Our extensive knowledge at your fingertips

Latest editions


BaFin fines N26 Bank AG EUR 9.2m for consistently filing late AML report

BaFin had found that the institute systematically submitted suspected ML reports late in 2022. The regulator stated that credit institutions are required to notify any suspicions they may have about a transaction having to do with ML/TF…

MAS imposes composition penalty of S$2.5m on Swiss-Asia Financial Services Pte. Ltd. for AML/CFT breaches

The breaches included failure to take into account certain relevant risk factors relating to the company’s customers and business activities in its EWRA, failure to perform CDD measures before establishing business relations, failure to scrutinise multiple third-party transactions in customers’ accounts even though the transactions were not consistent with SAFS’ knowledge of the customers…

US DoJ accepts guilty plea from BTC-e operator for involvement in money laundering conspiracy

Alexander Vinnik, 44, was one of the operators of BTC-e – one of the world’s largest virtual currency exchanges, that processed over $9bn worth of transactions and served over one million users worldwide.

HKMA takes disciplinary action against Hua Nan Commercial Bank, Ltd., Hong Kong Branch for contraventions of AML/CFT rules

The control deficiencies identified in the investigation relate to HNCBHK’s failure to continuously monitor business relationships with some customers. The bank also failed to record the names of the recipients and/or include the names of the recipients in the messages accompanying a number of cross-border outgoing wire transfers.

Gambling Commission orders Bet365 to pay £582,120 for AML and social responsibility failures at its online business

Recent investigation found that enhanced customer due diligence and know your customer triggers were ineffective at managing money laundering risk and that the company was failing to undertake financial sanctions checks on new customers prior to their first deposits.

SEC announces that Genesis has agreed to pay $21M penalty to settle charges for violating securities laws for its role with the now-defunct Gemini Earn program

Genesis Global Capital, LLC agreed to a final judgment ordering it to pay a $21 million civil penalty and imposing a permanent injunction to settle charges that it engaged in the unregistered offer and sale of securities through a crypto asset lending program known as the Gemini Earn program.

SEC charges 17 individuals in $300m crypto asset Ponzi scheme targeting the Latino community

Scheme targeted more than 40,000 predominantly Latino investors in the U.S. and two other countries. The complaint follows the SEC’s successful emergency action in September 2022 that halted the CryptoFX scheme and charged its two main principals, Mauricio Chavez and Giorgio Benvenuto.

RBS Bank fined £1m by Isle of Man regulator for breaching its AML/CTF code

The Isle of Man’s Financial Services Authority (FSA) issued the £1,440,481 fine after the bank breached the AML/CTF Code 2015. The fine amount has been subsequently reduced to £1,008,337. The FSA found that RBSI was unable to demonstrate that its up-to-date Customer Risk Assessment process was brought into use in a ‘timely manner’ following the introduction of the Code…

US DoJ charges a member of the Japanese yakuza criminal organisation with trafficking nuclear material obtained from Myanmar and attempting to sell it to fund an illegal arms deal

Takeshi Ebisawa, Leader within the Yakuza Transnational Organized Crime Syndicate, stands accused of conspiring to sell weapons grade nuclear material and lethal narcotics from Burma, and to purchase military weaponry on behalf of an armed insurgent group…

AML executive at US credit union fined $100,000 for failing to flag $1bn in high risk transactions

A credit union official in the US has been fined $100,000 for not reporting millions of high-risk transactions, violating AML regulations. The FinCEN found that the official failed to file suspicious activity reports for nearly 2,000 transactions worth over $350m…

US DoJ unseals three federal cases, across two U.S. Attorneys’ Offices, as the most recent in a series of efforts to combat the illicit trafficking of Iranian oil that funds Iran’s Islamic Revolutionary Guard Corps

In the Southern District of New York, seven defendants, including a leader within Iran’s IRGC and officers of a Turkish energy group, are charged with terrorism, sanctions-evasion, fraud, and money laundering offences.

In a related action, in the District of Columbia, a Chinese woman and Omani man are charged with sanctions-evasion and money laundering offences in connection with the trafficking and selling of Iranian oil to Chinese government-owned refineries.

US DoJ charges a Belarusian and Cypriot national with money laundering conspiracy and operation of an unlicensed money services business in connection with BTC-e

According to the indictment, between 2011 and July 2017, Aliaksandr Klimenka, 42, allegedly controlled BTC-e, a digital currency exchange, with Alexander Vinnik and others. Klimenka also allegedly controlled Soft-FX, a technology services company, and FX Open, a financial company.