Money Laundering

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Bankers fear budget cuts leave them exposed to rising tide of fraud - survey

/Money Laundering

Bankers fear budget cuts leave them exposed to rising tide of fraud - survey

Cost cutting measures put in place by banks in the wake of last year's financial crisis are leaving them, and their customers, vulnerable to criminal attack, according to a survey from Norkom Technologies.

Logica and RTM partner to deliver hosted AML solution to Brazilian banks

/Money Laundering

Logica and RTM partner to deliver hosted AML solution to Brazilian banks

Logica has announced a partnership with Rede de Telecomunicações para o Mercado (RTM), the largest financial services extranet in Brazil, to supply its payments filtering product, HotScan. Two banks have already begun using the RTM-hosted HotScan to comply with the Combating Terrorist Financing (CTF) regulation that came into effect in March 2009.

Four in five firms not prepared for Swift MT202 COV - Dow Jones survey

/Money Laundering

Four in five firms not prepared for Swift MT202 COV - Dow Jones survey

Just 22% of industry executives say they are prepared for the additional workload that will come their way when the new Swift MT202 COV message standard comes into effect in November, according to a survey from Dow Jones Risk & Compliance.

Nice to acquire Fortent for $73.5 million

/Money Laundering

Nice to acquire Fortent for $73.5 million

Israeli digital recording firm Nice has acquired anti-money laundering outfit Fortent for $73.5 million in cash.

Bank of South Pacific selects Norkom anti-fraud technology

/Money Laundering

Bank of South Pacific selects Norkom anti-fraud technology

Papua New Guinea's Bank of South Pacific (BSP) has signed for anti-money laundering and customer due diligence technology from Dublin-based Norkom.

Japanese regulator slams Citi AML systems

/Money Laundering

Japanese regulator slams Citi AML systems

Japan's financial regulator has ordered Citi to stop sales operations at its retail division for a month after the banking giant failed to improve poor anti-money laundering systems.

Banque Populaire deploys Norkom AML system

/Money Laundering

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.

BIS releases new cover payments guidelines

/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.

Korea's Woori to deploy Norkom AML software

/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.

Banco Santander signs for Norkom AML software

/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.

Lloyds TSB pays $350 million to settle cover payments charges

/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.

United Bank for Africa to implement Actimize fraud and AML technology

/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.

AML professionals see pay hit by economic crisis - survey

/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).

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

/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.

Dutch regulator AFM signs for Actimize market abuse system

/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.

Fedwire and Chips to support new Swift cover payment messages

/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.

E-Gold brings in KPMG to beef up AML programme

/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.

Money mule scams on the rise

/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.

Working group issues guidance on new message standard for cover payments

/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.

Mexico's Compartamos Banco live with Oracle AML technology

/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.

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