The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

ICAEW and B20 Task Force to Introduce Recommendations For Combating Financial Crimes

n-img-icaew

Policies for anti-money laundering and terrorist financing compliance will be introduced to combat increasing financial crimes through a collaborative effort by ICAEW and B20 Integrity and Compliance Task Force. 

On Wednesday, the Institute of Chartered Accountants in England and Wales (ICAEW) and B20 Integrity and Compliance Task Force collaboratively held a conference in Jakarta. 

Experts from ICAEW attended the conference, including the Ministry of the Indonesian Financial Transaction Reports and Analysis Centre (PPATK), the Banking Compliance Director Communication Forum (FKDKP), and others. The event presented recommendations regarding actionable policies from the B20 task force to encourage the adoption of strict measures and quick actions regarding financial crimes such as money laundering and terrorism financing. 

The ICAEW introduced major policy recommendations. ICAEW’s Managing Director International Mark Billington said, “With countries recovering from the pandemic facing economic challenges and new technology presenting opportunities for criminal activities, the public and private sectors must work hand in hand to put in place strong countermeasures against economic crimes. We have been persistent in providing guidance and resources to members and nations around the globe, as well as robust anti-money laundering supervision through a risk-based approach, and we will continue to do so,”

The Minister of Finance, Sri Mulyani, also delivered a speech to ensure Indonesia’s commitment to fight against money laundering and terrorist financing. 

In 2002, the government established the PPATK as an independent financial intelligence unit to combat financial crimes. Last year, the Ministry of Finance and PPATK signed a memorandum of understanding. The reason was to prevent financial crimes and publish a guideline for further collaboration. 

“Other than the B20 Integrity and Compliance Task Force conference today, we hope to continue our discussion and effort with various stakeholders such as PPATK and the Ministry of Finance of the Republic of Indonesia”, ICAEW Head of Indonesia, Conny Siahaan told the Jakarta Post.

“We look forward to holding this initiative annually as a joint effort with the Ministry of Finance to provide insights on various sustainability-related topics, maximise opportunities and inspire key stakeholders in Indonesia and the region to accelerate their response to sustainability challenges,” she said. 

According to Conny, mutual efforts were essential to combat financial crimes. 

Suggested Read: Latvian State Police Bust a Major Money Laundering Ring

Related Posts

News

Binance in Trouble for Allegedly Aiding Money Laundering Worth $2.35 Billion

An inquiry into the world’s biggest crypto exchange Binance has revealed that it has aided money ...

Binance in Trouble for Allegedly Aiding Money Laundering Worth $2.35 Billion Explore More

News

Poker Machines Being Preyed by Criminals Amidst COVID-19 Pandemic

During the five months of lockdown due to the COVID-19 pandemic, there has been a growth of 305 U...

Poker Machines Being Preyed by Criminals Amidst COVID-19 Pandemic Explore More

News

SFMS Reports Blocking Russian Crypto Exchanges

Ukraine’s financial monitoring agency has restricted access to several online crypto exchan...

SFMS Reports Blocking Russian Crypto Exchanges Explore More

News

Swedish gambling regulator seeks high money-laundering fines

The Swedish Gambling Authority (SGA) has taken a tough stance against money laundering and reques...

Swedish gambling regulator seeks high money-laundering fines Explore More

News

UK Customers Losse £580m to Identity Scammers in First Half of 2023

UK Finance disclosed that identity theft is a proliferating scam, and they recorded 1.4m fraud ca...

UK Customers Losse £580m to Identity Scammers in First Half of 2023 Explore More

News

Google to Improve its Compliance Program After BTC-e Data Loss

Google has committed to strengthening its legal compliance program after losing data linked with ...

Google to Improve its Compliance Program After BTC-e Data Loss Explore More

News

UAE Imposes Dh65 Million Worth of AML Fines on 137 Companies

After examining 840 companies, 137 companies failed to comply with anti-money laundering and comb...

UAE Imposes Dh65 Million Worth of AML Fines on 137 Companies Explore More

News

FATF: US largely complacent with virtual currency regulations

The Financial Action Task Force (FATF) has rated the U.S. “largely compliant” with its revised cr...

