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This section covers AML/CTF initiatives by the US Treasury, US DoJ, OCC, FinCEN, SEC and other related US organisations.
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FATF highlights United States’ progress in strengthening measures to tackle ML/TF – R. 24: Transparency and beneficial ownership of legal persons
The FATF published the updated rating in the Seventh Enhanced Follow-Up Report of the US, recognizing Treasury’s historic efforts to increase beneficial ownership transparency and address key vulnerabilities in the U.S. AML/CFT framework…
FinCEN seeks comments on modernising its Customer Identification Program (CIP) requirements for banks
Relates to existing requirements for banks under the Customer Identification Program (CIP) Rule to collect a taxpayer identification number (TIN) from a customer prior to opening an account.
FATF follow-up report analyses U.S progress in strengthening measures to tackle money laundering and terrorist financing
The United States has made progress to address the technical compliance deficiencies identified in relation to Rec 24 – Transparency and beneficial ownership of legal persons. Because of this progress, the US has been re-rated on Rec 24 – upgraded from Non Compliant to Largely Compliant…
U.S Treasury releases report on managing artificial intelligence-specific cybersecurity risks in the financial sector
In the report, Treasury identifies significant opportunities and challenges that AI presents to the security and resiliency of the financial services sector. The report outlines a series of next steps to address immediate AI-related operational risk, cybersecurity, and fraud challenges…
U.S DoJ arrests New Jersey man accusing him of evading over $2m in federal taxes and obstructing the IRS
The defendant allegedly concealed a multimillion-dollar real estate portfolio and lied to the IRS to avoid paying taxes. Matthew Tucci, of West Long Branch, received millions of dollars in income from purported refunds by the Customs and Tax Administration of the Kingdom of Denmark…
U.S DoJ sentences Sam Bankman-Fried, known as the ‘Crypto King,’ to 25 years in prison for his involvement in orchestrating several fraudulent schemes
Bankman-Fried, who was the founder of the cryptocurrency exchange FTX and the cryptocurrency trading firm Alameda Research, misappropriated billions of dollars of customer funds deposited with FTX, defrauded investors in FTX of more than $1.7 billion, and defrauded lenders to Alameda of more than $1.3 billion…
SEC obtains a final judgment against Ryan Felton, FLiK, and CoinSpark, whom the SEC had previously charged for their involvement in two fraudulent initial coin offerings (ICOs)
The complaint alleged that Felton promised to build a digital streaming platform for FLiK, and a digital asset trading platform for CoinSpark. Instead, Felton allegedly misappropriated the funds raised in the ICOs. The complaint also alleged that Felton secretly transferred FLiK tokens to himself and sold them into the market, reaping an additional $2.2 million in profits…
FATF publishes follow-up report analysing the United States’ progress in addressing some of the technical compliance deficiencies identified in its Mutual Evaluation Report
Finds that the United States has made progress to address the technical compliance deficiencies identified in relation to Recommendation 24 – Transparency and beneficial ownership of legal persons – and has been re-rated on this recommendation,
US DoJ charges Florida man and Brazilian national for decade-long scheme to defraud IRS
A federal grand jury in Miami returned an indictment charging Dan Rotta, of Aventura, Florida, and Sergio Cernea, of Sao Paolo, Brazil, with conspiring to defraud the United States by concealing income and assets in Swiss bank accounts. The indictment also charged Rotta with tax evasion, filing a false tax return, making a false statement and failing to file Reports…
FBI releases Internet Crime Report 2023 highlighting a significant 22% increase in losses due to cybercrime, amounting to over $12.5 billion
Strategy focuses on building strong partnerships with the private sector; removing threats from US networks; pulling back the cloak of anonymity many of these actors hide behind; and hitting cybercriminals where it hurts: their wallets, including their virtual wallets.
US DoJ sentences 4 men for an eight-year investment fraud and money laundering scheme that defrauded over a dozen victims around the world out of more than $18M
For nearly a decade, the defendants brazenly and repeatedly lied to investors, defrauding them out of more than $18M and laundering the proceeds of their crime through a complex web of bank accounts around the world…
OFAC amends Global Magnitsky Sanctions Regulations and designates network of al-Shabaab facilitators
According to OFAC, al-Shabaab generates more than $100m per year to support al-Qa’ida ambitions worldwide and is responsible for some of the worst terrorist attacks in East Africa’s modern history that have claimed the lives of thousands of innocent civilians. The targeted network is reportedly made up of influential businesspersons and companies located in the Horn of Africa, the United Arab Emirates (“UAE”) and Cyprus.