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This section includes initiatives by the FCA, ICO, Gambling Commission, SEC, US DoT among others.
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FINTRAC imposes $24,750 penalty on MSBG International Holdings Ltd. for outdated compliance policies
MSBG failed to develop and apply written compliance policies and procedures that are kept up to date. Following a compliance examination in 2023, this money services business in Vancouver, British Columbia, was imposed an administrative monetary penalty of $24,750 on December 19, 2024, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations…
FINTRAC issues a significant administrative monetary penalty against Argosy Securities Inc. for serious AML compliance failures
The violations include failing to develop and maintain up-to-date written compliance policies, with entity policies requiring senior officer approval. Other breaches involve not assessing and documenting ML/TF risks per prescribed factors and failing to conduct and document required reviews of policies, risk assessments, and training programs…
US DoJ charges an Ohio-based aircraft parts supplier and three employees for illegally exporting aircraft components to Russia and its airlines without the required licenses from the Department of Commerce
As alleged in the indictment, following Russia’s further invasion of Ukraine in February 2022, Flighttime and the individual defendants knowingly and willfully violated and evaded the export restrictions imposed on Russia to ship aviation parts to Russia and Russian end users, including airlines subject to Department of Commerce Temporary Denial Orders, by mislabeling shipments, providing false certifications, and using intermediary companies and countries to obscure the true end destination and end users…
US DOJ fines Global Cryptocurrency Exchange BitMEX $100m for violating the Bank Secrecy Act, and failing to establish, implement, and maintain an adequate AML/KYC programme
BITMEX and its executives knowingly violated U.S. laws by failing to implement mandatory AML and KYC programs, instead allowing U.S. customers to access their platform with minimal verification, prioritising revenue over compliance…
US DoJ reports seizure of Venezuelan aircraft involved in violations of U.S. export control and sanctions laws
The aircraft, originally purchased from the U.S. in 2017, was maintained using American-made parts in violation of U.S. export control and sanctions laws. The investigation revealed that the aircraft transported senior Venezuelan officials, including the sanctioned Oil Minister Manuel Quevedo Fernandez, to international meetings…
FINTRAC imposes an administrative monetary penalty of $33,000 on Cash Shop, for failing to provide requested compliance program documentation
Cash shop was fined for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations…
US DoJ reveals the takedown of cybercrime websites that supplied hacking tools to transnational organised crime groups
Action, in coordination with Dutch authorities, seized 39 domains and associated servers linked to a Pakistan-based cybercrime network operated by Saim Raza (aka HeartSender). Since at least 2020, these websites sold phishing kits and fraud-enabling tools to transnational organized crime groups, leading to over $3 million in victim losses…
Canada Federal Financial Crime Team indicts B.C. resident in connection to $47m interprovincial ML scheme
Between September 2018 and August 2020, 30-year-old Harry Seo of Burnaby, B.C., is alleged to have laundered proceeds of crime via online transactions of illicit cannabis in Alberta and British Columbia. He is one of a total of seven individuals who have been charged after allegedly laundering approximately $47 million as part of a criminal organization…
Dubai FSA imposes a financial penalty of USD 25,000 on Al Ramz Capital LLC for failing to report suspicious transactions
The case concerns ‘wash trades’ conducted through Al Ramz’s online trading platform, where there was no change in the ultimate beneficial ownership. These trades are viewed as potential market abuse, as they can distort the supply, demand, or price of an investment…
DNB imposes a €15m fine on de Volksbank for failing to maintain sound business operations with an additional €5m penalty for deficiencies in its AML controls
DNB’s examination of de Volksbank reveals that de Volksbank does not adequately monitor its customers for money laundering and therefore fails to detect risks or does not detect risks in time. This means it is in non-compliance with the Anti-Money Laundering and Anti-Terrorist Financing Act…
SFO fraud charges against Global Forestry Investments and Global Forex Investments upheld by Court of Appeal
The company, which took in around £37 million in investment, was presented as a secure, well-managed, ethical investment scheme that would help protect the Amazon rainforest and support local communities. The former directors were convicted in 2022 of conspiracy to defraud and one count of misconduct in the course of winding up a company and sentenced to 11 years’ imprisonment.
SFO secures first-ever Unexplained Wealth Order to investigate a £1.5m Lake District property linked to a £100m fraud
The property is valued at around £1.5 million and is owned by Claire Schools, the ex-wife of the convicted solicitor Timothy Schools, who was sentenced to 14 years in prison in 2022. The SFO successfully secured an order today to freeze the property to ensure that, if sold, the proceeds are secured. Ms Schools has also been ordered to produce information about how the property was obtained within 28 days. The SFO may use this information to bring a case to seize the house at a later date…