Local laws could limit a firm’s ability to understand who their customers are
The group is also recommending various ways to help reduce the burden of complying with AML rules in a letter to Finance Canada
The penalty was significant as it was the first time FINTRAC has penalized a bank since it was given the authority to issue administrative monetary penalties in December 2008
Weaknesses among firms leave the financial sector vulnerable to abuse by financial criminals
The serious failings in Deutsche Bank’s AML controls allowed billions to be transferred from Russia to offshore accounts via the bank
Brokerage in Costa Rica used to help launder US$1 million in proceeds from a “pump and dump” penny stock fraud
120 currency exchange houses have been identified by the Central Bank of Iraq as being in territory that is accessible by Daesh
The purpose of the alert “is to support financial institutions in recognizing and reporting” financial transactions that may be related to sex trafficking
The International Supervisors Forum is aiming to co-ordinate compliance and enforcement activities on businesses that transmit or convert money
Proposed revisions recognize that not all correspondent banking relationships bear the same level of risk