FATF: US largely complacent with virtual currency regulations Explore More

News

Abu Dhabi Regulatory Authority Fines Pyypl $486,000 for Violating Money Laundering Laws

Abu Dhabi Global Market (ADGM) financial regulatory authority fined $486,000 to digital UAE bank ...

Abu Dhabi Regulatory Authority Fines Pyypl $486,000 for Violating Money Laundering Laws Explore More

News

Swedish Biggest Bank Hosts Active Account for PKK Terrorist Group

According to a local media source, the most prominent Swedish bank, SEB (Skandinaviska Enskilda B...

Swedish Biggest Bank Hosts Active Account for PKK Terrorist Group Explore More

News

UAE Arrests Gupta Brothers As Part of Efforts to Combat Money Laundering

The UAE has arrested the internationally wanted Gupta brothers who were charged for money launder...

UAE Arrests Gupta Brothers As Part of Efforts to Combat Money Laundering Explore More

News

Estonia’s New AML/CFT Regulatory Regime Sparks 80% Downfall in Licensed Crypto Firms

Since May 2023, Estonia’s updated crypto AML/CFT regulations have resulted in an 80% reduction in...

Estonia’s New AML/CFT Regulatory Regime Sparks 80% Downfall in Licensed Crypto Firms Explore More

News

U.S. SEC chair nominated to regulate crypto oversight

William Barr, United States Attorney General announced that President Trump is likely to task Jay...

U.S. SEC chair nominated to regulate crypto oversight Explore More

News

$9.8 Million Lost, 40 Arrested in Twitch Money Laundering Scheme

On Tuesday, 4th January, Turkish police took 40 suspects into custody from 11 provinces for alleg...

$9.8 Million Lost, 40 Arrested in Twitch Money Laundering Scheme Explore More

News

Silly Season Scams to Rise as AFP Forewarns Fake Delivery Texts

The Australian Federal Police (AFP) has warned of fake delivery texts. Scammers use legitimate-lo...

Silly Season Scams to Rise as AFP Forewarns Fake Delivery Texts Explore More

News

FMA Sues Tiger Brokers for AML/CTF Breaches

The Financial Markets Authority (FMA) has filed court proceedings against Tiger Brokers for alleg...

FMA Sues Tiger Brokers for AML/CTF Breaches Explore More

News

Creating UBO Registry ‘Biggest Focus’ for US Treasury’s Anti-corruption Push

As part of the US government’s AML reform plan, an ultimate beneficiary ownership register will b...

Creating UBO Registry ‘Biggest Focus’ for US Treasury’s Anti-corruption Push Explore More

News

Canada’s Federal Government Announces Public Consultation Regarding a New Framework for Digital Identity

Canada’s government announces public consultation for creating a federally regulated digital iden...

Canada’s Federal Government Announces Public Consultation Regarding a New Framework for Digital Identity Explore More

News

UN Warns of Increased Money Laundering Risk from Mekong Casinos

The UN officials claimed transnational criminal gangs are exploiting Southeast Asia’s gaming and ...

UN Warns of Increased Money Laundering Risk from Mekong Casinos Explore More

News

Binance Pulls Out its Rival Exchange Huobi from Money Laundering Attempt

Binance helped its rival crypto exchange, Huobi Global, recover the amount taken in a bridge expl...

Binance Pulls Out its Rival Exchange Huobi from Money Laundering Attempt Explore More

News

Coinbase Attorney Urges SEC to Announce Crypto Rules

Coinbase’s attorney forced the Securities and Exchange Commission (SEC) to announce a trans...

Coinbase Attorney Urges SEC to Announce Crypto Rules Explore More

News

SRA Fines Oxfordshire Law Firm over Weak AML Controls

The SRA (Solicitors Regulation Authority) has charged £20,000 to an Oxfordshire law firm after id...

SRA Fines Oxfordshire Law Firm over Weak AML Controls Explore More

News

Anti-Fraud Experts Advise the CBN to Reconsider its Decision to Ban Crypto

One year after the Central Bank Nigeria (CBN), imposed a ban on digital currencies, anti-fraud ex...

