Financial Action Task Force

Sigma360 Announces Significant Upgrades to Adverse Media Screening Capabilities

Retrieved on: 
Wednesday, February 28, 2024

NEW YORK, Feb. 28, 2024 /PRNewswire/ -- Sigma360, a leading AI-powered risk screening and monitoring platform that enables compliant global commercial relationships, today announced powerful new features and technical capabilities that drive enhanced risk management and significant productivity for organizations who leverage, or seek to leverage, adverse media as a key tenant of their global compliance strategy.

Key Points: 
  • "I am proud to say that our continued investment in AI and overall system configurability is driving significant efficiency gains for our clients, particularly as it relates to adverse media screening, a historically thorny problem for organizations to get right," said Stuart Jones, Jr., CEO of Sigma360.
  • "Our goal is to deliver the absolute best adverse media screening capability available, while also providing lightning fast PEP and Sanctions screening all from a single platform and API call."
  • The Sigma360 platform automates the process of assessing individuals and companies across vast amounts of data, such as global media.
  • To learn more about Sigma360's adverse media screening and monitoring capabilities, please visit: https://www.sigma360.com/solutions/adverse-media
    To view Sigma360's adverse media capabilities in practice, visit the Risk Event Heatmap: https://www.sigma360.com/solutions/adverse-media#heatmap

Financial sanctions: banks’ reactions depend on their location, research reveals

Retrieved on: 
Tuesday, February 13, 2024

However, our latest research shows that even universally adopted sanctions can throw a spanner into the works of the global financial system for want of being enforced everywhere.

Key Points: 
  • However, our latest research shows that even universally adopted sanctions can throw a spanner into the works of the global financial system for want of being enforced everywhere.
  • Since the invasion of Ukraine in 2022, much ink has been spilled over the sanctions on Russia.
  • And since the late 1980s, there has been a shift toward imposing financial sanctions, which involve freezing assets and investments.

How sanctions impact lending

  • Sanctions will impose extra compliance costs on a bank, as it must fulfill reporting requirements and undertake due diligence checks to ensure its transactions are legal.
  • The bank will also have to factor in the litigation costs and the reputational risk involved if its due diligence should fail.
  • We wanted to understand how these costs and risks alter lending decisions.

Location, location, location

  • The data show how much each bank in Germany was lending in foreign countries from 2002 to 2015.
  • Importantly, German banks are also required to record how much their foreign affiliates (branches and subsidiaries outside Germany) are lending in each country.

The importance of the Financial Action Task Force

  • Founded in 1989, the Financial Action Task Force (FATF), also known by its French name, Groupe d’action financière (GAFI), is an intergovernmental organisation that sets international standards to allow national authorities to go after illicit funds linked to money laundering, terrorism and other related threats to the integrity of the international financial system.
  • Our analysis showed that German bank affiliates located outside the FATF increased their positions in sanctioned countries by an average of 95% relative to German banks inside the FATF.

Levelling the playing field

  • One key takeaway from this is that, regardless of whether it is the litigation risks or compliance costs that ultimately drive the decision to lend in sanctioned countries (or not), you don’t have a level playing field.
  • Banks in locations with weaker standards for the integrity of the financial system seem to find lending in sanctioned countries more attractive.
  • To guarantee a level playing field, it is also vital to make sure all countries effectively comply with these sanctions.


Grant of EUR 5000 from the French National Research Agency (ANR), “Investissements d’Avenir” (LabEx
Ecodec/ANR-11-LABX-0047). Deutsche Bundesbank (German central bank) provided on-site access to the database External Position Report and free accommodation on the premises of the central bank during the author’s research visits.

New B2BinPay v18 Introduces Unified Account System and Massive UI Revisions

Retrieved on: 
Thursday, November 16, 2023

Key Points: 
  • View the full release here: https://www.businesswire.com/news/home/20231116251906/en/
    B2BinPay v18 update introduces Account Merge - Unifying Merchant and Enterprise Models and streamlining onboarding and business management processes.
  • (Graphic: Business Wire)
    The new release boasts a unified account system, merging the Merchant and Enterprise models and making transaction management easier than ever before.
  • Coupled with a revamped front end and reinforced regulatory compliance, B2BinPay continues to prioritise UX and security in this latest version.
  • New integration equipped B2BinPay with a robust system for detecting suspicious activities and eliminating fraud, providing clients with added peace of mind.

