Anti Money Laundering

Anti Money Laundering News

US to strictly enforce anti-money laundering rules in cryptocurrencies: FinCEN chief
News & Analysis

US to strictly enforce anti-money laundering rules in cryptocurrencies: FinCEN chief

The rule requires cryptocurrency firms to share information about their customers.

Sebi slaps Rs 30 lakh fine on Geojit Financial Services for violations of stock broker norms, non-settlement of clients' accounts
Business

Sebi slaps Rs 30 lakh fine on Geojit Financial Services for violations of stock broker norms, non-settlement of clients' accounts

Sebi said Geojit Financial Services had not settled accounts of its inactive clients in seven quarters during the inspection period—FY2013-14 and 2014-15.

Stolen cryptocurrencies in 2018 surged to around $1.7 billion in 2018: Report
News & Analysis

Stolen cryptocurrencies in 2018 surged to around $1.7 billion in 2018: Report

$950 million constituted thefts from cryptocurrency exchanges, infrastructure services like wallets.

Indo-Swiss pact on hidden wealth: Why it isn't helping in India's fight against black money
Business

Indo-Swiss pact on hidden wealth: Why it isn't helping in India's fight against black money

Black money is known as illicit financial flows (IFFs) internationally, which are defined as a cross-border movement of funds that have been illegally or unethically earned, transferred or utilised

Banks received alarming amount of fake currency post demonetisation; detected 480% jump in suspicious transactions
Business

Banks received alarming amount of fake currency post demonetisation; detected 480% jump in suspicious transactions

Banks received a record amount of fake currency and detected an over 480 percent surge in suspicious transactions post demonetisation.

Australia announces bill to strengthen money laundering rules, including bitcoin
News & Analysis

Australia announces bill to strengthen money laundering rules, including bitcoin

The digital currency exchange sector, which includes bitcoin, will be regulated for the first time in Australia.

IDBI Bank loan case: Vijay Mallya laundered over Rs 1,300 cr through 13 shell cos, says ED
Business

IDBI Bank loan case: Vijay Mallya laundered over Rs 1,300 cr through 13 shell cos, says ED

The ED said its "money trail analysis revealed that out of the total loan of Rs 860.92 crore, sanctioned and disbursed by IDBI, Rs 423 crore has been remitted out of India.

Canara Bank gets shareholders approval to raise up to Rs 2,000 cr
Business

Canara Bank gets shareholders approval to raise up to Rs 2,000 cr

The issue proceeds will enable the bank to strengthen its capital adequacy requirements as specified by RBI

RBI imposes Rs 1 cr penalty on Dhanlaxmi Bank for violating KYC, AML norms
Business

RBI imposes Rs 1 cr penalty on Dhanlaxmi Bank for violating KYC, AML norms

RBI further said that "this action" is based on deficiencies in regulatory compliance and is "not intended" to pronounce upon the validity of any transaction or agreement entered into by the bank and its customers.

Black money probe: ED attaches Rs 166 crore stashed in Singapore bank account
Mumbai

Black money probe: ED attaches Rs 166 crore stashed in Singapore bank account

Enforcement Directorate (ED) has successfully attached around Rs 166 crore kept in a Singapore bank in connection with the City Limousine case.

Budget 2015: Draconian black money law won't work without one-time amnesty
Budget

Budget 2015: Draconian black money law won't work without one-time amnesty

The budget proposes tough - even draconian - laws to go after black money holders. But it may achieve little without also offering a one-time amnesty scheme so that the taxman can say "you were given a chance to come clean"

Islamist accounts targetted as UAE probes money-laundering
Politics

Islamist accounts targetted as UAE probes money-laundering

On Saturday the UAE designated 85 organisations as terrorist groups including the Brotherhood, Islamic State and other Shi'ite militant groups such as Yemen's Houthi movement.

How Libor, money-laundering will affect HSBC's profits
Business

How Libor, money-laundering will affect HSBC's profits

The threat that HSBC faces in its anti-money laundering systems and the risk it will be pulled deeper into an interest rate manipulation probe are set to overshadow strong half-year profits on Monday.

HSBC case: Govt to get to the bottom of safety violation
Business

HSBC case: Govt to get to the bottom of safety violation

Indian government has said that it will "get to the bottom" of the alleged violation of safety compliance by HSBC's staff in the country against money laundering.

RBI looks into issues raised by US Senate in HSBC case
Economy

RBI looks into issues raised by US Senate in HSBC case

RBI is looking into the issue of non-compliance of anti-money laundering norms by the Indian staff of HSBC raised by a US Senate Committee

Terror financing: Govt mulls over regulator for casino sector
Economy

Terror financing: Govt mulls over regulator for casino sector

In order to keep a check on terror financing and laundering instances in the casino sector, the government is mulling to bring in a 'Gaming regulator' for the business which operates in Goa and few other tourist locations.

Co-operative Banks, RRBs Slow On AML Adoption
Biztech

Co-operative Banks, RRBs Slow On AML Adoption

Hanuman Tripathi, Group MD- InfrasoftTech discusses major drivers of Anti Money Laundering Soln.(AML) in India. He also informs about the adoption level of AML in India.

Fortent Introduces Integrated Financial Crimes And Compliance Soln
Biztech

Fortent Introduces Integrated Financial Crimes And Compliance Soln

Fortent Connect is a solution designed to help mid-sized financial institutions fight crime and manage regulatory compliance.

Bank of India To Control Laundering With 3i Solution
Biztech

Bank of India To Control Laundering With 3i Solution

All financial institutions globally are required to examine money laundering operations and report to the Financial Intelligence Unit of their respective countries for prevention of money laundering.

UBI Partners 3i Infotech For Anti Money Laundering Initiative
Biztech

UBI Partners 3i Infotech For Anti Money Laundering Initiative

3i Infotech will implement AMLOCK, the company's Anti Money Laundering (AML) software at UBI.