by Jyotsna Bucktowar | Jul 5, 2025
The Monetary Authority of Singapore identified significant shortcomings in how banks conducted customer risk assessments, verified sources of wealth, and monitored suspicious transactions, which collectively allowed illicit funds to flow undetected through at least 16...
by Jyotsna Bucktowar | Jul 4, 2025
A recent UK parliamentary report has brought to light the staggering annual loss of £350 billion due to corruption, tax evasion, and economic crime, underscoring a critical drain on the nation’s economy. The report highlights systemic weaknesses, particularly within...
by Jyotsna Bucktowar | Jul 4, 2025
The fine, originally set at £100,000, was reduced by 30% in recognition of the operator’s early cooperation with the investigation and proactive remediation efforts. Key issues included inadequate resourcing and expertise of the MLRO and AML/CTF Compliance Officer,...
by Jyotsna Bucktowar | Jul 3, 2025
In this scheme, fraudsters pose as donors and make an apparently generous donation—typically around £5,000—only to “accidentally” send a much larger amount. They then contact the charity claiming an error and request the surplus to be returned. In doing so, the...
by Jyotsna Bucktowar | Jul 1, 2025
The ongoing disagreement between the European Parliament and the European Commission over the EU’s updated anti-money laundering (AML) blacklist highlights significant challenges in aligning regulatory approaches with geopolitical and enforcement priorities. While the...
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