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Cybercriminals Turn to Monero to Launder Illicit Gains

Investors are not the only ones with doubts about Bitcoin these days. Concerned about the ability of investigators to trace Bitcoin transactions through underlying blockchain data, cybercriminals are also becoming increasingly wary of their longstanding cryptocurrency of choice, according to the Financial Times. For criminal syndicates, the shift is due in part to the anonymity […]

The Impact of Digital Money on Sanctions

Almost every day it seems a new form of digital money emerges, often touted as the next hot idea. But with so many governments indicating interest in these developments, central bank digital currencies (CBDCs) might actually be a technology to change the world. WHAT IS A CBDC? A CBDC is a digital form of currency issued by […]

The UK is losing the fight on money laundering, but can it still win if it wants?

At the end of 2018, a softly spoken British executive matter-of-factly told the European Parliament how to clean tens of billions of dirty dollars. Howard Wilkinson’s voice shook slightly as he described to MEPs how money from the former Soviet Union was flushed through Danske Bank, where he once worked, into the international financial system.  […]

Coronavirus and Safeguarding Customers’ Funds – Additional Guidance

In light of the impact of Covid-19 on firms’ business models, the FCA provided this finalised guidance (https://www.fca.org.uk/publication/finalised-guidance/coronavirus-safeguarding-customers-funds-additional-guidance-payment-e-money-firms.pdf) to strengthen firms’ prudential risk management and arrangements for safeguarding customers’ funds in this period of economic stress. The finalised guidance follows the consultation paper published by the FCA on 22 May 2020 about coronavirus and safeguarding […]

Covid 19 Impact – Cybercrime and Fraud on the Increase

Level of money-laundering doubles in Ireland as criminal activity shifts online. The number of money-laundering crimes recorded in the State more than doubled last year and have increased sixfold in just two years. Garda sources said the trends reflect the changing face of crime in Ireland, more of which is taking place online, and a […]

Anti-Money Laundering Laws Enhancements Across the Middle East

Compliance is not getting any easier and it will become even more complex now. A series of Financial Action Task Force peer reviews has resulted in increased regulatory scrutiny in various states across the Middle East and Africa regions and at the same time global regulatory activity, such as the European Union’s Fifth and Sixth […]

The View of an Internal Auditor on Restoring Trust in Audit and Governance

It is now proposed that company directors should carry out reviews of the effectiveness of their company’s internal controls and say in their annual report, whether they consider controls to have operated effectively. The statement should go on to disclose the benchmark system used (such as the Committee of Sponsoring Organizations of the Treadway Commission […]

Top Tips for Financial Crime Trends in the Middle East and Africa

Top Tips for Financial Crime Trends in the Middle East and Africa April 29, 2021 Financial Crime Trends Across Middle East and Africa (MEA) – Summary Businesses and criminals have had to adapt to the abrupt and far-reaching impacts of the COVID-19 pandemic. The pandemic also provided ample opportunities for criminals to devise new schemes […]

ABN AMRO to pay $575M in money laundering settlement with Dutch authorities

Dutch bank ABN AMRO on Monday reached a €480 million (U.S. $575 million) settlement with the Netherlands Public Prosecution Service (NPPS) to resolve money laundering charges. The NPPS first informed ABN AMRO in 2019 the bank was the subject of a criminal investigation relating to potential violations of the Dutch Anti-Money Laundering and Counter Terrorism […]