News

France's financial intelligence unit has directed banks to focus more compliance resources towards vetting legal entities and unraveling complex financial-crime cases in a shift that will rely on certain firms, especially private banks, to prioritize their anti-money laundering efforts. The FIU, Tracfin, received a record 95,731 suspicious transaction reports, or STRs, in 2019, more than double the amount filed in 2015 and an "especially satisfying" 25 percent increase from 2018 that the agency has partially attributed to increased vigilance by electronic money firms, payment services providers, or PSPs, and online gaming firms. Banks, credit card companies and PSPs remained the...