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INSIGHT: Pressure on AMLA to provide advice on data sharing; EU financial institutions are ‘frozen’ without guidance

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NEWS: If a country financial crime would be world’s ‘fourth biggest economy,’ BaFin’s Randolphe tells Frankfurt event

Luxury call sales in Singapore have plummeted following a money laundering scandal Premium

LATEST: Fines against Singapore banks in $3bn money laundering scandal ‘too low’; FATF evaluation scores city state well in other findings

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NEWS: Canada fines three companies in AML crackdown

By CARLO BOFFA, EU Correspondent

THE European Union risks becoming a magnet for illicit funds unless it resolves conflicts between its privacy laws and anti-money laundering rules that can block private firms from sharing key data with authorities. 

The EU’s GDPR is among the strictest data protection frameworks in the world, limiting the amount of customer data companies are allowed to pass on while allowing consumers to request erasure of their data. These limitations have the potential to hinder both data retention under AML regulation and its transmission to the law enforcement agencies that track illicit funds.

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Premium

NEWS: If a country financial crime would be world’s ‘fourth biggest economy,’ BaFin’s Randolphe tells Frankfurt event

Luxury call sales in Singapore have plummeted following a money laundering scandal Premium

LATEST: Fines against Singapore banks in $3bn money laundering scandal ‘too low’; FATF evaluation scores city state well in other findings

 Premium

NEWS: Canada fines three companies in AML crackdown

Regulatory Watch News

  • OLAF helps uncover suspected textile diversion scheme

    OLAF

    The European Anti-Fraud Office (OLAF) has supported a coordinated customs operation with Polish and Spanish customs that led to the seizure of several containers of textiles suspected of being diverted onto the EU grey market instead of being exported to Africa as declared. The operation focused on flows of goods transported from China towards Africa via a rail corridor entering the European Union through Poland and then expected to leave the EU via the ports of Spain to Africa. According to customs declarations, the goods – mainly textiles – were only transiting through the EU and were not intended for the sale on European market.

  • Scam alert related to banks

    HKMA

      The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to the press releases issued by the banks listed below relating to fraudulent websites, internet banking login screens, phishing emails or other scams, which have been reported to the HKMA.  Hyperlinks to the press releases are available on the HKMA website.  

           Bank        Type of Scam
    The Bank of East Asia, Limited Fraudulent website and internet banking login screen
    Shanghai Commercial Bank Limited Fraudulent website and internet banking login screen
    Chong Hing Bank Limited Fraudulent website and internet banking login screen
    OCBC Bank (Hong Kong) Limited Fraudulent websites and internet banking login screens
     

  • One in eight workers (13%) admit to selling company logins, Cifas research reveals

    CIFAS

    New findings from the UK’s fraud prevention service, Cifas, reveal a worrying shift in attitudes towards insider‑enabled fraud, with 13% of employees saying they have either sold their company login details to a former colleague, or know someone who has, in the past 12 months. For organisations, the normalisation of credential sharing significantly increases exposure to insider threat, cyber, and financial crime, by providing criminals with a trusted route into internal systems. Cifas’ Workplace Fraud Trends report shows that 13% of respondents also believed selling access to company systems was ‘justifiable’. While three quarters (75%) said the act was completely unjustified, the level of acceptance suggests a growing complacency around internal controls and staff responsibility.

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