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HSBC Cuts Loose UK-Licensed Bank As Pressure Builds Over Iran Sanctions
20th Feb 2019 | Written by:
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...
House Hearing Could Spark Action on Cannabis Banking
15th Feb 2019 | Written by:
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...
Canadian Banks Still Risk-Averse Despite Legal Clarity On Marijuana
12th Feb 2019 | Written by:
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. Financial Institutions Still Wary Of Banking Marijuana Businesses
8th Feb 2019 | Written by:
in Washington, D.C.
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 Confirms De-Risking But Stays Guarded In AML Probe
5th Feb 2019 | Written by:
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...
'Regulatory Tensions' Emerge Over UK Push Payment Fraud Code
28th Jan 2019 | Written by:
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...
Rethink Sanctions Or Damage Post-Brexit Trade, Experts Warn UK
24th Jan 2019 | Written by:
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...
In Depth: Are Authorities Doing Enough To Fight De-Risking?
22nd Jan 2019 | Written by:
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...
In Depth: Making 'Failure To Prevent' Economic Crime An Offence
14th Jan 2019 | Written by:
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...
US: Federal Agencies Issue Joint Statement on Innovative Efforts to Combat Money Laundering and Terrorist Financing
4th Dec 2018 | Written by:
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...
Philippines: Financial Intelligence Unit Unveils Updates on AML/CTF Regime
23rd Nov 2018 | Written by:
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...
In Depth: Europe To Tackle Iran Sanctions Crisis With New Payment Measures
22nd Nov 2018 | Written by:
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...
Banking Relationships And Remittance Corridors Still In Decline, Report Shows
19th Nov 2018 | Written by:
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...
Sessions' Resignation Not Necessarily A Cure For Legal Cannabis De-Risking
16th Nov 2018 | Written by:
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...
Financial Sector Looks To Blockchain As Cure For KYC Ills
5th Nov 2018 | Written by:
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...
Poor Implementation Of European AML Rules Blamed For Financial Exclusion
31st Oct 2018 | Written by:
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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