ACAMS Grants 10 CAMS Scholarships in Japan to Bolster Nation's Anti-Money Laundering Expertise

Retrieved on: 
Monday, December 11, 2023

WASHINGTON, Dec. 11, 2023 /PRNewswire/ -- ACAMS, a leading international membership organization dedicated to the fight against illicit finance, is pleased to announce it has awarded CAMS Scholarships to 10 anti-financial crime (AFC) professionals in Japan, reflecting ACAMS' unwavering commitment to the nation's fight against illicit finance.

Key Points: 
  • The CAMS Scholarship program aims to equip professionals to advance their financial crime prevention careers and benefit from being part of ACAMS' global anti-financial crime community.
  • "Japan has taken significant steps to enhance its framework for combating money laundering and terrorist financing," said ACAMS Interim CEO, Mariah Gause.
  • "It is our hope that the CAMS Scholarships will contribute to the success of Japan's AFC professionals as they work to bolster their nation's fight against financial crime."
  • Details about the judges for the CAMS Scholarship Japan and the list of recipients is available here: https://www.acams.org/en/resources/diversity-equity-inclusion/scholarshi...
    Find out more about ACAMS Scholarship initiative here:

International Conflict and Emerging Technologies Drive ComplyAdvantage Experts' FinCrime Trends for 2024

Retrieved on: 
Wednesday, December 6, 2023

LONDON and NEW YORK, Dec. 6, 2023 /PRNewswire/ -- Today, ComplyAdvantage announced the four trends it believes will shape the financial crime landscape in 2024. Following conversations with regulators, industry leaders, and innovative financial institutions worldwide, the company's team of regulatory affairs experts predict that the next 12 months will be defined by significant challenges posed by technology and international turmoil.

Key Points: 
  • LONDON and NEW YORK, Dec. 6, 2023 /PRNewswire/ -- Today, ComplyAdvantage announced the four trends it believes will shape the financial crime landscape in 2024.
  • Advancements in technology, such as machine learning, allow us to use big data in this way.
  • I expect to see lots of exciting innovations in this space through 2024," said Vatsa Narasimha, CEO, ComplyAdvantage.
  • As this continues through 2024, the conversation will shift to how and where these models are used, emphasizing training and transparency.

Panama officially removed from FATF grey list

Retrieved on: 
Friday, October 27, 2023

PANAMA CITY, Oct. 27, 2023 /PRNewswire/ -- In a momentous decision with positive implications for the international financial community and Panamanian economy, the Financial Action Task Force (FATF) today excluded Panama from its grey list. This announcement comes following an FATF plenary meeting, held in Paris, France, in which it was determined that the Republic of Panama has strengthened its anti-money laundering and counter-terrorist financing prevention system and implemented substantial regulations and actions that have allowed the country to take an important step forward in international transparency.

Key Points: 
  • PANAMA CITY, Oct. 27, 2023 /PRNewswire/ -- In a momentous decision with positive implications for the international financial community and Panamanian economy, the Financial Action Task Force (FATF) today excluded Panama from its grey list.
  • Today, these substantial efforts have been recognized by the international community with the successful removal of Panama from the FATF grey list, an endeavor many years in the making."
  • Panama's removal from the FATF grey list represents a crucial milestone in the country's economic development.
  • Minister Tewaney further commented on the future implications of the decision for Panama, stating:
    "Panama's removal from the grey list solidifies Panama as an attractive, stable and safe destination for foreign investment.

Panama officially removed from FATF grey list

Retrieved on: 
Friday, October 27, 2023

PANAMA CITY, Oct. 27, 2023 /PRNewswire/ -- In a momentous decision with positive implications for the international financial community and Panamanian economy, the Financial Action Task Force (FATF) today excluded Panama from its grey list. This announcement comes following an FATF plenary meeting, held in Paris, France, in which it was determined that the Republic of Panama has strengthened its anti-money laundering and counter-terrorist financing prevention system and implemented substantial regulations and actions that have allowed the country to take an important step forward in international transparency.

Key Points: 
  • PANAMA CITY, Oct. 27, 2023 /PRNewswire/ -- In a momentous decision with positive implications for the international financial community and Panamanian economy, the Financial Action Task Force (FATF) today excluded Panama from its grey list.
  • Today, these substantial efforts have been recognized by the international community with the successful removal of Panama from the FATF grey list, an endeavor many years in the making."
  • Panama's removal from the FATF grey list represents a crucial milestone in the country's economic development.
  • Minister Tewaney further commented on the future implications of the decision for Panama, stating:
    "Panama's removal from the grey list solidifies Panama as an attractive, stable and safe destination for foreign investment.

