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AML is all about the deft use of IT and the marshalling of data culled from financial records, but comprehensive KYC and client monitoring, as well as proactive ML investigations following up a suspicion, are aided by effective online tools that can uncover essential information.…

Like many industries, the global textiles market is waking up to the potentially revolutionary applications of ‘generative’ AI tools able to create insight and hunt for information, such as ChatGPT. Its acronym stands for ‘generative pretrained transformer’ and is a natural language processing model that is free to use.…

Growing online sales of tobacco products within the European Union (EU) are boosting industry revenues, despite increasing sales restrictions, including some outright bans on internet purchases of tobacco products. The German market and consumer data platform Statista foresees 2.5% of the total USD170 billion [EUR160 million] sales generated by the tobacco sector – all products – within 2023 will come from online sales, meaning USD4.25 billion [EUR4 billion].…

Popular culture has long considered Monaco the perfect ‘sunny place for shady people’, as per the Lawrence Rothman song, and judging by the latest Moneyval assessment of this Mediterranean principality, this characterisation holds some truth regarding AML/CFT.

The European FATF-style body said in a report issued in January (2023) that Monaco’s AML/CFT effectiveness was low on supervision, investigation and prosecution.…

How should anti-money laundering (AML) officers prepare for a visit by a regulator, be it a scheduled inspection, or the worst-case scenario – an unexpected dawn raid? Experts say institutions need to always be prepared for checks by regulators.

However, this is not simple given a visit to assess an obliged entity’s internal controls’ ability to effectively monitor and manage compliance with national and regional AML policies and procedures can be rare.…

The battle between an invading Russia and Ukraine’s defenders has not just been conducted with military force – by January 23 killing 7,068 civilians, said the UN, but also in cyberspace. While lacking the sophistication of attacks carried out by Chinese threat actors, Russian cybercriminals are increasingly probing Ukrainian companies critical to the institutional stability and defence of the country, primarily active in Ukrainian cyberspace for data collection purposes, according to the Carnegie Endowment for International Peace (1): “Intelligence collection… has been the main focus of Russia’s wartime cyber operations in Ukraine”.…

The International Accounting Standards Board (IASB) has formally proposed amendments to IAS 12 Income Taxes to take account of ‘Pillar 2’ of the OECD’s BEPS tax model, suspending rules on accounting for deferred taxes, while its implications are assessed. The IASB has acted because the European Union (EU) in December agreed a directive to make Pillar 2 compulsory in the EU – telling multinationals (and large domestic companies) to pay 15% minimum tax rates in member states where they trade.…

The European Union’s (EU) new ‘Women on Boards’ directive (1) is designed to force change in the EU’s director cohort by requiring that the ‘under-represented sex’ (which could be male on rare female-dominated boards) make up 40% of non-executive directors or 33% of all major company directors.…

Tunisia’s textile and clothing sector may have expanded sales in 2022, notably through an export increase from January to September, up 11.9% year-on-year, according to the Tunis-based Technical Textile Center (CETTEX – Centre Technique du Textile). But its companies remain concerned about the stability of the national economy and potential long-term weaknesses.…