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United States
This section covers AML/CTF initiatives by the US Treasury, US DoJ, OCC, FinCEN, SEC and other related US organisations.
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SEC charges a “magic mushroom” company and two individuals in a multimillion-dollar pump-and-dump scheme
The SEC alleges took control of Minerco a dormant penny stock and appointed its head to promote the company as a pioneer in psilocybin mushroom research. From 2020 to 2021 issued false statements, claiming Minerco had partnerships and valuations that didn’t exist, and misleadingly represented it as an active Nevada company. Shumake is also accused of using an offshore entity to “dump” shares, amassing at least $3.4 million in unlawful profits…
US DoJ seizes over US $6m in suspected proceeds from a cryptocurrency confidence scheme
In Southeast Asia, perpetrators targeted individuals in the US and fraudulently obtained millions in cryptocurrency through a confidence investment scheme prompting the FBI to trace victim funds on the blockchain and uncover over US $6 million in multiple cryptocurrency wallets. These schemes typically involve criminals manipulating potential victims via misdirected texts or dating apps, leading them to fake investment platforms…
US DOJ disrupts Russian Intelligence spear-phishing efforts, aimed at committing computer fraud and abuse in the US
The seizure of 41 internet domains reflects the Justice Department’s cyber strategy in action – using all tools to disrupt and deter malicious, state-sponsored cyber actors,” said Deputy Attorney General Lisa Monaco. “The Russian government ran this scheme to steal Americans’ sensitive information, using seemingly legitimate email accounts to trick victims into revealing account credentials. With the continued support of our private sector partners, we will be relentless in exposing Russian actors and cybercriminals and depriving them of the tools of their illicit trade.”…
DEA issues warning about illegal online pharmacies
Follows an increase in illegal online pharmacies selling and shipping counterfeit pills made with fentanyl and methamphetamine to unsuspecting customers in the United States who believe they are purchasing real pharmaceutical drugs such as Oxycodone, Adderall, Xanax, and other drugs from legitimate pharmacies.
US DOJ convicts man for cyber intrusion and $37m cryptocurrency theft conspiracies
According to court documents, in February of 2022, Light was involved in a cyber-intrusion involving an investment holdings company located in Sioux Falls, South Dakota. During the cyber-intrusion, Light stole customer personal identifiable information (“PII”) and then stole cryptocurrency worth over $37 million from nearly 600 victims. He acted with one or more unidentified perpetrators…
US DOJ updates its Evaluation of Corporate Compliance Programs, providing new guidance for prosecutors to assess the effectiveness of corporate compliance efforts
The update emphasizes key factors for evaluating compliance, including risk assessments, training programs, and the enforcement of policies. It also highlights the importance of a company’s culture in supporting compliance initiatives. The DOJ aims to promote stronger corporate governance and accountability through these guidelines…
FinCEN holds a virtual information session on beneficial ownership information reporting requirements and how to comply with the law
The Corporate Transparency Act requires many companies doing business in the United States to report information to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) about who ultimately owns or controls them…
FinCEN releases Outreach and Education toolkit for beneficial ownership (BO) reporting to familiarise small business owners with BO reporting requirements
This toolkit provides resources to help educate small business owners on new beneficial ownership reporting requirements under the bipartisan Corporate Transparency Act. It includes customizable templates and sample content for easy adaptation…
US Treasury takes coordinated actions against illicit Russian virtual currency exchanges and cybercrime facilitator
Order identifies PM2BTC—a Russian virtual currency exchanger associated with Russian individual Sergey Sergeevich Ivanov (Ivanov)—as being of “primary money laundering concern” in connection with Russian illicit finance. Concurrently, OFAC is sanctioning Ivanov and Cryptex—a virtual currency exchange registered in St. Vincent and the Grenadines and operating in Russia.
FinCEN withdraws its findings and notice of proposed rulemaking regarding ABLV Bank, AS
On February 16, 2018, FinCEN issued an NPRM that set forth FinCEN’s findings of money laundering concern regarding ABLV, a commercial bank located in Riga, Latvia, and proposed imposing special measure five under section 311, prohibiting covered financial institutions from opening or maintaining in the United States correspondent accounts for, or on behalf of, ABLV. This has now been withdrawn in recognition of improvements.
US DoJ and FBI seize more than $6m in alleged proceeds of a crypto-confidence scheme
Cryptocurrency confidence investment schemes begin by criminals contacting potential victims through seemingly misdirected text messages, dating applications, or professional meetup or investment groups. Next, using various means of manipulation, the criminal gains the victim’s affection and trust…
FBI’s 2023 Cryptocurrency Fraud Report reveals over $5.6 bn in reported losses due to cryptocurrency fraud, detailing various types of fraud such as scams and Ponzi schemes
In 2023, the FBI’s Internet Crime Complaint Center received more than 69,000 complaints from the public regarding cyber-enabled crime and financial fraud involving the use of cryptocurrency, with over $5.6 billion in reported losses. Criminal actors exploit cryptocurrencies for all schemes, to include tech support, confidence and romance, investment, and government impersonation scams. Investment fraud was the most reported cryptocurrency scheme in 2023, and also saw the most reported losses, with about $3.9 billion lost.