Financial crime risk news

Here are some recent news articles and updates on financial crime risk:

Money Laundering

• The Financial Action Task Force (FATF) has identified the United Arab Emirates (UAE) as a "jurisdiction of concern" for money laundering and terrorist financing risks. (Source: Reuters)
• The European Union's anti-money laundering authority, the European Banking Authority (EBA), has warned that some EU countries are not doing enough to combat money laundering. (Source: Financial Times)
• A report by the International Monetary Fund (IMF) has found that money laundering and terrorist financing are significant risks to the global financial system. (Source: IMF)

Cybercrime

• The FBI has issued a warning about a new type of cybercrime known as "business email compromise" (BEC), which involves hackers tricking companies into transferring large sums of money to fraudulent accounts. (Source: FBI)
• A report by the cybersecurity firm, Cybersecurity Ventures, has predicted that global cybercrime costs will reach $6 trillion by 2021. (Source: Cybersecurity Ventures)
• The European Union's law enforcement agency, Europol, has launched a new initiative to combat cybercrime and online fraud. (Source: Europol)

Sanctions Evasion

• The US Treasury Department's Office of Foreign Assets Control (OFAC) has imposed sanctions on several individuals and entities for evading sanctions on Iran. (Source: US Treasury Department)
• A report by the Congressional Research Service has found that sanctions evasion is a significant risk to the global financial system. (Source: Congressional Research Service)
• The European Union has imposed sanctions on several individuals and entities for violating sanctions on Russia. (Source: European Union)

Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT)

• The Financial Action Task Force (FATF) has issued new guidance on AML/CFT for virtual currencies and other digital assets. (Source: FATF)
• A report by the International Monetary Fund (IMF) has found that many countries are not doing enough to implement effective AML/CFT measures. (Source: IMF)
• The European Union's anti-money laundering authority, the European Banking Authority (EBA), has issued new guidelines on AML/CFT for banks and other financial institutions. (Source: EBA)

Whistleblower Protection

• The US Securities and Exchange Commission (SEC) has issued new guidance on whistleblower protection for financial institutions. (Source: SEC)
• A report by the Government Accountability Office (GAO) has found that whistleblower protection laws are not being effectively enforced. (Source: GAO)
• The European Union has proposed new whistleblower protection laws for financial institutions. (Source: European Union)

Financial Crime Risk Management

• A report by the Association of Certified Anti-Money Laundering Specialists (ACAMS) has found that many financial institutions are not doing enough to manage financial crime risk. (Source: ACAMS)
• The Financial Action Task Force (FATF) has issued new guidance on financial crime risk management for financial institutions. (Source: FATF)
• The European Union's anti-money laundering authority, the European Banking Authority (EBA), has issued new guidelines on financial crime risk management for banks and other financial institutions. (Source: EBA)