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The Transparency International Corruption Perception Index ranks 180 countries and territories by their perceived levels of public sector corruption according to experts and business people. The index uses a scale of zero to a hundred, where zero is highly corrupt, and a hundred is very clean. The data shows that
Rapid technological advancements have led to blockchain technology, which is a secure method of transaction, trade, and record-keeping. Blockchain powers Bitcoin known as Crypto- Coin (CC), a digital currency that uses peer to peer (P2P) transactions to facilitate payments. Bitcoin is the first cryptocurrency to be sufficiently integrated on a
MT Global, a Luton-based money transfer company, has been handed the largest ever fine issued by HMRC, £23,828,092, for significant regulation breaches between July 2017 and December 2019. These breaches include a failure to: carry out risk assessments. have the correct policies, controls, and procedures in place conduct “fundamental” customer
BitGo, a cryptocurrency company based in California, was accused by OFAC of potential civil liability for 183 apparent violations of multiple sanctions program. According to OFAC, between 2015 and 2019, BitGo processed 183 digital currency transactions valued at approximately $9000 on behalf of individuals whose IP addresses revealed that they
Investigations by the United States Justice Department and the Securities and Exchange Commission found that Deutsche Bank made about $7 million in improper payments to foreign fixers between 2009 and 2016 earning about $35 million from the resulting deals. According to the Justice Department, the charges arise out of a
On Thursday, January 14th, 2021, the Financial Crimes Enforcement Network (FinCEN) announced that it was reopening the comment period for its recent proposed rulemaking regarding certain transactions involving convertible virtual currency (CVC) or digital assets with legal tender status (LTDA). Under the Notice of Proposed Rulemaking (NPRM), banks and money
The Nigerian Securities and Exchanges Commission (SEC) has recently announced a regulatory framework for using cryptocurrencies in Nigeria. The SEC says it will regulate crypto-token or crypto-coin investments when the character of the investments qualifies as securities transactions. According to them, virtual crypto assets are securities, unless proven otherwise. Thus, the burden
In December 2020, FAFT released a report on Trade-Based Money Laundering which empathises on some of the risks associated in trading within increasingly complicated and complex supply chains. The implication of this is that Organised Criminal Groups (OCGs), Professional Money Launderers (PMLs), and Terrorist Financing (TF) networks exploit these complications
The current pandemic poses various challenges to organisations, one of which is the increase in financial crime risk, with criminals seeking new ways to launder illicit money and exploiting weaknesses in the global financial system. The pandemic has also changed the way financial crime risk is managed and controlled in
The current pandemic poses various challenges to organisations, one of which being the increase in financial crime. Digitalisation continues to grow at a rapid rate and criminals appear to be taking advantage of this opportunity. As Nirvana Farhadi, Financial Services RegTech Pioneer and Expert pointed out, ‘Criminals are getting more