Latest Money Laundering Threats – Page 12
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NewsGerman regulator orders Goldman Sachs to comply with AML law
Germany’s financial watchdog has ordered Goldman Sachs to comply with anti-money laundering legislation.
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News50 US banks deceived through shell companies in laundering operation
Police have arrested more than 100 members of a criminal gang accused of laundering €12 million through 50 different U.S. banks.
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BlogBrexit trade agreement fails to replicate financial crime information-sharing
The Trade & Co-operation agreement will see the UK lose access to information but hopefully common sense will prevail, writes Michael Hatchwell
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NewsUAE Central Bank fines 11 banks for AML failures
The Central Bank of the United Arab Emirates (CBUAE) has fined 11 banks for failing to meet a deadline to improve their anti-money laundering (AML) and combatting terrorism financing (CTF) frameworks.
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ReportNot enough needles and too much hay: the problem with Suspicious Activity Reports
The FinCEN Files shed a light on a creaking system under which millions of reports of suspicious activity are filed to over-stretched authorities every year. FinCrime Report examines how to make it easier for government agencies to find the useful “needles” in the “haystack” of SAR reports.
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NewsCryptocurrency crime drops overall but ‘DeFi’ thefts rise, report reveals
Decentralised finance (DeFi) is the “next major threat vector for fraud and money laundering”, accounting for half of crypto thefts in 2020, according to a new report.
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NewsOfficial warns of ‘disturbing’ amount of Russian money laundering in London
A senior UK official has warned about the “disturbing” prevalence of Russian money laundering in London, and said is too easy to set up companies in the United Kingdom.
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NewsAUSTRAC consults on AML/CFT rule changes as part of regulatory overhaul
AUSTRAC has opened a consultation on proposed changes to its anti-money laundering (AML) and counter-terrorism financing (CTF) rules as it seeks to strengthen its approach.
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NewsPhilippines ‘could face FATF sanctions’ for failing to implement legislation
The Philippines risks being put on the Financial Action Task Force’s “grey list” if it does not fully implement the necessary amendments to its anti-money laundering law, according to the country’s Anti-Money Laundering Council (AMLC).
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NewsSaudi Arabia to implement stricter AML rules for Forex offices
The authorities in Saudi Arabia have reportedly approved stricter rules to combat money laundering and terrorism financing.
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NewsSpanish and US authorities ‘dismantle’ group laundering money for South American drug cartels
A criminal network which laundered money and used hitmen to collect cash throughout Spain for South American drug cartels has been “dismantled”, Europol has said.
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NewsBIDEN INAUGURATION: Incoming US Treasury Secretary pledges to build beneficial ownership registry as “quickly as possible”
The incoming US Treasury Secretary Janet Yellen has told the Senate that cleaning up America’s corporate transparency problem is a “very high priority”.
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BlogBrexit, freedom, and financial crime: a pyrrhic victory?
At the eleventh hour, the European Union and the United Kingdom have signed an agreement that, among other things, continues cooperation on financial crime. But how does its effectiveness compare to what it replaces? asks John Binns
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NewsThree in 10 financial services employees ‘unaware slavery exists in the UK’, report finds
Three in 10 employees in the financial services sector are unaware that modern slavery exists in the UK, a report has found.
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NewsUS real estate companies hand over £50m to resolve ‘Black Market Peso Exchange’ laundering charges
Three US real estate companies have agreed to forfeit $50m to settle claims they accepted proceeds from drug trafficking laundered through a notorious underground currency exchange.
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NewsTotal AML fines triple as China clamps down on payment providers
The People’s Bank of China (PBOC) levied three times as much money in fines for anti-money laundering (AML) breaches in 2020 as it did in the previous 12 months, according to a new report.
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News€4.5m seized in Latvia following probe into flower-selling business ‘used to disguise money laundering’
Authorities in Latvia have seized assets worth €4.5m following an investigation into an organised group’s alleged use of a flower-selling business to disguise large-scale money laundering
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NewsMore than half of VASPs ‘have weak KYC processes’, report shows
More than half of virtual asset service providers globally have “weak or porous” Know Your Customer processes, according to new research.
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BlogAML ambiguity and more work for business? Welcome to the EU-UK trade agreement
Matthew Redhead gives his take on the Brexit trade agreement and what it could mean for financial crime
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BlogA look ahead: the US Anti-Money Laundering Act of 2020
The new Anti-Money Laundering Act in the US has now passed into law. Chris Siddons of LexisNexis Risk Solutions explains why it is set to become the most significant piece of US financial crime legislation for years.