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Money Laundering & Terrorist Financing

Over 20 years of articles and reference material

A page dedicated to global, regional, UK and US anti-money laundering developments and initiatives.

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LexisNexis Risk Solutions: UK firms are spending the equivalent of £21k per hour on fighting financial crime

July 30, 2024

The True Cost of Compliance series seeks to assess and monitor the UK financial services sector’s efforts in detecting and preventing financial crime. In partnership with Oxford Economics, the study conducted detailed qualitative surveys of 254 UK firms to analyze spending and activity distribution across various compliance obligations…

Luxembourg Times: Luxembourg’s financial sector struggling to recruit sufficient skilled staff to comply with AML regulations

July 30, 2024

Financial institutions in Luxembourg have seen AML costs rise by 18% in two years and overall compliance costs grow 16% annually since 2015, yet they are less inclined to invest in new digital AML tools compared to their EMEA counterparts. CSSF director general Claude Marx stressed the need for adopting new technologies, including generative AI, to enhance AML efficiency, noting many institutions still use outdated systems…

HKMA warns citizens aganist phishing fraud and counterfeit UnionPay International websites

July 29, 2024

The Hong Kong Monetary Authority (HKMA) warns the public about phishing fraud and fake UnionPay International websites in the latest report. If you have shared personal information or account details with these counterfeit sites, please contact your payment system provider, report to the Police, or reach out to the Anti-Deception Coordination Centre at 18222…

FINTRAC imposes administrative monetary penalty on Masters Realty (2000) Ltd for failing to meet AML/CTF requirements

July 26, 2024

Neglecting to establish and update written compliance policies approved by a senior officer breaches of the proceeds of crime regulations. Moreover, failing to assess and document ML or terrorist financing risks, considering prescribed factors…

 

FinCEN issues notice to Financial Institution Customers on Beneficial Ownership information requirements

July 26, 2024

The notice provides answers to key questions about: (1) reporting beneficial ownership information to FinCEN under the Corporate Transparency Act; and (2) providing beneficial ownership information to financial institutions in connection with Federal customer due diligence requirements. FinCEN encourages financial institutions to share this reference guide with customers that may be required to report beneficial ownership information…

NCA and seven UK banks have initiated a major project to detect criminal activity through banking data and take action against organised crime

July 26, 2024

The participating banks are providing the NCA with account data indicative of potential criminality. Subject matter experts and investigators from the NCA and the banks have formed a joint team to analyse the data, alongside the NCA’s own data. Any intelligence outputs will inform the NCA’s investigative work and help the banks to identify risk…

FCA fines cryptoasset firm for repeatedly breaching a requirement that prevented the firm from offering services to high-risk customers

July 25, 2024

Despite the restrictions in place, CBPL onboarded and/or provided e-money services to 13,416 high-risk customers. Approximately 31 per cent of these customers deposited around USD $24.9 million. These funds were used to make withdrawals and then execute multiple cryptoasset transactions via other Coinbase Group entities, totalling approximately USD $226 million…

FinCEN, OFAC, and FBI issue joint notice on timeshare fraud associated with Mexico-based transnational criminal organisations

July 24, 2024

Cover the methodologies, financial typologies, and red flag indicators associated with timeshare fraud orchestrated by Mexico-based transnational criminal organizations, such as the Jalisco New Generation Cartel (CJNG).

Council of EU announces MONEYVAL is recognising advancements in combating ML and terrorism financing

July 24, 2024

Council of Europe’s AML body  praises UK Crown Dependency of Jersey for enhancing its legal and regulatory framework to combat AML/CFT, and proliferation financing. This also brings into light to strengthen the practical implementation of its investigative and prosecutorial frameworks for ML and to better enforce sanctions related to AML/CFT measures…

ESA publishes a consultation paper on Guidelines under Markets in Crypto-assets Regulation (MiCAR)

July 22, 2024

Establishes templates for explanations and legal opinions regarding the classification of crypto-assets along with a standardised test to foster a common approach to classification.

Europol publishes the 10th edition of the Internet Organised Crime Threat Assessment (IOCTA), providing an in-depth assessment of the key developments, changes and emerging threats in cybercrime in 2023

July 22, 2024

The report highlights relevant trends in crime areas such cyber-attacks, child sexual exploitation and online and payment fraud schemes. It also provides an outlook of what can be expected in the near future, especially regarding new technologies, payment systems, AI, cryptocurrencies and illicit content online…

UNODC publishes report on Drug Trafficking Dynamics across Iraq and the Middle East highlighting the trends and responses

July 22, 2024

The report sheds light on the increasingly complex and dynamic drug trafficking landscape across the Near and Middle East region, and the efforts invested by Iraq and other countries in the region in confronting this threat. This can serve as a roadmap to assist national, regional, and international counterparts in implementing coordinated strategies to prevent and reduce drug production, trafficking, and consumption…

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