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SEC accuses LPL Financial for AML compliance failures, including issues with customer identification, delayed closure of unverified accounts, and failure to close or restrict of high-risk accounts
LPL agreed to pay an $18 million civil penalty, accept a censure, and comply with a cease-and-desist order. The firm also committed to enhancing its AML policies and continuing to engage a compliance consultant to recommend further improvements…
US DoJ recovers an additional $20m in embezzled 1Malaysia Development Berhad (1MDB) funds
This recovery is part of a broader effort that began in 2016 and has led to the seizure of over $1.7 billion in assets under the Kleptocracy Asset Recovery Initiative, the largest of its kind…
US DoJ charges operators of Blender.io and Sinbad.io cryptocurrency mixers with ML, alleging they facilitated laundering of proceeds from ransomware and wire fraud
A federal grand jury in Georgia indicted three Russian nationals—Roman Vitalyevich Ostapenko, Alexander Evgenievich Oleynik, and Anton Vyachlavovich Tarasov—for operating cryptocurrency mixers Blender.io and Sinbad.io, which were used to launder criminal proceeds, including ransomware and virtual currency thefts. Ostapenko and Oleynik were arrested…
FCA fines Arian Financial LLP £288,962.53 for failing to implement adequate systems and controls against financial crime, which exposed it to risks of fraudulent trading and ML
The misconduct is linked to cum-ex trading and withholding tax schemes, with Arian executing purported over-the-counter equity trades worth £37 billion and £15 billion in Danish and Belgian equities, earning commissions of £546,949.
Gambling Commission fines Greentube Alderney Limited (Admiral Casino) £1m for social responsibility and AML failures
AML failures involved delays in investigating suspicious transactions and risky occupations, as well as ignored links between accounts, including one tied to a convicted drug dealer. Greentube’s paid £685,000 in 2021 for similar breaches. The £1 million fine will fund socially responsible initiatives…
Bermuda Monetary Authority fines Meritus Trust $600,000 for non-compliance with AML/ATF regulations, a rare sanctions fine being imposed in one of the UK’s overseas territories or crown dependencies
The most recent instance of a sanctions-related fine imposed by one of the UK’s crown dependencies or overseas territories dates back to 2015/2016. In 2024, reports indicated that companies registered in British Overseas Territories exported goods to Russia, potentially breaching UK sanctions…
FDIC imposes a $20.4m civil money penalty on Kansas-based CBW Bank for failing to implement an adequate AML/CFT programme
The FDIC asserts that between December 2018 and August 2020, the Bank’s AML/CFT compliance program failed to address risks associated with its high-volume international banking operations. These operations included processing $27 billion in wire transfers for foreign banks in 2018 alone and facilitating bulk cash shipments from Mexico. Specific deficiencies cited by the FDIC include…
Canada proposes AML penalties increases and expands reporting amid upcoming FATF Evaluation
Ahead of its FATF evaluation next year, Canada has proposed a 40-fold increase in AML penalties, raising the maximum to $20 million, and expanded reporting to include company service providers. Analysts suggest these measures reflect a response to scrutiny surrounding TD Bank, alongside new sanctions targeting individuals from Russia, China, and Venezuela…
Sweden’s FI fines Klarna Bank SEK 500m for violating AML regulations, highlighting deficiencies in its risk assessment and due diligence procedures
Sweden’s FI investigated Klarna Bank’s compliance with AML regulations from April 2021 to March 2022. The investigation revealed deficiencies in the bank’s general risk assessment, notably a lack of evaluation on how its products could be used for money laundering or terrorist financing. Additionally, Klarna failed to establish adequate procedures and guidelines for customer due diligence…
AUSTRAC takes Ladbrokes and Neds’ operator – Entain to Federal Court over serious and systemic non-compliance with Australia’s AML/CTF laws
AUSTRAC’s proceedings allege that Entain did not develop and maintain a compliant anti-money laundering program and failed to identify and assess the risks it faced. This left the company at serious risk of criminal exploitation…
FINTRAC fines Exchange Bank of Canada $2.5m for failure to submit suspicious transaction reports, inadequate monitoring of business relationships, and not reporting large cash transactions
Exchange Bank of Canada (the Bank) failed to submit 5 Suspicious Transaction Reports (STRs) out of 26 case files reviewed, where there were reasonable grounds to suspect that one or more transactions were related to the commission or attempted commission of a money laundering (ML) or terrorist activity financing (TF) offence…
US DoJ announces 30 year sentence for OFAC-sanctioned Afghan man for narco-terrorism and witness tampering
Haji Abdul Satar Abdul Manaf attempted to send ton-quantity shipments of heroin for distribution in New York City to benefit the Haqqani network and the Taliban