By Elizabeth Hearst for AMLi The CEO of the European Banking Federation, Wim Mijs has stressed the need for effective AML/CFT framework, which he described as of “utmost importance” to the financial sector. In an opinion piece for AMLintelligence, Mijs detailed that existing framework “does not lead to optimal results”, with only 1.1% of criminally…
Regulatory Watch News
FinCEN Reminds Financial Institutions to Remain Vigilant to Environmental Crimes
FinCEN
WASHINGTON—As the nation reflects on the many ways to protect our environment this Earth Day, the Financial Crimes Enforcement Network (FinCEN) reminds financial institutions to remain vigilant in identifying and reporting suspicious activity related to environmental crimes. Environmental crimes frequently involve transnational criminal activity related to several of FinCEN’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) National Priorities, including corruption, fraud, human trafficking, and drug trafficking.
Email Alert – Phishing emails related to Hang Seng Bank, Limited
HKMA
The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Hang Seng Bank, Limited relating to phishing emails, which have been reported to the HKMA. A hyperlink to the press release is available on the HKMA website.
European Police Chiefs call for industry and governments to take action against end-to-end encryption roll-out
Europol
European Police Chiefs are calling for industry and governments to take urgent action to ensure public safety across social media platforms.Privacy measures currently being rolled out, such as end-to-end encryption, will stop tech companies from seeing any offending that occurs on their platforms. It will also stop law enforcement’s ability to obtain and use this evidence in investigations to prevent and prosecute the most serious crimes such as child sexual abuse, human trafficking, drug smuggling, homicides, economic crime and terrorism offences.
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