Anti-Fraud Experts Advise the CBN to Reconsider its Decision to Ban Crypto Explore More

News

Sam Bankman-Fried Charged with Fraud and Money Laundering, Makes Headlines Again

A federal indictment accusing FTX Co-Founder Sam Bankman-Fried of committing widespread fraud has...

Sam Bankman-Fried Charged with Fraud and Money Laundering, Makes Headlines Again Explore More

News

Global Plight: Australia Paves the Way for Money Laundering in the Property

Australia facilitates money laundering through the property, causing a global plight and perpetua...

Global Plight: Australia Paves the Way for Money Laundering in the Property Explore More

News

US Attorney’s Office Charges New York’s Oldest Mafia Clans for Money Laundering Scheme

The US Attorney’s office has accused the two of New York’s oldest mafia clans for laundering mone...

US Attorney’s Office Charges New York’s Oldest Mafia Clans for Money Laundering Scheme Explore More

News

Lloyds Bank of UK Issues Warning Over Increasing Threat of Crypto Scams

Lloyds Bank revealed a rise in cryptocurrency investment scams and reported a 23% increase compar...

Lloyds Bank of UK Issues Warning Over Increasing Threat of Crypto Scams Explore More

News

The State Bank of Vietnam Demands More Freedom and Power to be Granted to the Anti-Money Laundering Bureau

The State Bank of Vietnam (SBV) requested the government to enhance security by providing more fr...

The State Bank of Vietnam Demands More Freedom and Power to be Granted to the  Anti-Money Laundering Bureau Explore More

News

AML investigation results in NZ police freezing $140 million

Police have collected $140 million from the Canton Business Corporation and its owner Alexander V...

AML investigation results in NZ police freezing $140 million Explore More

News

Kazakhstan has Improved to Achieve the Lowest Risk Score for ML/TF

According to the annual report of Basel Index 2020, among the 141 countries, Kazakhstan is at 73r...

Kazakhstan has Improved to Achieve the Lowest Risk Score for ML/TF Explore More

News

US to Form ‘Digital Asset Working Group’ to Clarify Crypto Regulations

The U.S financial regulators are to work collectively to develop modalities for explicit crypto r...

US to Form ‘Digital Asset Working Group’ to Clarify Crypto Regulations Explore More

News

BBB Warns About the Potential Scams Fuelled by the COVID Vaccine Passports

As people around the world are increasingly becoming vaccinated, the concern about the vaccine pa...

BBB Warns About the Potential Scams Fuelled by the COVID Vaccine Passports Explore More

News

FCA Alerts Crypto Firms to prepare for Advertising Rule Change

The UK Financial Watchdog has alerted all Crypto firms to be prepared for advertising rule change...

FCA Alerts Crypto Firms to prepare for Advertising Rule Change Explore More

News

Fraud claim filed against HSBC Bank for ‘sham’ investment scheme

A fraud claim worth £1.3 billion has been submitted by 371 investors against HSBC UK Bank for los...

Fraud claim filed against HSBC Bank for ‘sham’ investment scheme Explore More

News

California university pays a million-dollar crypto ransom

As per reports, the University of California reportedly paid a huge ransom of $1.14 million in cr...

California university pays a million-dollar crypto ransom Explore More

News

Californian man apprehended in Moorpark ID theft case

A 37-year-old man in the Californian city of Bakersfield was arrested on Wednesday on suspicion o...

Californian man apprehended in Moorpark ID theft case Explore More

News

Uber joins lawsuits to exempt itself from California law

California law effective from today, i.e. Jan 1 is all set to give equal protection to independen...

Uber joins lawsuits to exempt itself from California law Explore More

News

Coinbase Agrees to $100Million Settlement with NYDFS for AML Violations

Coinbase, The American cryptocurrency exchange platform, has agreed to pay $100 million in a sett...

Coinbase Agrees to $100Million Settlement with NYDFS for AML Violations Explore More

News

Increasing Money Laundering Fines for Banks After Lockdown

Despite the delays in enforcement activities due to lockdown, the globally issued money launderin...

Increasing Money Laundering Fines for Banks After Lockdown Explore More

News

FCA Fines TJM Partnership Limited £2 Million for Money Laundering

The Financial Conduct Authority has fined the investment firm TJM Partnership Limited £2m for ser...

