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Vendors continue to roll out what they claim are ever more powerful CDD/KYC systems, helping enable compliance with increasingly comprehensive ultimate beneficial ownership (UBO) laws.

But do these technologies offer the AML community the potential to consider a new model – focusing on robust CDD by obliged entities, without the need to report STRs, and relying on better financed law enforcement to demand information via subpoenas to firm up ML cases?…

With cyberattacks on the rise, organisations are having to devote ever more time and resources to defending against malicious activity – and some are now considering active defences, hacking back the hackers, to deter them and maybe damage their ability to harm victims.…

The global construction industry is highly vulnerable to fraud and corruption say industry specialists, who argue such crime can account for up to 30% of the sector’s overall costs.

“A whole load of factors make the construction sector a building site for fraud and corruption.…

With corporate fraud rising fast, “hiring for character as well as competence is now the hottest trend” in recruitment practice, Bruce Weinstein, a high-profile USA-based business ethics speaker has told Fraud Intelligence. Securing honest senior managers and board members matters, said the self-styled ‘The Ethics Guy’, who has worked for All State Insurance, the National Football League, Northrop Grumman, the South Carolina National Guard, and more: “It is not only possible to do this; it is essential,” Mr Weinstein stressed.…

Continental European and British manufacturers are stepping up to supplement the depleted US infant formula market, but their efforts may be limited by too little supply and too much red tape. “In the short run, major export volumes from the EU [European Union] to the US in these products is not a very realistic expectation,” said Pekka Pesonen, secretary general of Copa-Cogeca, which represents EU farmers and agri-cooperatives.…

The first woman to chair the International Ethics Standards Board for Accountants (IESBA), Gabriela Figueiredo Dias, of Portugal, intends to boost trust in accountants and auditors worldwide, whose profession has been undermined by public scandals, some highlighting conflicts of interest.

Speaking to Accounting & Business, she said another goal of her three-year term of office, which began on January 1, (2022), would be to formalise IESBA ethical standards for environmental, social, and governance (ESG) reporting and help the sector deal with disruptive technologies, such as artificial intelligence (AI).…

A memorandum of understanding has been signed by the IFRS Foundation with Canadian investment agency Montréal International to obtain financial support from the governments of Canada and Québec to establish a base in Montréal for the International Sustainability Standards Board (ISSB).…

Consumers in Europe need to be offered clear labelling so that they only buy halal meat, especially from animals not pre-stunned before slaughter, if they want to, animal rights organisations and halal groups have told Salaam Gateway.

“We think it would be helpful if all meat was labelled pre-stunned or not so people can make informed choices,” said Dr Nick Palmer, head of Compassion in World Farming UK, an animal welfare campaign and lobbying group: “It is undesirable for non-pre-stunned meat to be accidentally purchased by consumers who would prefer to avoid it.”…

THE CURRENT global energy crisis and its attendant price rises have had “a dramatic impact on the profitability of many companies” in the textile and clothing sector, and a European Union (EU)-wide cap on gas prices is essential, Dirk Vantyghem, director general of the European Apparel and Textile Confederation (Euratex), has told WTiN.…

The Covid-19 pandemic has not just weakened and disrupted supply chains in the high-end fabric and yarn sector, it has encouraged mergers and acquisitions (M&A) among companies to strengthen trade flows. One key example this year in Italy’s luxury fashion sector is the acquisition by leading Italian luxury fashion house Brunello Cucinelli SpA in March (2022) of a 43% stake in the share capital of its historic cashmere yarn supplier Cariaggi Lanificio SpA.…