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FBI’s 2024 Internet Crime Report reveals a 33% rise in cybercrime losses to $16.6bn, with cryptocurrency fraud surging 66% to $9.3bn, driven by investment scams, extortion, and ATM fraud

April 24, 2025

The report highlights a surge in two major threats: extortion and phishing, both of which continue to target individuals and organizations across the country. In particular, Alabama has been identified as one of the states with high vulnerability to cybercrime, ranking 26th in the number of complaints filed. Seniors, especially those over the age of 60, have been the hardest hit with losses exceeding $33 million. The report also underscores…

US Treasury intensifies sanctions on Chinese firms and shadow fleet vessels tied to Iranian oil trade, aiming to disrupt financial support for Iran’s military and terrorist proxies

April 16, 2025

These vessels are involved in transporting Iranian crude oil through ship-to-ship transfers, ultimately providing financial support to Iran’s military including the Islamic Revolutionary Guard Corps (IRGC), and fueling the regime’s proxy operations across the Middle East. The tightening of sanctions aims to disrupt the network sustaining Iran’s petroleum industry, which is a vital source of revenue for its destabilizing activities…

FinCEN extends real estate GTOs, mandating title insurers to disclose the true buyers behind shell companies in all-cash home purchases to combat ML, with the orders effective until Oct 2025

April 14, 2025

The GTOs apply to select counties in 15 states and D.C., with no changes to jurisdictional coverage or purchase price thresholds ($300,000, or $50,000 in Baltimore). The renewal supports efforts to track illicit funds and criminal activity in the real estate market…

FinCEN’s 2024 analysis uncovers $1.4bn in suspicious fentanyl-drug related transactions, exposing cartel-driven ML and trafficking networks linked to Mexico and China

April 9, 2025

The report sheds light on the sophisticated tactics used to launder illicit fentanyl proceeds, including the involvement of front companies, money mules, and intermediaries. Many of the transactions are carried out through unconventional methods, such as peer-to-peer transfers or cash transactions. The analysis also reveals the significant role of cross-border financial networks that span the U.S., Mexico, and China, indicating the global nature of the…

FinCEN issues an Advisory to help FIs detect and report ISIS-related suspicious activity, outlining funding methods, money transfer typologies, and red flags tied to the group

April 1, 2025

The key updates in this advisory include specific red flags related to suspicious activity and methodologies used by ISIS to transfer funds, including the movement of money between affiliates across borders. It also highlights ISIS’s efforts to leverage sympathizers worldwide to support its operations. This advisory builds on years of Treasury-led efforts to disrupt ISIS’s financial networks and is aligned with the U.S. government’s broader strategy…

US DoS’s 2025 INCSR report flags global ML risks, noting progress in crypto regulation and ownership transparency, but warns that corruption and weak oversight continue to drive illicit finance

March 31, 2025

The 2025 INCSR report highlights global progress and setbacks in combating narcotics-linked money laundering, with several countries enacting legislative reforms and bolstering transparency, especially in beneficial ownership and virtual assets oversight. However, corruption, weak institutions, and offshore secrecy still enable illicit finance, requiring stronger enforcement and international cooperation to counter evolving laundering threats…

FinCEN warns that Mexico-based cartels are smuggling bulk cash across the U.S. border to launder illicit funds, urging FIs to detect and report suspicious activity

March 31, 2025

The alert outlines red flags, reporting duties, and aligns with broader U.S. efforts to disrupt TCO revenue streams under EO 14157 and national AML/CFT priorities…

FinCEN’s interim rule limits BOI reporting under the Corporate Transparency Act to foreign companies, exempting US entities

March 21, 2025

FinCEN seeks comments on interim final rule, which narrows BOI reporting under the Corporate Transparency Act, exempting U.S. entities from disclosure while maintaining requirements for foreign reporting companies with extended compliance deadlines. The rule also removes the obligation for foreign firms to report U.S. beneficial owners, streamlining compliance…

IRS convicts cryptocurrency founder for wire fraud and ML in the AML Bitcoin scheme for defrauding investors through fraudulent marketing and sales

March 12, 2025

The conviction stems from fraudulent marketing and misrepresentation of AML Bitcoin’s technology and business, including false claims about its partnership with the Panama Canal Authority. Andrade diverted over US $2 m in investor funds for personal expenses, such as property and luxury cars…

FinCEN issues geographic targeting order to disrupt Mexico-cartel ML networks, tightening cash reporting requirements for MSBs in high-risk border areas

March 11, 2025

FinCEN’s new Geographic Targeting Order (GTO) mandates that money services businesses (MSBs) in 30 ZIP codes along the US Mexico border report cash transactions exceeding $200. This targeted measure is aimed at curbing ML activities linked to Mexican drug cartels, especially those trafficking fentanyl…

FINRA fines Robinhood $26m and orders $3.75m restitution to customers for violations related to AML, supervision, and disclosure

March 7, 2025

Key violations include mishandling market orders by improperly converting them to limit orders, failing to implement robust AML programs that resulted in the inability to detect suspicious activities (including manipulative trading, suspicious money movements and instances where customers’ accounts were taken over by third-party hackers) and inadequate supervision of social media promotions, including misleading statements made by paid influencers…

US DoJ dismantles Garantex crypto exchange, seizing online infrastructure and US$26 m in illicit funds for sanctions violations and criminal activity amid global law enforcement crackdown