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NEW FINANCIAL SERVICES PLAYERS OFFERED GROWING SUITE OF THIRD PARTY AML/CFT COMPLIANCE SOLUTIONS
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 AND AI OFFER EFFECTIVE AML/CFT SOLUTIONS, BUT TEETHING TROUBLES ABOUND
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”.…
SRI LANKAN KNITWEAR SECTOR CONFIDENT IT WILL RIDE OUT CURRENT POLITICAL CRISIS
SRI LANKA’S knitwear industry is insisting that despite the country’s current political turmoil over who should lead its government, its business is operating smoothly, noting that it had managed to maintain commerce during the country’s 26 years-long civil war that ended in 2009.…
USA BRANDS PONDER SWITCH FROM CHINA - BUT RESOURCING WILL POSE TOUGH CHALLENGES
THE ONGOING trade dispute between the USA and China could accelerate an existing trend of American apparel brands shifting their sourcing away from Chinese suppliers. Indeed, US fashion industry representatives were warned at a conference earlier this week that they need to prepare to establish new trading relationships in case Sino-American trading gets tougher still.…
JAPAN’S DESCENTE CONTINUES TO INNOVATE TO GRAB MARKET SHARE IN COMPETITIVE GLOBAL KNITWEAR MARKET
Already a world-leader in terms of knitted products for the sports clothing and outdoors-wear sectors, Japan’s Descente Ltd this July opened a state-of-the-art research and development centre that the company anticipates will help it create “the world’s fastest high-performance wear”.
According to the Osaka-based company, the new initiative is built on the concept of being “fast”.…
CHINA’S TRADE WAR WITH AMERICA COULD ACCELERATE CLOTHING AND TEXTILE MANUFACTURING GROWTH IN AFRICA
AFRICAN garment and textile manufacturers have a long way to go to increase capacity, develop the supply chain and diversify overall production away from North Africa, an industry conference staged in Cairo has been told. But while north Africa accounts for more than USD10 billion out the continent’s USD13.54 billion in clothing and textile exports (during 2016, according to international trade data), the much discussed potential of Africa as the world’s next sourcing hub is starting to materialise.…
NEW BREXIT WITHDRAWAL DEAL COULD CREATE NON-UK NATIONAL FOOD REGULATOR FOR NORTHERN IRELAND
THE DRAFT UK/European Union withdrawal agreement released yesterday (Wednesday, November 14), could create separate national food regulators for Northern Ireland that are based in a remaining EU member state. A technical annexe to the deal says that “national reference laboratories” with responsibility for advising on a wide range of food legislation in Northern Ireland “shall not be read as including the reference laboratory in the United Kingdom”.…
USA MID-TERM ELECTION POWER SHIFT NOT EXPECTED TO END US-CHINA TRADE WAR – EXPERTS TELL FASHION SECTOR
The coming change of control of the United States House of Representative from the ruling Republicans to the opposition Democrats will probably do little to stop the escalating tariff disputes between the USA and China, the American fashion industry has been warned.…
CHINA’S TRADE WAR WITH AMERICA COULD ACCELERATE CLOTHING AND TEXTILE MANUFACTURING GROWTH IN AFRICA
AFRICAN garment and textile manufacturers have a long way to go to increase capacity, develop the supply chain and diversify overall production away from North Africa, an industry conference staged in Cairo has been told. But while north Africa accounts for more than USD10 billion out the continent’s USD13.54 billion in clothing and textile exports (during 2016, according to international trade data), the much discussed potential of Africa as the world’s next sourcing hub is starting to materialise.…
NEW BREXIT WITHDRAWAL DEAL COULD CREATE NON-UK NATIONAL FOOD REGULATOR FOR NORTHERN IRELAND
THE DRAFT UK/European Union withdrawal agreement released yesterday (Wednesday, November 14), could create separate national food regulators for Northern Ireland that are based in a remaining EU member state. A technical annexe to the deal says that “national reference laboratories” with responsibility for advising on a wide range of food legislation in Northern Ireland “shall not be read as including the reference laboratory in the United Kingdom”.…