FCA Fines TJM Partnership Limited £2 Million for Money Laundering Explore More

News

Nearly $30 Billion Laundered Through Canada’s Real Estate – Says TIC

A joint study by Transparency International Canada and the End Snow Washing Coalition highlighted...

Nearly $30 Billion Laundered Through Canada’s Real Estate – Says TIC Explore More

News

Hacker attempts to steal crypto via fake Google Chrome extensions

A hacker is exploiting trust in renowned brands by creating fake cryptocurrency wallet extensions...

Hacker attempts to steal crypto via fake Google Chrome extensions Explore More

News

FATF Highlights “Important Progress” in Colombia’s Anti-Money Laundering Reforms

A follow-up report from FATF (Financial Action Task Force) reveals that Colombia has significantl...

FATF Highlights “Important Progress” in Colombia’s Anti-Money Laundering Reforms Explore More

News

Cyprus Aligns with EU Regulations by Adopting Strong AML/CFT Measures

Cyprus has established a new digital registry and requires the businesses to identify their true ...

Cyprus Aligns with EU Regulations by Adopting Strong AML/CFT Measures Explore More

News

Janet Yellen, US Treasury Secretary to be, Prioritizes AML Regulations

Janet Yellen, incoming Secretary of the US Treasury has announced that AML legislation is the mos...

Janet Yellen, US Treasury Secretary to be, Prioritizes AML Regulations Explore More

News

Money Laundering Ring Pushed $4bn through 60 HSBC Accounts within 2 Years

60 HSBC accounts were used to launder USD 4.2 billion in Hong Kong.  An investigation carried out...

Money Laundering Ring Pushed $4bn through 60 HSBC Accounts within 2 Years Explore More

News

Govt assists Struggling Swiss Crypto Valley

Switzerland’s “Crypto Valley” is in talks with the federal government for fixing a 100 million Sw...

Govt assists Struggling Swiss Crypto Valley Explore More

News

Lithuanian Government Approves Amendment to Strengthen Digital Currency Regulations

Lithuania is on the verge of becoming the first country in Europe to pass strict laws on digital ...

Lithuanian Government Approves Amendment to Strengthen Digital Currency Regulations Explore More

News

AMLC Proposing Strict Monitoring Measures for FX Trading To Tackle Money Laundering

The AMLChas increased the monitoring process on FX declarations. All the inbound and outbound cha...

AMLC Proposing Strict Monitoring Measures for FX Trading To Tackle Money Laundering Explore More

News

SEC Charges $79 Million Penalties on Broker Companies for Deficiencies in Recordkeeping

The Security and Exchange Commission (SEC) has imposed $79 million worth of penalties on brokerag...

SEC Charges $79 Million Penalties on Broker Companies for Deficiencies in Recordkeeping Explore More

News

Owner of RGCoins Rosen Iossifov Guilty of Crypto Money Laundering

Iossifov was accused of two conspiracy counts; racketeering and money laundering. After a two-wee...

Owner of RGCoins Rosen Iossifov Guilty of Crypto Money Laundering Explore More

News

FCA Unveils Three-Year Anti-Money Laundering Strategy to Curb Financial Crime

The FCA unveiled in its new report a three-year anti-money laundering strategy which includes a n...

FCA Unveils Three-Year Anti-Money Laundering Strategy to Curb Financial Crime Explore More

News

HSBC Fined £64m for “Unacceptable AML Failings”

HSBC was fined by the UK’s financial regulator for ‘deficient transaction monitoring controls’. W...

HSBC Fined £64m for “Unacceptable AML Failings” Explore More

News

G-20 impels countries to adopt tough FATF Regulations on Cryptocurrencies

Bankers and finance ministers in the G-20 (Group of Twenty) are urging for greater acceptance of ...

G-20 impels countries to adopt tough FATF Regulations on Cryptocurrencies Explore More

News

AFP to Crack Down on Italian Money Laundering Syndicates Operating in Australia

The AFP is set to crack down on Italian organised crime and money laundering syndicates flowing b...

AFP to Crack Down on Italian Money Laundering Syndicates Operating in Australia Explore More

News

US Accuses Crypto Firms for Serving as Money Laundering Hub

The US Treasury’s department targeted the crypto mixers to combat internationally operated financ...

