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An international model of rules for monitoring and control cryptocurrency operators and crypto-exchanges’ compliance with anti-money laundering and counter financing of terrorism (AML/CFT) regulations worldwide, is needed, some AML/CFT specialists are arguing. Nina Kerkez, market planning director at LexisNexis Risk Solutions, said regulatory frameworks are currently being developed “at an alarming rate” in a wide range of jurisdictions, with significant divergences apparent in, for example, KYC/CDD requirements and when to file suspicious activity reports (SARs).…

The development of trusted digital identity systems, now being rolled out internationally, will strengthen anti-money laundering and counter terrorist financing (AML/CTF) controls, the Financial Action Task Force (FATF) and AML technology vendors have argued.

Global AML body FATF is encouraging AML/CFT authorities to consider using regulatory ‘sandboxes’ to test how digital ID systems might interact with national AML/CFT laws and regulations.…

EUROPEAN confectionery and sugar processing associations have appealed to the European Parliament not to reimpose market controls on the European Union’s (EU) sugar sector. MEPs have pressed for new restrictions during the ongoing negotiations about reforming the EU Common Agricultural Policy (CAP).…

PEACE appears to be breaking out between the European Union (EU) and the UK on one side the USA over an aircraft subsidy-prompted trade war that had led to billions of dollars of duties being levied on food and drink exported between these countries.…

The surge in ecommerce in the past year driven by the Covid-19 pandemic will push financial institutions and commercial traders to use more big data analysis, maybe utilising artificial intelligence (AI), to identify anomalous behaviour, say fraud analysts.

International payments company Worldpay (part of the FIS Group, based in Florida, USA, since 2019) valued global online spending at USD4.6 trillion last year, up 19% on the previous annual figures – the highest growth in the past five years.…

FASHION brands and clothing retailers have seen their supply chains struggle under lockdown measures imposed by governments trying to contain Covid-19. The shutdowns, of course, began just in time for 2020’s spring season, causing maximum disruption. 

According to consulting firm McKinsey, 2020 was the fashion industry’s worst year on record, with a 90% decline in overall profits and almost three-quarters of registered firms globally making a loss.[1]…

INTRODUCTION

Accounting software is crucial for any company wanting to expand on a sustainable basis, adding diversity in supply and customer relationships as they grow. The clothing and textile industry is particularly complex regarding its inputs and outputs. Production is also complex when manufacturers handle spinning, weaving, cutting and finishing.…

Anti-money laundering specialists may be focusing on how crypto-currencies and online transactions pose an increasing ML/TF risk, especially with Covid-19 encouraging ecommerce, but the reality is that cash remains the money launderers’ best instrument for moving dirty money.

That is the conclusion of Gabriel Hidalgo, a managing director at risk specialists K2 Integrity, in New York: “Cash is king for ML; it continues to be king; and on the majority of levels, illicit actors will continue to use cash,” he said.…

Tough American government sanctions levied against Myanmar may emerge soon because of the recent coup, the American Apparel & Footwear Association (AAFA) has predicted. Nate Herman, AAFA senior vice president, policy, told just-style: “Monday’s coup is deeply concerning. We urge the full and immediate restoration of democratic rights and institutions.…

The boom in online fraud through the Covid-19 pandemic, at a time when new fintech is being rolled out, has grown demand for anti-fraud professionals.

The latest assessment released by the Association of Certified Fraud Examiners (ACFE) (published in December 2020), based on responses from 1,712 anti-fraud professionals, (49% of whom were in the USA and Canada), said that 41% of organisations (public and private sector) are planning to increase their overall anti-fraud budget in 2021.…