All AML articles
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FeatureMoney Laundering Fines Against Solicitors’ Firms More Than Tripled Last Year
The Solicitors Regulation Authority (SRA) published its annual anti-money laundering (AML) report this week. Part of the SRA’s role is to ensure solicitors and law firms are meeting their increasingly extensive AML obligations. This year saw a significant increase in the number of investigations resulting in “internal outcomes”, which can include anything from formal advice to rebukes and fines.
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Feature5 Takeaways From the Basel AML Index 2022: ‘Depressingly Little’ Progress, But Some Grounds for Optimism
The Basel Institute on Governance released its 11th annual Basel AML Index on Tuesday, and the report presents a mixed picture of global attempts to tackle money laundering.
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FeatureThe Complex World of NFTs and Financial Crime
Non-fungible tokens (NFTs) are perhaps best known as a way to assign digital “ownership” to pictures of cartoon monkeys. But a new report from Elliptic claims that NFT-based platforms are being used to launder millions of dollars of illicit funds.
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FeatureGambling Firms’ Inadequate Systems and Processes Lead to £17m Money-Laundering Settlement
Gambling business Entain Group reached a £17m settlement with the Gambling Commission on Wednesday after an investigation found numerous failings around social responsibility and anti-money laundering (AML) compliance.
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NewsFinCrime World Forum @ #RISK
#RISK – Europe’s Leading Risk-Focused Expo: November 16 & 17, ExCeL, London
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FeatureLaw Firm Fines Quadrupled Over Two Years, Mostly Due to Money-Laundering Compliance Failings
Data from the Solicitors Regulatory Authority (SRA) shows a substantial increase in the number and amount of fines issued to law firms. A look at the data reveals the main cause of the increase: law firms are failing to meet their obligations to detect and prevent money laundering.
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WebinarNew Dawn in Compliance: Moving Compliance Functions from Defense to Offense
Banks spend 250B USD on AML while only catching 1% of the proceeds from money-laundering which amounts to over 2.5 trillion USD every year. How can we move the needle and help banks protect themselves through the use of technology?
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NewsSingapore builds digital platform to combat money laundering
The Monetary Authority of Singapore (MAS) is developing a digital network that will allow banks to share information on customers and transactions in order to combat money laundering, proliferation financing and terrorism financing.
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NewsGerman financial watchdog fines N26 for AML failings
German financial regulator BaFin has ordered online bank N26 to pay 4.25 million euros for lax money laundering controls.
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NewsBasel Institute on Governance raises doubts on ML/TF fight
The organisation behind the Basel AML Index says the latest findings raise grave questions whether jurisdictions are serious about dealing with money laundering and terrorist financing (ML/TF).
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NewsUS manager of Nigerian romance scam jailed for money laundering
An Oklahoma man has received a four-year prison sentence for running a group of money launderers who used online dating websites to defraud romance seekers of at least $2.5m (€2.12m). Among the victims were elderly people across the US.
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NewsFinancial firm fined for breaching AML rules in New Zealand
Derivatives trader CLSA Premium New Zealand has been ordered to pay NZ$770,000 (US$547,000, €463,000) by the country’s high court for breaking anti money laundering laws on almost NZ$50m of suspicious transactions.
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NewsGerman government ministries raided in ML probe
Prosecutors in Germany have raided the finance and justice ministries as they investigate the government’s anti-money laundering agency, the Financial Intelligence Unit (FIU).
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NewsNational Australia Bank tightens up AML regime
Staff and specially hired consultants are checking millions of National Australia Bank customer accounts in an internal project to plug holes in the bank’s anti-money laundering measures, CEO Ross McEwan told the parliamentary economics committee.
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NewsEx-Ericsson employee charged with bribery
A former account manager for Swedish telecom Ericsson has been charged in the US for his alleged role in paying around $2.1m (€1.78m) in bribes to Djibouti government officials and conspiring to launder funds.
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NewsFourteen charged after ML-linked raids in Ireland
Nineteen people have been arrested and 14 charged so far in an ongoing operation led by Irish police (Garda) targeting organised crime, drug trafficking and associated money laundering centred on the city of Limerick.
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NewsArmenia’s ex-prosecutor general charged with money laundering
The one-time prosecutor general in Armenia, Aghvan Hovsepyan, has been charged with laundering around AMD1.3bn ($2.5m, €2.1m) of money.
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NewsAustrac updates ML/TF risk assessments for banks
Australia’s financial crime watchdog Austrac has released four new money laundering and terrorism financing (ML/TF) risk assessments for the banking sector.
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NewsFATF identifies confiscation as New Zealand strength
New Zealand Police has a strong focus on confiscation of proceeds of crime, backed by a top-level target for the volume of criminal assets to be restrained, says the Financing Action Task Force (FATF). The goal is NZ$500m (US$350m, €297m) this year.
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NewsAsset recovery among South Korea’s strong points, FATF
South Korea shows a good understanding of money laundering and terrorist financing (TF) risks bolstered by an ongoing risk-assessment process, according to the Financing Action Task Force (FATF).
