Latest Money Laundering News: Finextra Research

Banque Populaire deploys Norkom AML system

France's Banque Populaire has rolled out anti-money laundering technology from Dublin-based Norkom to help it meet EU regulations.

13 May 2009

News/Money Laundering

BIS releases new cover payments guidelines

The Bank for International Settlements has provided final guidance on due diligence and transparency regarding cover payment messages in cross-border wire transfers.

12 May 2009

News/Money Laundering

Korea's Woori to deploy Norkom AML software

Korea's Woori Bank has chosen anti-money laundering technology from Dublin-based Norkom to help it comply with recently introduced AML regulations.

11 March 2009

News/Money Laundering

Banco Santander signs for Norkom AML software

Spain's Banco Santander is set to roll out anti-money laundering software from Dublin-based Norkom Technologies across its AML units.

12 January 2009

News/Money Laundering

Lloyds TSB pays $350 million to settle cover payments charges

Lloyds TSB has been slapped with a $350 million penalty by the US Justice department over its "criminal conduct" in deliberately falsifying wire transfers destined for countries or individuals on US sanctions lists.

12 January 2009

News/Money Laundering

United Bank for Africa to implement Actimize fraud and AML technology

Nigeria-based United Bank for Africa (UBA) is rolling out fraud and anti-money laundering (AML) technology from Actimize across 700 retail distribution centres in the country.

03 December 2008

News/Money Laundering

AML professionals see pay hit by economic crisis - survey

Anti-money laundering and counter-terrorist financing professionals around the world have seen their salaries decrease in 2008, according to a survey from the Association of Certified Anti-Money Laundering Specialists (Acams).

12 November 2008

News/Money Laundering

Banks cite payments, ID theft and Eastern Europe as emerging compliance threats

New payment methods, identity theft and Eastern Europe are identified by senior anti-money laundering and compliance professionals as the biggest emerging threats to the financial sector, according to a survey conducted by risk outfit Fortent.

12 November 2008

News/Money Laundering

Dutch regulator AFM signs for Actimize market abuse system

The Netherlands Authority for the Financial Markets (AFM) is rolling out market abuse technology from Actimize to improve its surveillance and supervision of the Dutch market.

03 November 2008

News/Money Laundering

Fedwire and Chips to support new Swift cover payment messages

In anticipation of the November 2009 deadline for supporting Swift's new enhanced message format for cover payments, the Federal Reserve Banks (FRBs) and The Clearing House have completed and distributed specifications for banks transmitting cover payments through the Fedwire Funds Service and Chips, the US wire transfer systems.

20 October 2008

News/Money Laundering

E-Gold brings in KPMG to beef up AML programme

Digital cash transfer outfit E-Gold has retained KPMG to help improve its anti-money laundering (AML) programme following a criminal case that saw directors plead guilty to charges relating to money laundering and the operation of an illegal funds transfer business.

03 October 2008

News/Money Laundering

Money mule scams on the rise

UK payments association Apacs is warning of a rise in the number of 'money mule' recruitment adverts, where criminals attempt to lure bank account holders into illegally transferring funds across borders.

26 September 2008

News/Money Laundering

Working group issues guidance on new message standard for cover payments

Banks have been warned that they may face disruption and delays to payments STP following the introduction of new messaging standards for cover payments as demanded by regulatory agencies.

16 September 2008

News/Money Laundering

Mexico's Compartamos Banco live with Oracle AML technology

Mexico's Compartamos Banco has implemented the Mantas anti-money laundering (AML) system from newly-named Oracle Financial Services Software.

12 September 2008

News/Money Laundering

Cybercriminals targeting virtual worlds - McAfee

Cybercriminals are targeting online virtual worlds like Second Life and World of Warcraft to steal personal data and launder money, according to Internet security firm McAfee.

29 August 2008

News/Money Laundering

FRSGlobal buys Iris

Brussels-based risk and reporting vendor FRSGlobal has acquired Swiss outfit Iris integrated risk management for an undisclosed sum.

26 August 2008

News/Money Laundering

SEC launches AML site for mutual funds

The Securities and Exchange Commission (SEC) has unveiled an online one-stop reference service to help mutual funds meet anti-money laundering (AML) regulations.

08 August 2008

News/Money Laundering

China Industrial Bank deploys Teradata enterprise data warehouse

US-based Teradata says China Industrial Bank has implemented its data warehousing technology to centralise information management operations and processes.

08 August 2008

News/Money Laundering

E*Trade pays $1m to settle SEC AML charge

Online brokerage E*Trade has agreed to pay $1 million to settle claims that two of its units failed to comply with US anti-money laundering (AML) regulations.

30 July 2008

News/Money Laundering

BIS consults on AML role for intermediary banks

The Bank for International Settlement (BIS) has issued a consultative document seeking feedback on ways to address a current weakness in global anti-money laundering (AML) efforts - the lack of transparency in payment messages used for cross-border cover payments.

21 July 2008