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BaFin fines AIL Leasing München AG €75,000 for AML reporting and recordkeeping failures, underscoring rising scrutiny of compliance documentation and audit trails
The company failed to properly document decisions not to file suspicious activity reports (SARs) and also missed filing at least one required SAR within the legal deadline. BaFin stressed that AML obligations extend beyond submitting reports, requiring firms to maintain a clear audit trail explaining how and why reporting decisions are made. The case reinforces a wider regulatory trend in Europe…
Denmark’s National Unit for Serious Crime seek a record €880M fine against Nordea over alleged AML failings linked to €3.5B in suspicious transactions tied to Russian-linked laundering schemes
The case centres on claims that the bank processed more than €3.5 billion in potentially suspicious transactions, many connected to Russian-linked currency exchange schemes and wider “laundromat” typologies involving high-risk jurisdictions. Authorities allege that Nordea’s controls were insufficient to prevent money laundering risks, making this one of the largest AML enforcement actions in Denmark’s history. The bank has previously set aside provisions for the case but disputes aspects of the allegations…
OFAC fines FTI Consulting $1.05M for bypassing Russia sanctions by indirectly extending prohibited credit to VTB through structured payments
Between 2019 and 2021, FTI Consulting provided services that ultimately resulted in unpaid invoices being structured through a third-party law firm arrangement. Although the payments were routed indirectly, OFAC determined that the structure effectively constituted an extension of “new debt” or credit to VTB, which is prohibited under the Sectoral Sanctions Identification (SSI) restrictions. The case highlights OFAC’s view that sanctions liability depends on the economic substance of a transaction rather than its formal structure, meaning indirect or intermediary arrangements do not shield companies…
U.S. DOJ sentences former owner of a multinational investment company for orchestrating a $2B insurance fraud, ML, and bribery scheme that left policyholders with major losse
Lindberg, founder of Eli Global and owner of Global Bankers Insurance Group, was sentenced after admitting fraud and money laundering conspiracies and being convicted separately of bribery-related offences involving North Carolina insurance regulation. DOJ says the schemes involved moving more than $2 billion from insurance companies into affiliated entities, misleading regulators and rating agencies, using funds for personal benefit, and leaving thousands of victims collectively owed more than $1 billion…
OFSI fines Deutsche Bank’s London branch £165,000 for processing £635,618.75 to an entity linked to a UK-sanctioned individual due to inadequate ownership and control checks
US DOJ charges two Chinese nationals for allegedly running a global ML network for the Sinaloa Cartel and CJNG using mirror transfers, encrypted communications, and trade-based schemes
According to the indictment, the network allegedly laundered proceeds linked to fentanyl and cocaine trafficking on behalf of the Sinaloa Cartel and Cartel de Jalisco Nueva Generación using shell companies, electronics exports, serial-number verification systems, and coordinated cross-border cash movements. The DOJ also highlights growing concern over…
US DoJ sentences a Georgian citizen to 37 months for laundering $1.1M from a sham Miami healthcare fraud scheme that falsely billed Medicare and insurers $179M
According to prosecutors, Nakashidze operated a sham Miami-based medical supply company that billed Medicare and private insurers approximately $179 million for medical products that were never provided, with proceeds transferred to co-conspirators in China and Hong Kong. The court also ordered forfeiture of more than $1.1 million, reinforcing DOJ efforts to disrupt transnational financial networks supporting healthcare fraud and illicit cross-border fund transfers…
MAS revokes Bsquared Technology’s licence, a major payment institution, for serious AML/CFT, risk management, and reporting breaches, banning it from digital payment token services
US DOJ sentences a New York business owner for laundering nearly $1.5M in healthcare fraud proceeds through shell companies and layered transactions to conceal illicit funds
According to prosecutors, Xiang operated a network of shell entities and bank accounts used to receive and transfer proceeds linked to fraudulent medical billing schemes involving unnecessary or undelivered healthcare services. The court also ordered forfeiture and restitution measures, with DOJ highlighting the role of corporate opacity and financial layering techniques in facilitating healthcare fraud and cross-border money laundering activity…
OFAC reaches a $275M settlement with Adani Enterprises over 32 Iran sanctions breaches linked to LPG shipments from Iran, involving $192M in U.S. dollar payments despite red flags
Between November 2023 and June 2025, AEL purchased discounted LPG through a Dubai-based trader and caused over $192M in USD payments to be processed via the U.S. financial system, despite multiple red flags including suspicious pricing, falsified shipping documents, and vessel irregularities linked to Iran’s shadow oil network. OFAC found the violations egregious and reckless, noting that AEL failed to adequately investigate clear warning signs such as AIS manipulation, inconsistent cargo origin data, and unusually low pricing tied to Iranian supply chains…
US DoJ sentences former NFL player to over 16 years in prison for operating a $197M Medicare fraud, kickback, and ML scheme involving medically unnecessary orthotic braces
The scheme used overseas call centres and sham telemedicine companies to obtain patient information and fraudulent doctors’ orders, targeting elderly individuals and veterans, including some suffering from Alzheimer’s and dementia. Prosecutors also secured more than $110 million in restitution and forfeiture of nearly $17 million in assets, reinforcing enforcement efforts to…
FINTRAC penalises VersaBank $42,075 for AML/CFT gaps, including outdated compliance controls and weak high-risk client measures, with the case now closed after payment
The regulator identified that the bank had outdated compliance policies and procedures that were not properly maintained or approved, and failed to apply enhanced due diligence and special measures for high-risk clients, both of which are key requirements in a risk-based AML framework. The penalty was issued after a compliance assessment, has been fully paid, and the matter is now officially closed…