Understanding Money Laundering

By Stanley Epstein, Eureka Financial Defining Money Laundering Money laundering is a subject that often is misunderstood by the general public. The goal of many criminal acts is to generate a profit for the individual or a group that carries out the crime. Money laundering is the processing of these criminal proceeds to disguise their […]

Working together to combat money laundering

7th Annual European Financial Crime Conference On 21st October the European Financial Crime Conference takes place in London.  Key areas to be debated over two days include current thinking on AML compliance and a review of the EU’s AML agenda.  The conference is expected to draw in delegates not just from the UK and EU […]

International Payments Market Trends Overview

  Warning over clearing-contagion risks At the recent Sibos conference in Dubai, delegates raised concerns over the risks associated with the collapse of a major clearing house.  The general sentiment expressed was that international regulators had yet to get to grips with the potential domino effect should a clearing house fail.  Catalyst consultant, Christian Lee, […]

Strengthening AML regulations across the world

Money Laundering laws strengthened in Bahrain Money Laundering regulations in Bahrain have been strengthened following the signing of a Royal Decree by Sheikh Hamad bin Isa Al Khalifa.  In an amendment to the Money Laundering and Counter Terrorism regulations, security services have been given extended powers to co-ordinate with other countries in cracking down on […]

AML in the News

BaFin is checking Deutsche Bank AML controls According to Reuters, the German regulator, BaFin, is looking into whether Deutsche Bank needs to tighten up its Anti Money Laundering (AML) controls.  The regulator is apparently concerned at potential delays in reporting suspicious cases to the police.  Whilst both BaFin and Deutsche Bank wouldn’t comment specifically on […]

Safeguarding e-banking

As electronics become ever more sophisticated, financial institutions have to remain vigilant if they are to stay one step ahead of potential fraudsters.  To this end the United Bank for Africa (UBA) has established a security operations centre (SOC) in Lagos. The centre, which is designed to cover electronic transactions in Nigeria and the 18 […]

FCA releases Anti Money Laundering report

The UK Financial Conduct Authority (FCA) has released its first annual report into Anti Money Laundering (AML).  The report covers the FCA’s rights and responsibilities with respect to AML as well as looking at trends and emerging risks. Some sections of the report make disturbing reading from the perspective of financial institutions’ risk management.  The […]

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