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.
‘SYNTHETIC IDENTITY’ FRAUD SPARKS CONCERN AMONG REGULATORS – BUT WILL BANKS FIGHT IT EFFICIENTLY?
Anti-fraud agencies, financial institutions and central banks are working increasingly hard to fight sophisticated identity fraud, where fraudsters build an identity based on stolen IDs to open bank and credit card accounts. These comprehensive fake IDs – sometimes pulling together multiple identity elements and invented details – are often subbed ‘synthetic identity’ frauds.…
NEW MACHINERY REGULATION WILL CUT COSTS FOR TEXTILE BUSINESSES, SAY EXPERTS
A European Union (EU) new machinery regulation formally approved by the European Parliament on April 18, (2023) following an earlier agreement in principle with the EU Council of Ministers, will benefit the European textile industry, but also generate more red tape, EU experts have told WTiN.…
ASIAN PAINT AND COATING REGULATORY ROUND-UP – INDONESIA MULLS BAN ON LEAD IN PAINTS
The Indonesian government is drafting a regulation to ban lead-based paints in the country, Markus Winarto, the secretary-general of the Indonesian Paint Manufacturers Association (APCI) has told PPCJ. The government has been under pressure from environmental health activists to take this step – one already taken in the Philippines, for example, but is facing some difficulties in finding alternatives for certain applications such as road markings and anti-corrosion coatings, said Winarto.…
OBLIGED ENTITIES SHOULD KEEP REVIEWING AND REFORMING AML SCREENING RED FLAGS, SAY EXPERTS
Anti-money laundering is a detection game, with AML officers (AMLOs) looking for red flags that may indicate crime-tainted transactions, and then digging deeper. But that usually requires automated alerts which need to be managed and tweaked, with algorithms configured according to risk.…
RUSSIA INVASION PUSHES COUNTER PROLIFERATION FINANCE (CFP) INTO MAINSTREAM OF AML/CFT CONTROLS
Counter Proliferation Financing (CPF) is becoming an increasingly important third goal of international policies and programmes designed to attack and reduce illicit financial movements. With concerns about the development of nuclear weapons by sanctioned regimes in North Korea and Iran growing, governments have been focusing on how to implement Financial Action Task Force (FATF) guidance on CPF, which has been deepening since the global anti-money laundering and terror finance body in 2020 amended FATF Recommendation 1 and its Interpretive Note to require countries and entities to identify, assess, understand and mitigate their PF risks.…
MONTENEGRO AML/CFT PROGRESS UNDER SCRUTINY BY MONEYVAL AS NEW PRESIDENT TAKES OFFICE
The AML/CFT system and laws of Montenegro is also under scrutiny by FATF-style regional body Moneyval, which launched a fifth round of mutual evaluation process of this small Balkan country last March. The country, which only became independent in 2006, although with a long pre-WW1 history of autonomy and formal independence, has a population of just 620,000.…
‘SYNTHETIC IDENTITY’ FRAUD SPARKS CONCERN AMONG REGULATORS – BUT WILL BANKS FIGHT IT EFFICIENTLY?
Anti-fraud agencies, financial institutions and central banks are working increasingly hard to fight sophisticated identity fraud, where fraudsters build an identity based on stolen IDs to open bank and credit card accounts. These comprehensive fake IDs – sometimes pulling together multiple identity elements and invented details – are often subbed ‘synthetic identity’ frauds.…
BRAZILIAN DIGITAL TEXTILE PRINTING SEEKS TO PROFIT FROM NEW GLOBAL DYNAMICS
The Brazilian textile sector has been increasing investment in digital printing, modernising its finishing to boost international competitiveness to offer near-sourcing services to American and European clients as western buyers review their China sourcing.
India-based business intelligence service Infinium Global Research, in a report sent to Digital Textile, said the Brazilian digital textile printing market was worth USD28.37 million in 2022, projected to rise to USD75.25 million by 2030.…
SFO “ON TRACK” TO IMPLEMENT ALL ALTMAN RECOMMENDATIONS
The UK Serious Fraud Office (SFO) says that it is “on track” to implement in full all Brian Altman QC’s July 2022 recommendations (1) for improvement after its failure to disclose key evidence led to the collapse of the high-profile trial against two top Serco executives in April 2021.…
EU/WTO REGULATORY ROUND UP – GLOBAL DEAL ON FOOD TRADE STILL TARGETED AT WTO
Global negotiators continue to chase the dream of an international agreement on trading food and drink products, despite talks having continued, without agreement, since 2001. That was when the World Trade Organisation (WTO) Doha Development Round of talks were launched, with the key goal of revamping the WTO agreement on agriculture, which covers food and drink.…