From the U.S. to South Africa: Top money laundering stories you'll want to read

December 21, 2016

United States: The Financial Action Task Force (FATF) recently released its latest evaluation report. The report found that the U.S. had a robust regime to tackle money laundering and terror financing; however, there are serious gaps that prevent timely access to beneficial ownership information. In the meanwhile, Finra, the Financial Industry Regulatory Authority, has fined Credit Suisse $16.5 million USD for failures in its anti-money-laundering compliance program including deficiencies in its suspicious-activity monitoring program.

India: In response to last month’s sudden ban of 500 and 1,000 rupee notes, money laundering agents are finding new ways to do business. From flying banned cash to states exempt from restrictions to connecting people to high-turnover businesses, agents are demanding a premium of 10–50% depending on the complexity and difficulty of the money laundering scheme. On a similar note, Australia is debating whether it should scrap its $100 bill.

Thailand: The abbot of the Buddhist Wat Dhammakaya Temple is expected to be charged with conspiracy to launder money, money laundering and receiving stolen goods in his part in receiving more than 1 billion baht ($28 million) of embezzled funds. The popular and futuristic temple where thousands of followers can participate in sermons has drawn criticism from traditionalists for its commercialization of Buddhism. Many believe the charges are politically motivated.

South Africa: The country’s embattled president has sent an anti-money-laundering bill back to parliament citing that it might not be constitutional. The bill, which is supported by the country’s banks, would require the financial industry to increase scrutiny of the accounts of "prominent individuals", including the president. According to supporters, the bill would help in the fight against global financial crime by making it easier to identify the ultimate beneficial owners of companies and accounts.

CaseWare Analytics offers a comprehensive anti-money laundering platform to help organizations tackle their AML compliance challenges. It includes KYC, real-time transaction monitoring, sanctions list screening and regulatory reporting capabilities. The solution also allows compliance professionals to quickly and easily detect suspicious activities, monitor customer and account data, manage suspicious cases through workflows and case management, maintain audit trails and submit regulatory reports to authorities. To learn more about the solution, watch our video or email us at aml@caseware.com

 

About Anu Sood:

Anu Sood is the Director of Product and Corporate Marketing at CaseWare Analytics and is responsible for the company’s global marketing strategy. Prior to CaseWare Analytics, Anu worked in various roles in the high-tech industry and her accomplishments range from writing software for telephone switches to launching a new global satellite communication service. Anu has extensive experience in strategic marketing, corporate communications, demand generation, content marketing, product management, product marketing and technology development. 

Connect:    Anu Sood 

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