen) in September showed that even the biggest, most globally respected banks appeared to be allowing money laundering to... more
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Fenergo released its findings on financial institution fines which shows that in December 2019 global penalties totalled $36 billion for non-compliance with Anti-Money Laundering (AML), Know your Customer (KYC) and sanctions... more
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In a week that saw the Australian banking industry under scrutiny, Danske Bank has also been extensively criticised and reprimanded by Danish regulators over weak or non-existent money-laundering controls that gave rise to suspected “criminal activities involving vast amounts of money”. The Danish Financial Supervisory Authority on Thursday gave the country’s largest bank eight reprimands and [...]
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Western Union is to pay $60 million AML fine to resolve allegations that it failed for more than a decade to maintain a program to deter and report transactions involving suspected criminal fraud and money laundering. The settlement with the New York Department of Financial Services (DFS) follows the money-transfer company’s agreement in January 2017 [...]
The amount of money laundered by foreign criminals is estimated to be as high as £100 billion a year and unlawful tax avoidance costs UK taxpayers as much as £2.7 billion ($3.5 billion) in lost revenue, according to Transparency International. For financial institutions and payment companies, knowing who your customers are (KYC) is growing in [...]
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