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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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US DoJ announced that the Dubai-based Wall Street Exchange will pay over $9.2 m to settle a bank fraud investigation
The company admitted responsibility for past actions of its former executives including failing to disclose ML violations and misrepresenting facts to Bank between 2015 and 2018. Despite regulatory actions against its subsidiary, Forex, WSE maintained banking relationships by misreporting the company’s compliance status. The case highlights the importance of robust AML measures, with WSE agreeing to enhance its compliance program…
Global Witness warns of a concerning shift for environmental and human rights protections from executive orders issued by the new Trump administration
The statement criticises President Trump’s recent executive orders for threatening global progress, accusing his administration of prioritizing profits and dangerous ideologies over people, communities, and the environment, while vowing to continue exposing those fueling the climate crisis…
SEC Acting Chairman Uyeda launches a Crypto Task force dedicated to developing a comprehensive and clear regulatory framework for crypto assets
The Task Force’s focus will be to help the Commission draw clear regulatory lines, provide realistic paths to registration, craft sensible disclosure frameworks, and deploy enforcement resources judiciously…
US DoJ charges CLS Global FZC LLC, a cryptocurrency financial services firm, with ‘wash trading’- fraudulent manipulation of cryptocurrency trading volumes
CLS Global a UAE-based cryptocurrency firm has agreed to plead guilty to charges of market manipulation and wire fraud, paying a fine of $428,059. The company is banned from U.S. cryptocurrency markets and must submit annual certifications ensuring compliance. The charges stem from involvement in “wash trading” through a fake crypto company, NexFundAI…
SEC announces 200 enforcement actions in Q1 of FY 2025, the highest number filed in any first quarter since at least 2000
Reports 200 enforcement actions in the first quarter of fiscal year 2025 (October-December 2024), including 118 standalone actions, marking the highest number of filings for this period since 2000. Of these, 75 were filed in October 2024 alone. The cases addressed violations such as financial misstatements, misleading disclosures, conflicts of interest, bribery schemes, fraud targeting retail investors, and misleading claims about artificial intelligence.
US DOJ sentences international virtual currency vendor for ML conspiracy involving over $20m in criminal proceeds
Anurag Murarka has been sentenced for laundering over US$20 million in criminal proceeds between April 2021 and September 2023. Operating from India, he used dark web marketplaces and cryptocurrency working through a hawala network to deliver illicit cash to the US Murarka knowingly aided hackers and drug traffickers in hiding their illegal funds. His arrest came after a joint FBI and U.S. Postal Inspection Service operation…
US DoJ charges Founder of Wolf Capital Crypto with defrauding thousands of investors out of over $9m through a Ponzi scheme
Ford made such false promises to induce members of the public to invest money in the company. Ford misappropriated and diverted investor funds to benefit himself and his co-conspirators, to the financial detriment of investors. In total, Wolf Capital raised $9.4 million from approximately 2,800 investors through fraudulent conduct…
SEC charges Deutsche Bank subsidiary to pay US$4m for failing to file certain suspicious activity reports on time
Deutsche Bank Securities has been fined US $4 million for failing to file suspicious activity reports on time between April 2019 and March 2024 despite receiving requests linked to law enforcement investigations. The SEC found the company took more than two years in some cases to file SARs undermining their usefulness. The bank has agreed to a censure a cease-and-desist order, and the penalty without admitting…
FinCEN issues alert about fraud schemes abusing its name, insignia, and tools, including scams tied to beneficial ownership reporting
The alert offers guidance to avoid these schemes, red flag indicators for financial institutions, and reporting channels for victims, emphasizing vigilance and fraud prevention as FinCEN’s AML/CFT priority…
FinCEN joins Federal Financial Regulatory Agencies in issuing a Statement on risk management and other practices to combat elder financial exploitation
A recent study estimates that elder financial exploitation results in annual losses of $28.3 billion in the U.S. The 2024 National Money Laundering Risk Assessment links it to over $3 billion in annual financial losses. FinCEN’s review of BSA data found 155,415 reports of elder exploitation between June 2022 and June 2023, associated with over $27 billion in suspicious activity. Beyond financial losses, elder exploitation also increases reputational, operational, compliance, and other risks for institutions…
FBI warns that criminals are using generative AI to enhance fraud schemes, making them more believable and harder to detect
Generative AI reduces the time and effort criminals must expend to deceive their targets. Generative AI takes what it has learned from examples input by a user and synthesizes something entirely new based on that information. These tools assist with content creation and can correct for human errors that might otherwise serve as warning signs of fraud…
SEC charges 3 individuals from Nigeria for operating a fraudulent online scheme, impersonating financial professionals and defrauding investors of over $2.9m
The defendants created fake websites and social media profiles to attract U.S. investors, promising high returns and manipulating investment platforms. In a parallel criminal case, the U.S. Attorney’s Office has filed charges, while the SEC also issued an investor alert on impersonation scams. Compliance professionals may not be fully aware of the extent to which fraudsters use technology, including voice-changing software, to manipulate trust and create convincing, yet fraudulent, financial identities…