Our extensive knowledge at your fingertips

Latest editions

Search

US DoJ dismantles Garantex Crypto Exchange for laundering billions for terrorist and transnational criminal networks, violating sanctions

March 7, 2025

Garantex received hundreds of millions in criminal proceeds and was used to facilitate various crimes, including hacking, ransomware, terrorism, and drug trafficking, often with substantial impact to U.S. victims…

Trump’s $5m ‘Golden Card’ plan faces scrutiny as EU closes loopholes on citizenship-for-sale

March 4, 2025

Trump’s plan to replace the EB-5 investor visa with a $5M ‘Golden Card’ residency sparks controversy as the EU intensifies its crackdown on Citizenship by Investment (CBI) schemes over ML and corruption risks. With Bulgaria & Cyprus shutting down their programmes…

US Treasury scraps penalties for US businesses under ownership reporting rule, shifting focus to foreign entities

March 2, 2025

Treasury will no longer enforce penalties for U.S. citizens or domestic companies under the Corporate Transparency Act’s beneficial ownership reporting rule, both under current deadlines and after forthcoming rule changes…

US Treasury unites with global partners to cut off ISIS financing, strengthening efforts to disrupt funding networks and prevent new financial loopholes

February 28, 2025

The United States, Italy, and Saudi Arabia convened the 21st Counter ISIS Finance Group (CIFG) meeting, emphasising the need for global cooperation to disrupt ISIS financing. Participants discussed ISIS’s use of traditional and digital financial channels, including cash couriers, hawalas, and virtual assets.

FinCEN delays fines for missed beneficial ownership filings, ensuring clarity and reducing burden on businesses, until new deadlines are set

February 27, 2025

No later than March 21, 2025, FinCEN intends to issue an interim final rule that extends BOI reporting deadlines, recognizing the need to provide new guidance and clarity as quickly as possible, while ensuring that BOI that is highly useful to important national security, intelligence, and law enforcement activities is reported…

FinCEN urges banks to crack down on surging investment scams exploiting romance, dating apps, and social media

February 26, 2025

In support of the multi-agency #DatingOrDefrauding campaign, FinCEN urges financial institutions to stay vigilant against suspicious activity related to relationship investment scams, which contributed to over $650 million in reported losses in 2023. The campaign aims to raise awareness about scams targeting victims via dating apps, social media, and wrong-numbered texts.

SEC launches Cyber and Emerging Technologies Unit (CETU) to combat AI, Crypto, and Tech fraud, safeguarding retail investors

February 25, 2025

Led by Laura D’Allaird, the unit comprises approximately 30 fraud specialists and attorneys. CETU focuses on areas such as fraud involving emerging technologies like artificial intelligence and machine learning, misuse of digital platforms for fraudulent activities, unauthorized access to nonpublic information, retail brokerage account takeovers, blockchain and crypto asset fraud, compliance with cybersecurity regulations among regulated entities, and fraudulent cybersecurity disclosures by public issuers…

FinCEN reinstates 21 March 2025 deadline for beneficial ownership filings as Texas judge lifts AML law block

February 19, 2025

Beneficial ownership reporting requirements are back in effect, with a new deadline of March 21, 2025 for most companies. FinCEN will assess its options for further modifying deadlines…

US DOJ convicts Las Vegas business owner in $24M cryptocurrency Ponzi scheme targeting over 400 investors

February 14, 2025

A Las Vegas entrepreneur was convicted of fraud and money laundering for running a $24M cryptocurrency Ponzi scheme, deceiving over 400 investors with false claims of AI-powered crypto mining, guaranteed 30% returns, and FDIC-backed security. Prosecutors revealed Brent Kovar, 58, misused investor funds for luxury expenses and fake repayments while using fraudulent marketing to lure victims…

US DoJ sentences founder of Miami-based cryptocurrency token CluCoin to 27 months for wire fraud, with $1.14m in restitution and asset forfeiture

February 14, 2025

Initially focused on charity Taylor later shifted CluCoin’s focus to NFTs, gaming, and a metaverse platform. To drive interest, he organized “NFTCon: Into the Metaverse” in Miami in April 2022. Following the event, Taylor accessed the funds from CLU investors and transferred approximately $1.14 million to his personal account, which he lost gambling at online casinos. The FBI investigated the case with Assistant US Attorneys prosecuting and handling…

US DoJ convicts two Estonian nationals for operating a multi-faceted cryptocurrency Ponzi scheme, defrauding hundreds of thousands worldwide in a $577 million fraud

February 13, 2025

The dashboard displayed fake profit data while founders spent the proceeds on luxury properties, vehicles, and investments. They have agreed to forfeit over $400 million in assets which will be used to compensate victims through a remission process. Both pleaded guilty to conspiracy to commit wire fraud and face up to 20 years in prison, with sentencing scheduled for May 8. The investigation was supported by Estonian authorities…

FinCEN imposes $37m civil money penalty against Brink’s Global Services USA, for BSA violations over bulk cash shipments lacking effective AML controls

February 8, 2025

Brink’s failed to register as a money services business, lacked an effective AML program, and did not file suspicious activity reports. These violations enabled hundreds of millions in bulk currency to be transmitted across the Southwest Border for high-risk entities, including a Mexican currency exchanger involved in illicit activities. This is FinCEN’s first action against an armored car company, highlighting its commitment to protecting the U.S. financial system from money laundering.