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AMUL

The owner of India’s popular Amul dairy brand, will invest Indian Rupees INR10 billion (USD136 million) over the next two years in new dairy plants and bakeries, indicating optimism about Indian post-Covid 19 food markets. Rupinder Singh Sodhi, managing director of Gujarat Cooperative Milk Marketing Federation (GCMMF), (which registered sales of USD7 billion in the financial year ending March 2020), told just-food that throughout the pandemic, the company’s sales have been growing consistently.…

THE USA’S Office of Foreign Assets Control (OFAC) has settled two cases involving Deutsche Bank Trust Company Americas, accused of breaching US sanctions designed to impede companies and individuals aiding Russia’s contested annexation of Crimea from Ukraine.

DB has agreed to pay USD425,600 and USD157,000 to the US Treasury to settle these cases, where OFAC found the German bank had not deliberately sought to flout these financial controls, but failed to apply correct legally-mandated due diligence.…

Switzerland may be a small country of 8.5 million people, with an area of 41,285 km², 60% of which is mountainous, but its paint and varnish industry is substantial and growing, despite the Covid-19 pandemic. Of course, it helps that Switzerland is rich.…

A SHIFT towards home-based work during the Covid-19 epidemic has raised multiple challenges for AML/CFT regulatory compliance departments, from changes in consumer behaviour that affects transaction monitoring, to digitally onboarding new customers, and heightened risks of illicit crime and fraud.

The first few months of the Covid-19 pandemic and related lockdowns this spring especially stretched financial institutions’ regulatory compliance departments to their limits, said Patrick Gerard Dahill, head of AML and financial crime recruitment at Barclay Simpson, in London.…

THE UNITED Nations’ Food & Agriculture Organisation (FAO) has proposed creating a permanent ‘observatory’ monitoring cocoa markets, assessing value and costs, to help chocolate sales revenues be more equitably distributed throughout supply chains.

In a report called a ‘Comparative study on the distribution of value in European chocolate chains’, the FAO said such “objectified and cross-checked data” would aid “a multi-stakeholder discussion” at national and global levels on revenue sharing.…

EUROPEAN, Japanese and South Korean automotive manufacturers are about to follow new international guidance ensuring increasingly-networked vehicles are protected from hacking by cyber-criminals.

This follows the release of two new UN regulations, adopted June 24 by the UN Economic Commission for Europe’s (UNECE) World Forum for Harmonization of Vehicle Regulations.…

EY, (formerly Ernst & Young), the Big 4 accounting major accused of shortcomings over its audit of disgraced German card payments processor Wirecard, is rejecting blame for its failure to detect the fintech firm’s EUR1.9 billion (USD2.1 billion) fraud scandal before it expanded to such a size.…

Member states of the European Union (EU) have for the first time been fined by the European Court of Justice (ECJ) for tardy implementation of European Union anti-money laundering legislation.

The ECJ has fined Romania EUR3 million (USD3.4 million) and Ireland EUR2 million (USD2.3 million) for implementing the European Union’s 4th anti-money laundering directive (4AMLD),more than two years past a June 26, 2017 deadline.…

Enormous forces act on renewable energy system’s mechanical parts when generating power from wind and water. Between the smooth operation and potential loss of multi-million-dollar investments stand gear lubricants. Lubricants are also needed for the hydraulics that pitch the blades a few degrees every time the wind, or the water current, changes. …

THE NEW president of FATF, who took office on July 1, is planning to expand the global AML’s current focus on wildlife trade offences to other environmental crime, such as illegal logging, slash-and-burn cultivation and unlawful waste disposal.

Speaking to the MLB on July 2 in his first media interview after taking on this new role, Dr Marcus Pleyer, from Germany, stressed that the United Nations Environment Programme (UNEP) has said illicit proceeds from environmental crime could total USD259 billion annually worldwide.…