Archive
International News Services archives articles supplied to clients one year or more after initial publication. These articles are protected by a password and not made available to readers without permission from clients. They are used as a background resource by agency journalists. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.
EU MEMBER STATES HAVE FAILED TO COMPLY WITH 5AMLD ON CREATING OPEN UBO REGISTERS
Only five European Union (EU) member states out of the current 27 have fully and properly complied with a requirement to set up public ultimate beneficial ownership (UBO) registers by January 10 (2020) under the fifth anti-money laundering directive (5AMLD), according to research by campaign group Global Witness.…
AI AML SYSTEM DEVELOPERS PUSHING TECH TOWARDS THE TRANSPARENCY REQUIRED BY REGULATORS
‘Explainability’ is becoming the watchword for AML solutions based on artificial intelligence (AI), with developers increasingly aware they must convince regulators their systems’ decisions are reliable and unbiased. The result has been manufacturer clams about the traceability of system decisions, according to a white paper produced in July last year by London, UK-based fin-tech industry network FinTech FinCrime Exchange and the London-based screening and compliance solution company Regulatory DataCorp Inc (RDC) – see https://rdc.com/wp-content/uploads/2019/07/AI-and-FinTech-FFE-RDC-Report.pdf.…
RIVAL WOOL EXPORT CENTRES ASSESS POTENTIAL INCREASE IN EXPORTS FOLLOWING AUSTRALIA'S DEVASTATING BUSHFIRES
INTERNATIONAL export centres for the wool industry have been considering how they will help fill gaps in supplies to the knitwear sector because of the damage caused to Australia’s wool sector by January’s devastating bush and outback fires. Extensive rain has now at last extinguished most of Australia’s bushfires, but wool growers are still assessing the damage.…
BIG DATA ANALYSIS OF LINKED DATABASES BECOMING MORE FEASIBLE AS SERVICE PROVIDERS FOCUS ON AUTHENTICATION, STANDARDISATION AND AI
NEW fraud detection solutions based on a “centralised management platform across all lines of business” are being made more feasible by new financial industry customer authentication standards, research indicates. These allow a consortia of organisations’ data (or data from previously siloed wings of one major institution) to be pooled, allowing bulk analysis of big data, helping update algorithms, encouraging anti-fraud system vendors to offer cross-functional services as clients seek to consolidate contracts and end silo-based approaches to counter-fraud activities, industry insiders predict.…
FIRST USA COVID-19 ANTI-FRAUD CASE ANNOUNCED
The United States Department of Justice (DOJ) March 22 announced the first action in federal court against fraud related to the COVID-19 pandemic after it obtained a temporary restraining order against a Texas-based website selling a bogus vaccine – coronavirusmedicalkit.com. “We will use every resource at the government’s disposal to act quickly to shut down these most despicable of scammers, whether they are defrauding consumers, committing identity theft, or delivering malware,” Assistant Attorney General Jody Hunt of the DOJ’s civil division commented after the ruling.…
MORE BAD NEWS FOR SFO - FORMER BARCLAYS BOSSES CLEARED IN QATAR FRAUD TRIAL
IN another blow to Britain’s Serious Fraud Office (SFO), three former Barclays bankers have been acquitted of fraud in the UK’s first trial of bank executives for misconduct during the 2008 financial crisis. Roger Jenkins, executive chairman of investment banking and investment management in the Middle East and North Africa, Barclays Capital; Richard Boath, European head of financial institutions group, Barclays Capital, and Thomas Kalaris, chief executive of Barclays Wealth and Investment Management, had been charged with conspiracy to commit fraud by allegedly misleading investors and the markets over capital raising arrangements agreed with Qatar Holding LLC and Challenger Universal Ltd in June and October 2008.…
ADVENTUROUS CHINESE CONSUMERS HAVE BEEN DRIVING GROWING DIVERSITY IN HEALTHY SNACK MARKETS
CHINESE consumers, especially in younger generations such as Millennials and Generation Z, are increasingly concerned with eating healthily- and that includes snack choices. In a trend that may increase following the Covid-19 outbreak, sales of yoghurts, nut snacks and snack bars have all seen soaring growth in sales in recent years.…
BANGLADESH ORDERS GARMENT FACTORIES TO OPERATE DESPITE COVID-19 LOCKDOWN
Bangladesh has ordered thousands of clothing factories to continue production throughout a 10-day countrywide lockdown in force since Thursday (March 26) aimed at slowing the spread of new coronavirus that causes Covid-19. In a letter to the president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) issued on March 27, the state-run Department of Inspection for Factories and Establishments (DIFE) – part of the ministry of labour and employment -.…
PERU GOVERNMENT LAUNCHES ROUNDTABLE GROUP TO BOOST DOMESTIC BACKWARD LINKAGES, FOCUSING ON ALPACA
THE PERUVIAN government has created a textile and clothing industry roundtable group that has been charged with forging backward linkages delivering a comprehensive domestic supply chain from fibre to fabric, that will reduce costs for the country’s apparel sector. Currently imports significant volumes of yarn and cotton, increasing expenses for the clothing sector.…
INSIDERS KEY TO USD42 BILLION LOST TO FRAUD OVER TWO YEARS, SAYS PWC
Workplace insiders were linked to 57% of the USD42 billion that companies worldwide lost to fraud over the past two years either directly or through collusion with outsiders, according to PwC’s latest Global Economic Crime and Fraud Survey, ‘Fighting fraud: A never-ending battle’.…