COVID increasing money laundering risks
The United Arab Emirates central bank sees increased risks of illicit financial flows emerging from the pandemic. This includes money-laundering and terrorism financing. The use of unlicensed money service providers for money laundering has increased during this pandemic, as per the report. And also, the use of e-commerce to launder money. It also stated that the widespread […]
AI and machine learning against money launderers
Australia’s banks process more than 13 billion cashless transactions over every year. This indicates that, more than 35 million transactions every single day is being made. Within this the criminals hide illegal transactions and launder money by concealing their activities. Similar to how cyber attackers, money launderers are nowadays exploiting the sheer volume of transactions […]
Danske bank defeats appeal in US over money laundering scandal
Danske Bank A/S and former top executives had defeated an appeal in New York. That is by the shareholders, by claiming that they were defrauded because the Danish bank allowed widespread money laundering at its former Estonian branch. In September 2018, the lawsuit began after Danske said that an internal probe had uncovered about 200 […]