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AML

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Hong Kong Under The Spotlight In Australian Money Laundering Case

Australia’s financial watchdog, Austrac has filed a case against Commonwealth Bank of Australia (CBA) – one of the country’s “big four” banks – alleging some AUS$ 90 million (US$70.9 million) of laundered money was de...

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FATF Plenary: 8 Things You Should Know

The global standard-setter on anti-money laundering/counter-terrorist financing (“AML/CTF”), the Financial Action Task Force (“FATF”) held its recent plenary meeting in Valencia on 21-23 June 2017. Key coverage includ...

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High-Profile Spanish Money Laundering Investigation Of Chinese Bank Raises Questions About Future Of Similar U.S. Enforcement

09 August/2017 | China Money Laundering AML EU US ICBC Spain

As widely reported, the Spanish police raided last year the Madrid offices of the Chinese state-run Industrial and Commercial Bank of China (“ICBC”), the world’s biggest bank by assets. In the nearly 18 months followi...

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It's A Very Good Time To Be A Money Launderer, And You Can Thank Cryptocurrencies

09 August/2017 | regulations Cryptocurrency AML

Cryptocurrencies have exploded in popularity in recent years that has led to a red-hot fundraising trend where start-ups bring in millions of dollars in capital by issuing virtual tokens to investors in exchange for m...

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Commonwealth Bank Blames Coding Error For Money-Laundering Suit

08 August/2017 | Money Laundering AML Australia CBA

Commonwealth Bank of Australia has blamed a software coding error for more than 50,000 alleged breaches of money-laundering and terrorist-financing laws. The error went undetected for almost three years, the Sydney-ba...

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