Search Results for: International business
10 results out of 10933 results found for 'International business'.
HSBC FINED GBP63.9 MILLION FOR EIGHT YEARS OF AML FAILURES, INCLUDING FOLLOWING MEXICAN DRUG CARTEL BUST
THE UK’S Financial Conduct Authority (FCA) has fined HSBC GBP63.9 million (USD84.7 million) for maintaining weak and ineffective suspicious transaction monitoring systems for six years after being fined USD1.9 billion in 2012 for helping launder Mexican drug cartel proceeds.
Following this major fine from the US department of justice, the FCA concluded that the HSBC continued to operate a faulty automatic transaction monitoring system across its global operations.…
FINCEN CLARIFIES RULES FOR NEW UBO SYSTEM, HIGHLIGHTING ITS WEAKNESS, SAYS EXPERT
USA FIU FinCEN has sought to clarify ambiguities in how it will collect beneficial ownership information under ‘Anti-Money Laundering Act’ (AMLA) passed by Congress in January, highlighting significant weaknesses in the system, said an AML expert.
While the law increases transparency in US business by creating a new beneficial ownership register, authorising a new AML whistleblowing system, increasing AML fines, and expanding powers to subpoena foreign banks for AML/CFT information, the UBO system has significant exemptions.…
HONG KONG STRENGTHENS AML LAWS, ALTHOUGH POTENTIAL POLITICAL INTERFERENCE AND UBO WEAKNESSES CAUSE CONCERN
The new National Security Law imposed by Beijing on Hong Kong last June (2020) (1) has added a new dimension to money laundering requirements in the special administrative region (SAR), as banks and other institutions now find themselves required to flag cash movements by figures deemed as ‘secessionist’ under the new law.…
TI RAISES WARNS THAT BRITAIN’S BOOMING ELECTRONIC MONEY TRANSMISSION SECTOR MAY POSE A SERIOUS ML RISK
Anti-corruption group Transparency International (TI) has called on the British government to stiffen AML controls for the UK’s booming electronic money institutions (EMI) sector. It has concluded that ML risk red flags are present at one third of such licenced businesses.…
USA BITES BULLET ON AML REAL ESTATE REPORTING
The USA’s Financial Crimes Enforcement Network (FinCEN) has announced plans to impose broad AML customer due diligence (CDD) and suspicious transaction reporting requirements on the country’s real estate sector. This would potentially tackle a major vulnerability allowing dirty money into the American economy.…
REPUBLICAN AND DEMOCRATIC POPULISM
Populism, the force that elected Donald Trump to the US presidency in 2016, is not a new creed – representing, as it does, a distrust by the mass of voters of political and business elites. Indeed, in America, a formal ‘People’s Party’, also called the Populists, was formed in 1892 and ran in that year’s presidential election, with some success, gathering 8.5% of the vote.…
MYANMAR POLITICAL AND ECONOMIC DISRUPTION PUSHES CLOTHING ORDERS TO NEIGHBOURING CAMBODIA
Cambodian and Myanmar clothing industry leaders have confirmed a shift in manufacturing orders from Myanmar to Cambodia, caused by the economic and political disruption within Myanmar, since the February 1 coup.
Kaing Monika, deputy secretary general for the Garment Manufacturers Association in Cambodia, told Just Style that brands were starting to redirect orders to Cambodia, seeking more competitive prices, quality, delivery and compliance, but it was unclear if this would lead to factories moving at this point.…
DEMOCRATS AND REPUBLICANS: NOT TWO SIDES OF THE SAME COIN
Since its foundation, the United States has regularly seen opposition party presidents defeat the candidate of the incumbent ruling party. Indeed, since the 1920s (when Republican presidents held sway), only one ruling presidential candidate won an election to replace a predecessor from the same party – President George Bush Snr in 1988.…
EU FRAUD ROUND UP – EPPO LAUNCH COMES AS EU INCREASES LAW ENFORCEMENT ACTION AGAINST FRAUD
European Union (EU) law enforcement, perhaps emboldened by the launch of the European Public Prosecutor’s Office (EPPO), has launched a series of cases and inquiries, including against high-ranking politicians accused of corruption. For example, Gabrijela Žalac, Croatia’s regional development and EU funds minister from 2016-9, and three accomplices, have been arrested, on EPPO orders, for alleged fraud regarding the purchase by her ministry of deliberately overpriced software for a public company.…
BRITISH AND SWISS BANKS FINED EUR344 OVER ‘STERLING LADS’ ONLINE FOREX CARTEL
British and Swiss banks have been fined a total of EUR344 million for operating a cartel coordinating their foreign exchange (forex) spot trades of the world’s 11 most important currencies – USD, EUR, GBP, Japanese Yen, Swiss francs; Canadian, Australian and New Zealand dollars; Danish and Norwegian krone and Swedish Kroner.…