Our extensive knowledge at your fingertips

Latest editions

Search

FinCEN alerts FIs of the growing risk of cartel-linked oil smuggling across the US-Mexico border, with criminal organisations profiting from stolen crude oil, fueling corruption and violence in Mexico

May 1, 2025

The alert issued in collaboration with multiple U.S. law enforcement agencies including the DEA, FBI, and DHS, underscores the growing threat posed by Mexico-based transnational criminal organizations, particularly the Jalisco New Generation Cartel (CJNG), Sinaloa Cartel, and the Gulf Cartel. These organizations are deeply involved in smuggling stolen crude oil from Mexico, often facilitated by complicit brokers within Mexico’s oil and gas industry…

FinCEN targets Cambodia’s Huione Group for laundering over $4bn in crypto funds tied to DPRK cyber heists and regional scams, proposing a ban on its access to the US financial system

May 1, 2025

The network which has facilitated the laundering of billions of dollars, is connected to North Korean cybercrime operations and Southeast Asian transnational criminal organizations, which use it to process illicit funds from cyber-enabled frauds, including “pig butchering” scams. FinCEN’s proposed action aims to sever Huione Group’s access to the U.S. financial system by prohibiting American financial institutions from maintaining…

US DoS sanctions 7 entities for facilitating illicit trade of Iranian petroleum and petrochemical products, by falsifying documents and hiding shipment origins to evade sanctions and generate revenue

April 30, 2025

This move is part of the ongoing U.S. strategy to disrupt sanctions evasion networks that enable the Iranian regime to circumvent restrictions and generate revenue for destabilizing activities. The sanctions target entities engaged in the purchase, sale, and transport of Iranian petrochemical and petroleum products, as well as shipping facilitators who obfuscate and deceive in order to move these goods across borders…

US GAO report reveals the key role of BO data in uncovering fraud in Govt programs, exposing use of shell companies, urging FinCEN’s collaboration to bolster fraud detection and curb illicit finance

April 29, 2025

This information is vital for identifying the true owners of entities involved in government contracts or receiving federal benefits, which is crucial in detecting and preventing fraud schemes. The report highlights how criminals and corrupt actors have used shell companies to hide ownership details, enabling them to exploit government resources, steal taxpayer dollars, and evade detection…

US SEC targets a $91m Ponzi scheme operated by 3 Texans, defrauding 200+ investors with false promises of bond trading profits and misappropriated funds

April 29, 2025

Between May 2021 and February 2024, the trio allegedly ran the scheme through a trust controlled by Alexander, Vanguard Holdings Group Irrevocable Trust (VHG), promising investors guaranteed returns of 3% to 6% per month from international bond trading activities. However, the SEC claims that VHG had no actual source of revenue and that the returns paid to investors were simply Ponzi payments…

Federal Reserve Board ends advance crypto reporting thereby withdraws oversight letters and moves toward integrated supervision of digital asset activities

April 24, 2025

The Federal Reserve Board has announced a significant shift in its approach to overseeing crypto-related activities by ending the requirement for state member banks to provide advance notice of their involvement in crypto-asset and dollar token operations. This move includes the withdrawal of key supervisory letters issued in 2022 and 2023, which previously laid out expectations for crypto activity disclosures and supervisory nonobjection…

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…

No results found.