Fireblocks Taps Former NYDFS Crypto Regulator Peter Marton and Expert Cryptographer & Builder of EY's Nightfall Chaitanya Reddy Konda to Lead On-Chain Digital Identity and Programmable Compliance Initiatives

Retrieved on: 
Tuesday, October 24, 2023

NEW YORK, Oct. 24, 2023 /PRNewswire/ -- Today, Fireblocks, an enterprise platform to manage digital asset operations and build innovative businesses on the blockchain, announces the strategic appointments of Peter Marton, former Deputy Superintendent of Virtual Currency at the New York State Department of Financial Services (NYDFS), and leading cryptographer, Chaitanya Reddy Konda, who designed and built Nightfall, a pioneering privacy solution for Ethereum token transfers for EY. Together, they will lead the company's efforts to develop programmable blockchain-based compliance products and set international standards for on-chain identity for the digital asset industry.

Key Points: 
  • Together, they will lead the company's efforts to develop programmable blockchain-based compliance products and set international standards for on-chain identity for the digital asset industry.
  • Marton, an authority in digital asset regulation, joins Fireblocks as Director of Digital Identity, and will report directly to Jason Allegrante, Fireblocks' Chief Legal & Compliance Officer.
  • Chaitanya Reddy Konda, assuming the role of Senior Technical Product Manager, Digital Identity & Privacy, is an established authority in the realm of applied cryptography.
  • For those interested in learning more about Fireblocks' pioneering work in on-chain digital identity and other digital asset solutions, visit fireblocks.com .

ACAMS, World Wildlife Fund and Targeting Natural Resource Corruption Partner to Expand Illegal Wildlife Trade Certificate to Reach Spanish-Speaking Countries

Retrieved on: 
Thursday, September 28, 2023

WASHINGTON, Sept. 28, 2023 /PRNewswire/ -- To combat rampant money laundering linked to illegal wildlife trade (IWT) and better safeguard the vibrant biodiversity in Latin America, ACAMS has partnered with the World Wildlife Fund (WWF) and Targeting Natural Resource Corruption (TNRC) to adapt its original English training course, Ending Illegal Wildlife Trade: A Comprehensive Overview, to Spanish. With an estimated $23 billion in illicit proceeds generated annually by IWT, this free-of-charge certificate will train anti-financial crime (AFC) professionals on how to better identify, investigate and penalize financial activity linked to this criminal threat.

Key Points: 
  • WASHINGTON, Sept. 28, 2023 /PRNewswire/ -- To combat rampant money laundering linked to illegal wildlife trade (IWT) and better safeguard the vibrant biodiversity in Latin America, ACAMS has partnered with the World Wildlife Fund (WWF) and Targeting Natural Resource Corruption (TNRC) to adapt its original English training course, Ending Illegal Wildlife Trade: A Comprehensive Overview, to Spanish.
  • Since then, the certificate has been adapted to target regional needs, with new local case studies in several languages, including Simplified Chinese, Japanese and now Spanish.
  • Renata Cao, Latin America Wildlife Crime Hub Lead at WWF commented "This training course is a valuable tool in global efforts to curb illegal wildlife trade and addresses threats prevalent in Latin America.
  • "Scratch beneath the surface of the illegal trade in wildlife, fish, or timber, and you'll likely find corruption," said Preston Whitt, anti-corruption advisor for the TNRC project at WWF-US.

ACAMS Assembly Conference Bolsters Japan's Financial-Crime Fight with Expert Guidance on Corporate Transparency, Sanctions, and More

Retrieved on: 
Friday, September 1, 2023

TOKYO, Aug. 31, 2023 /PRNewswire/ -- ACAMS, a leading international membership organization dedicated to the fight against illicit finance, will host a unique 2-day educational conference and networking event beginning on September 20th at the Grand Hyatt Tokyo in support of Japan's anti-financial crime (AFC) regime and its efforts to clamp down on money laundering, sanctions evasion, fraud and other criminal activity.

Key Points: 
  • Rick McDonell, ACAMS Executive Director and the former Executive Secretary of the Financial Action Task Force (FATF), and Dr. Justine Walker, ACAMS Global Head of Sanctions, Compliance and Risk, will moderate high-level discussions on pressing compliance topics, including:
    "As Japan continues to strengthen its AFC regime in line with FATF's recommendations, it's critical that the public and private sectors come together to share their knowledge on the best path forward," said ACAMS CEO Scott Liles.
  • "By convening leading experts in illicit finance, The Assembly Japan will drive impactful conversations, forging strong partnerships to effectively combat criminal networks."
  • In addition to having opportunities to pose their compliance questions directly to speakers, attendees will also have the chance to network with industry peers, experts, and other stakeholders.
  • For more information on The Assembly Japan, including access to the agenda and registration portal, please visit: https://www.acams.org/en/events/the-assembly/the-assembly-japan .