HSBC has severed its long-standing ties with an Iranian-owned British bank subject to US sanctions, finally closing an account it had kept on its books even during the darkest days of the global...
In a milestone Congressional hearing this week U.S. lawmakers examined the challenges faced by legal marijuana businesses in accessing financial services, and considered establishing safe harbor...
Canada’s risk-averse banking sector has meant payment providers eyeing Canada’s multi-billion dollar marijuana industry are still struggling to gain a foothold in the market, despite federal...
U.S. marijuana companies were expected to generate as much as $10bn in retail sales last year, a figure that is only going to increase as more states consider legalizing recreational marijuana.
Deutsche Bank has revealed it cut nearly half of its correspondent banking relationships after links to a major EU money laundering scandal were uncovered, but senior figures remained cagey when...
UK financial institutions are concerned that new guidelines on bank transfer fraud clash with existing payments regulations, while others fear the regime could result in unintended consequences for...
Experts have urged UK lawmakers to re-evaluate the country’s sanctions policy, warning that current pressure put on financial institutions over illicit finance could prove incompatible with post...
Are influential regulators, international standards-setters and financial sector participants doing enough to tackle de-risking? PaymentsCompliance speaks to J. Andrew Spindler, a former New York...
Following the success of similar efforts in bribery and tax evasion, there has been recent renewed interest in the UK in the prospect of making failure to prevent economic crime a corporate offence...
On December 3, 2018, the Financial Crimes Enforcement Network (FinCEN) released a statement, jointly drafted with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance...
On November 22, 2018, the Anti-Money Laundering Council (AMLC) approved the final amendments to the 2018 Implementing Rules and Regulations of Republic Act No. 9160 (Anti-Money Laundering Act of...
The European Commission will share proposals for possible new ways of facilitating payments between the EU and Iran in light of rigorous new US sanctions, its vice president and financial services...
The number of correspondent banking relationships and active remittance corridors has fallen further, the Financial Stability Board (FSB) has warned, as national regulators are urged to do more to...
Experts are unconvinced that the recent resignation of anti-marijuana hardliner Jeff Sessions as U.S. Attorney General is good news for legal cannabis businesses and the payment providers seeking...
Major European financial institutions believe blockchain technology could be deployed across the sector as the basis for a shared know your customer (KYC) system, helping cut compliance costs and...
A paper from a think tank has suggested that it is uneven and inconsistent application of EU rules by member states, rather than the stricter requirements, that have created the most significant...

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