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With the USA re-imposing sanctions on Iran, and international financial institutions wary of dealing with the country, Tehran is dusting off its pre-2015 sanctions-busting playbook. Old networks are being renewed, including with neighbouring countries and China, but there are more obstacles for the Iranian government to contend with this time around.…

New smaller banks competing with established players and other payment service providers (PSPs) are becoming increasingly sophisticated in their use of fintech to addressing anti-money laundering/combating the financing of terrorism (AML/CFT) financial crime compliance.

David Carlisle, an associate fellow at the Royal United Services Institute, told Money Laundering Bulletin that anecdotal evidence suggests that these so-called ‘challenger’ banks and PSPs are increasingly using third-party fintech suppliers to help them address know your customer (KYC) requirements, transaction monitoring, record-keeping and suspicious activity reporting.…

BLOCKCHAIN technology may be being examined hard by the anti-money laundering/combating the financing of terrorism (AML/CFT) sector, but AML/CFT experts warn against its swift widespread adoption, stressing that while regtech innovation is important, adopters must make sure it does not “compromise the safety and soundness of the financial eco system”.…

The conventional arms trade has a reputation for using side payment sweeteners to secure multi-million dollar deals. But despite allegations of corruption in numerous jurisdictions, the legitimate arms trade is not on the Financial Action Task Force’s (FATF) radar. Should it be?…

AS DIGITALISATION takes over supply chains, disruptive technologies such as blockchain and artificial intelligence are revolutionising industries globally – and the knitwear industry is no exception. Indeed, the launch of the world’s first system tracking and tracing knitwear with blockchain technology, launched in May 2017, has stirred the industry’s interest, experts behind the project say.…

THE DRAFT Brexit agreement that has caused political controversy in the UK, but which the European Union (EU) insists is its final offer, would – if approved – see the immediate retention of much existing cooperation between Britain and the remaining EU.…

THE PERCEPTION of beauty and hence the design and supply of personal care products is slowly changing in sub-Saharan Africa as its increasingly wealthy middle class consumers take a more personalised approach to how they look. The region has a widely diversified consumer-base, whose varied tastes are pushing brands to rethink personalising cosmetics and personal care products like never before. …

MPs in Canada have returned to their House of Commons after the traditional summer break, when they are expected to vote on a draft law, the Cruelty-Free Cosmetics Act, that would ban the testing of cosmetics and their ingredients on annals in Canada and block the sale of personal care products that have been assessed using such techniques.…

Dimitris Koutsopoulos, CEO of Deloitte Greece, identifies three key policy points promoting his company’s success: maintain a culture of professionalism in the workplace; provide services that are of high quality to clients; and invest in employee training to implement new technology.…

From an irritating slowdown in access to files to loss of significant sums of money – or business closure – and potentially loss of life, cybercrime is set to wreak further havoc in the business world in 2019. Security experts warn it is no longer enough to expect IT departments to keep ahead of the threat and fix any harm done, it is in the top five business risks that should be handled at board level to mitigate the challenge effectively.…