Anti-money launderingRSS

Correspondent banking: it takes two to tango

Caption 4

The global correspondent banking network is under pressure in several countries as some financial institutions close relationships. While financial inclusion continues to climb the agenda of regulatory authorities and financial institutions pledge their support, the de-risking taking place in correspondent banking threatens to scupper inclusion.

De-risking in trade finance: time to act

Trade finance

As financial authorities express concern about de-risking in correspondent banking, a similar phenomenon is emerging in trade finance, driven by the high costs of KYC compliance.

KYC Registry aligns with Wolfsberg DDQ

Swift's gpi now live

Swift is aligning its KYC Registry with the new Wolfsberg Due Diligence Questionnaire (DDQ) for correspondent banks. First issued in 2004, the DDQ was updated in response to regulatory pressure.

Regtech to the rescue

Regtech to the rescue

Regulatory technology (regtech) is often cited as the answer to the rising cost of compliance, risk and reporting duties at banks. Will it help financial institutions escape IT silos and enhance control over data?

Infographic: Common Reporting Standard (CRS) – a year on

Thomson Reuters infographic - CRS

Financial institutions face unprecedented data management and compliance challenges as they continue to grapple with multiplying CRS and FATCA related global tax transparency regulations.

OCBC Bank, HSBC and MUFG in KYC blockchain breakthrough

It's blockchain story time!

OCBC Bank, HSBC and Mitsubishi UFJ Financial Group (MUFG), together with the Infocomm Media Development Authority (IMDA), has become the “first consortium” in South East Asia to complete a proof of concept for a know your customer (KYC) blockchain. The parties say the development “raises the possibility” of using blockchain to make KYC “more efficient […]

Payments: where have all the correspondents gone?

Chain

At the recent G20 meeting in Germany, Financial Stability Board (FSB) briefed leaders on its efforts to arrest the decline in correspondent banking relationships. FSB also presented the results of a survey of more than 300 banks in 50 countries, supplemented by Swift payments data, which showed that the number of correspondent banking relationships continues to decline globally.

Webinar: Lessons learned from the first year of CRS reporting obligations

Webinar

Financial institutions face unprecedented data management and compliance challenges as they continue to grapple with multiplying CRS and FATCA (AEOI) related global tax transparency regulations. A year on from our first FATCA and CRS survey, Thomson Reuters and Banking Technology joined forces to survey the industry – to assess the challenges faced by financial institutions […]

Why I believe the US State Department is wrong about mobile money in Africa

Dare Okoudjou, MFS Africa

The US Department of State recently released a report that identified mobile money services as particularly susceptible to money laundering in Africa. It cites services like M-PESA and M-Shwari as “services [that] remain vulnerable to money laundering activities”.

Nordea and Danske Bank being investigated for money laundering

denmark flag 1

Nordea is now keeping people informed about an ongoing investigation by the Danish Prosecution Service into its alleged anti-money laundering (AML) violations. By way of recap, it follows criticism by the Danish Financial Supervisory Authority (DFSA) in June 2016 regarding AML transgressions by Nordea Bank Danmark. According to Danish newspaper Berlingske, the money laundering involves […]

@banking
techno