US Accuses Crypto Firms for Serving as Money Laundering Hub Explore More

News

Danish Gaming Regulator Sanctions Unibet Over AML Violations

Spillemyndigheden, the Danish Gaming Regulatory Authority has sanctioned Unibet for failing to co...

Danish Gaming Regulator Sanctions Unibet Over AML Violations Explore More

News

“Walk the Talk” – RUSI Calls On FATF to Promote Financial Inclusion

RUSI has called out the FATF for not actively promoting financial inclusion as part of its primar...

“Walk the Talk” – RUSI Calls On FATF to Promote Financial Inclusion Explore More

News

Norway to Revive Travel by Introducing Vaccine Passports

By the Summer of 2021, Norway plans to revive travel to and from the country as it joins the list...

Norway to Revive Travel by Introducing Vaccine Passports Explore More

News

13K Affected in Third-Party Data Breach at Anthem MaineHealth

A third-party service provider accessed the database of Anthem MaineHealth and obtained patients’...

13K Affected in Third-Party Data Breach at Anthem MaineHealth Explore More

News

Biden Going After Crypto Tax Evaders with Data Sharing Initiative

President Biden’s administration is proposing global cooperation to curb the threat of crypto-rel...

Biden Going After Crypto Tax Evaders with Data Sharing Initiative Explore More

News

The UK plans to levy on banks to prevent money laundering

According to Reuters, Britain plans to announce a new levy on banks and other financial instituti...

The UK plans to levy on banks to prevent money laundering Explore More

News

FATF Reveals Qatar’s Failure to Enforce Crypto Ban to Combat Money Laundering

Qatari authorities have taken naive action against crypto companies that violated a ban announced...

FATF Reveals Qatar’s Failure to Enforce Crypto Ban to Combat Money Laundering Explore More

News

EU and British Financial Watchdogs to Investigate Digital Stock Tokens

The German and British regulators are reportedly investigating the stock token trading, recently ...

EU and British Financial Watchdogs to Investigate Digital Stock Tokens Explore More

News

Nigerian-Owned Tech Firm, Flutterwave, Closes 45 Bank Accounts Due to Money Laundering

A group of 2,468 Nigerian nationals accused Flutterwave Payments Technology of defrauding them of...

Nigerian-Owned Tech Firm, Flutterwave, Closes 45 Bank Accounts Due to Money Laundering Explore More

News

With Rising Fintech Adoption, FI’s are Investing in AI for AML Compliance: Report

Reduced rates of false positives and the resulting decline in operational costs have caused an in...

With Rising Fintech Adoption, FI’s are Investing in AI for AML Compliance: Report Explore More

News

Guyana Completes Money Laundering and Terrorist Financing Report Afore CFATF Assessment

Guyana has completed its second money laundering and terrorist financing National Risk Assessment...

Guyana Completes Money Laundering and Terrorist Financing Report Afore CFATF Assessment Explore More

News

Philippines AML Council Adds POGO to its Non-Compliance List

In its efforts to fight money laundering and terrorist financing, AMLC has added third POGO to th...

Philippines AML Council Adds POGO to its Non-Compliance List Explore More

News

US Officials allege student defrauded Apple as part of SIM swap attack

Richard Yuan Li, a student at the University of California-San Diego, is charged with plotting to...

US Officials allege student defrauded Apple as part of SIM swap attack Explore More

News

US Firm Fined with Half a Million Dollars for Violating US Sanctions

A crypto firm, BitPay will now have to pay a fine of half a million dollars to the U.S Treasury’s...

US Firm Fined with Half a Million Dollars for Violating US Sanctions Explore More

News

New US Legislation Implemented to Enhance Supervision of Cryptocurrency Transactions

US lawmakers introduced a new bill, the “Off-Chain Digital Commodity Transaction Reporting Act,” ...

New US Legislation Implemented to Enhance Supervision of Cryptocurrency Transactions Explore More

News

Britain Court Urges Binance for Better Financial Crime Prevention

The Court of London in an order emphasised that Binance should develop policies and procedures to...

Britain Court Urges Binance for Better Financial Crime Prevention Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started