FATF

DMG Blockchain Solutions Announces Investment in Digital Asset Custody Solution

Retrieved on: 
Thursday, February 22, 2024

VANCOUVER, British Columbia, Feb. 22, 2024 (GLOBE NEWSWIRE) -- DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB US: DMGGF) (FRANKFURT: 6AX) (“DMG”), a vertically integrated blockchain and data center technology company, announces it has committed CAD $3.5 million to establish a Calgary, Alberta based independent digital asset custody solution for institutional clients.

Key Points: 
  • VANCOUVER, British Columbia, Feb. 22, 2024 (GLOBE NEWSWIRE) -- DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB US: DMGGF) (FRANKFURT: 6AX) (“DMG”), a vertically integrated blockchain and data center technology company, announces it has committed CAD $3.5 million to establish a Calgary, Alberta based independent digital asset custody solution for institutional clients.
  • The capital commitment for this digital asset custody solution will be made over time and as required to support the regulatory review process.
  • Sheldon Bennett, CFE, MBA - CEO and Director of DMG Blockchain Solutions and Chair of Systemic Trust.
  • Most recently as Binance Canada’s Chief Technology Officer, he spearheaded the implementation and launch of its Crypto Trading Platform and digital asset custody service.

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.

EbixCash Payment Solutions Reports Exceptional Year-over-Year Revenue and Income Growth in Q4 2023 and Full Year of 2023

Retrieved on: 
Monday, January 8, 2024

EbixCash continued its leadership in the Foreign Exchange (Forex) arena with YOY growth of approximately 38% in 2023.

Key Points: 
  • EbixCash continued its leadership in the Foreign Exchange (Forex) arena with YOY growth of approximately 38% in 2023.
  • The last quarter of the calendar year from September to December 2023 (Q4’23) accounted for an estimated INR 144 crore of gross revenue.
  • In the year 2023, EbixCash also reported 30% YOY growth in the student outward remittance business.
  • EbixCash Payment Solutions group also reported that it continued its dominant leadership role in the Inward remittance business (MTSS) in 2023, while processing 4.4 million transactions in the calendar year 2023.

COFICERT certifies TAMWEELCOM to the AML 30000 standard, with the support of the EU Global Facility

Retrieved on: 
Thursday, January 4, 2024

COFICERT certifies TAMWEELCOM to the AML 30000 standard, with the support of the EU Global Facility

Key Points: 
  • COFICERT certifies TAMWEELCOM to the AML 30000 standard, with the support of the EU Global Facility
    COFICERT certifies TAMWEELCOM to the AML 30000 standard, with the support of the EU Global Facility
    COFICERT France announces that it has awarded Tamweelcom with the AML 30000 certificate of conformity, during a ceremony held in Amman, attended by representatives from the European Union delegation in Jordan, the EU Global Facility on AML/CFT, and the NAMLCTFC (Jordanian National Anti-Money Laundering and Counter-Terrorist Financing Committee).
  • Tamweelcom's AML 30000 certification process was financed by the EU Global Facility on AML/CFT, established by the European Commission , through a support program dedicated to microfinance institutions, started in 2021 in Tunisia with the certification of the country's main MFI, Enda Tamweel.
  • His speech was followed by the congratulation of David Hotte, Team Leader of the EU Global Facility : "On behalf of the EU Global Facility, I want to warmly congratulate Tamweelcom on their remarkable achievement by obtaining the AML 30000 certification.
  • Certification to the AML 30000 Standard aims to protect and reassure the various stakeholders against the risks of money laundering and terrorist financing.

COFICERT certifies NSIA Bank CI to the AML 30000 standard

Retrieved on: 
Tuesday, December 26, 2023

COFICERT France announces that it has awarded NSIA Bank CI (CI0000002416 – NSBC) with the AML 30000 certificate of conformity, the international standard dedicated to the fight against money laundering, the financing of terrorism and the proliferation of weapons of mass destruction (AML/CFT).

Key Points: 
  • COFICERT France announces that it has awarded NSIA Bank CI (CI0000002416 – NSBC) with the AML 30000 certificate of conformity, the international standard dedicated to the fight against money laundering, the financing of terrorism and the proliferation of weapons of mass destruction (AML/CFT).
  • On a national and regional scale, NSIA Bank CI is a highly expending bank having engaged significant modernization and optimization projects.
  • Mr. Skander highlighted the efforts made upstream by NSIA Bank CI, enabling it to claim AML 30000 certification, specifying: “The evaluation process, which was carried out by our teams over a period of 5 months, under the strict respect of the ISO 17021 standard, confirms the compliance of the NSIA Bank CI AML/CFT system with the AML 30000 standard.
  • Certification to the AML 30000 Standard aims to protect and reassure the various stakeholders against the risks of money laundering and terrorist financing.

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:

ACAMS Assembly Bolsters Caribbean's Efforts to Combat Financial Crime with Expert Insights on Recent Money Laundering and Fraud Case Studies, Sanctions and Beyond

Retrieved on: 
Thursday, December 7, 2023

WASHINGTON, Dec. 7, 2023 /PRNewswire/ -- Navigating critical challenges in a region recognized as a hub for offshore banking and now virtual currency exchanges - the ACAMS Assembly is poised to host a unique two-day anti-financial crime (AFC) educational and networking event starting on December 11 in Orlando, Florida. This marks ACAMS' first in-person gathering of AFC professionals from the Caribbean since the pandemic, aiming to fortify the region's efforts against money laundering, sanctions evasion, fraud, and other illicit activities.

Key Points: 
  • This marks ACAMS' first in-person gathering of AFC professionals from the Caribbean since the pandemic, aiming to fortify the region's efforts against money laundering, sanctions evasion, fraud, and other illicit activities.
  • "It is evident that the regulatory landscape is undergoing continuous tightening, heightening the urgency for robust and effective controls.
  • Additionally, the speed of technological evolution has resulted in a surge in fraud and other financial crimes.
  • For more information on The Assembly Caribbean, including access to the agenda and registration portal, please visit: https://www.acams.org/en/events/the-assembly/the-assembly-caribbean .

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.