All Financial Crimes articles – Page 2
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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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NewsRestaurant owner jailed for Covid fraud
Pizza restaurant owner Michael Bischoff of Michigan has been imprisoned 32 months for fraudulently seeking $931,000 (€788,000) in paycheck protection programme (PPP) loans, one of the US government’s Covid-19 relief schemes for businesses.
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NewsInterpol arrests 1,400 in soccer gambling raids
Around 1,400 people were arrested following thousands of raids by specialised police officers across 28 Asian and European countries in Interpol’s latest crackdown on illegal gambling and related money laundering activities.
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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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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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NewsMoney laundering fears surface as El Salvador makes bitcoin official currency
El Salvador has become the first country to adopt digital currency bitcoin legal tender.
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WebinarHow to mitigate crypto risks with the right data-driven compliance strategy
Despite increased adoption of cryptocurrency across the world, some financial institutions continue to hold back from banking cryptocurrency businesses and investing resources to capitalize on its opportunities, in part because of the perception that it is impossible to control for illicit activity.
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NewsFCA to be demanding of crypto asset exchanges in ML fight
As exchanges dealing in digital tokens and other crypto assets can be used to launder the proceeds of crime, Britain’s Financial Conduct Authority (FCA) must insist businesses with a UK presence meet necessary standards, chairman Charles Randell told an industry audience.
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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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NewsBritish online gaming operator fined for money laundering failures
The UK’s Gambling Commission has issued a £5.85m ($8.05m, €6.81m) penalty on Daub Alderney after finding anti-money laundering and social responsibility shortcomings.
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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).
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NewsNew Zealand bank penalised for breaching AML/CFT rules
The high court in New Zealand has fined the TSB Bank in NZ$3.5m (US$2.45m, €2.08m) for long-lasting breaches of anti-money laundering and countering terrorism financing (AML/CFT) rules.
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NewsFAFT reports identifies room for improvement in Japan’s AML/CFT measures
Japan has a good understanding of the main elements of money laundering and terrorism financing risks, but there are areas where things could be better.
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NewsFCC proposes highest-ever fine for robocallers
The Federal Communications Commission in the US has announced it plans to order John Burkman, Jacob Alexander Wohl and J M Burkman & Associates to pay $5.13m (€4.37m) for making 1,141 unlawful ‘robocalls’ to mobile phones.