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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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NCA publishes SARs Annual Report 2023

March 28, 2024

The total number of SARs received is less than the previous year mainly due to a reduction in SARs from high street banks.

SEC obtains a final judgment against Ryan Felton, FLiK, and CoinSpark, whom the SEC had previously charged for their involvement in two fraudulent initial coin offerings (ICOs)

March 28, 2024

The complaint alleged that Felton promised to build a digital streaming platform for FLiK, and a digital asset trading platform for CoinSpark. Instead, Felton allegedly misappropriated the funds raised in the ICOs. The complaint also alleged that Felton secretly transferred FLiK tokens to himself and sold them into the market, reaping an additional $2.2 million in profits…

City of London Police and NECC arrest over 400 people and seize £19m in a crackdown on fraud

March 27, 2024

High value seizures included an £80,000 Porsche by Lancashire Police, a £70,000 BMW by the North West Regional Organised Crime Unit, and a £15,000 Rolex watch, alongside $33,200(USD), £15,75…

INTERPOL and UNICRI unveils an updated version of the ‘Toolkit for Responsible AI Innovation in Law Enforcement’, a practical guide for law enforcement agencies on developing and deploying AI

March 27, 2024

The AI Toolkit is comprised of seven distinct resources, underpinned by a comprehensive user guide, providing guidance for law enforcement executives and officers to navigate responsible AI innovation from technical foundations to organizational assessments on readiness and risk…

 

 

FATF publishes follow-up report analysing the United States’ progress in addressing some of the technical compliance deficiencies identified in its Mutual Evaluation Report

March 26, 2024

Finds that the United States has made progress to address the technical compliance deficiencies identified in relation to Recommendation 24 – Transparency and beneficial ownership of legal persons – and has been re-rated on this recommendation,

UK Govt publishes Policy Paper on its Counter Fraud Functional Strategy 2024-2027

March 26, 2024

Driven by five strategic objectives, the Counter Fraud strategy aims to enhance the UK’s position as a global leader in combating public sector fraud, focusing on innovation, ethical practices, and collaboration include Developing our people – enhancing the Counter Fraud Profession with a focus on skills development, recruitment…

UK Govt publishes Guidance on the ‘Introduction to AI Guide with a focus on Counter Fraud’ 

March 26, 2024

Generative AI (GenAI) uses data and files online to create results that appear authentic to the audience, and these can include those created in the form of “language models”. Language models are based on vast amounts of data, and they learn from these to generate outputs…

FINMA announces proceedings against Banque Audi (Suisse) SA for AML violations

March 25, 2024

Banque Audi (Suisse) SA belongs to a large Lebanese banking group that FINMA reviewed during an on-site inspection in 2021. Money laundering risks emanating from client relationships with politically exposed persons from several countries were identified.

ESMA finalises first rules on crypto-asset service providers

March 25, 2024

The report aims to foster clarity and predictability, promote fair competition between crypto-asset service providers (CASPs) and a safer environment for investors across the EU.

Argentina introduces mandatory registration for all cryptocurrency service providers

March 25, 2024

he registry includes all those who use web pages, social networks or other media, directing their offer and/or advertising to subjects residing in the Argentine Republic, who have a certain volume of operations in the country or who use any type of technology to receive locally resident funds therein.

The EU Parliament approves the AI Act that establishes obligations for AI based on its potential risks and level of impact

March 21, 2024

It aims to protect fundamental rights, democracy, the rule of law and environmental sustainability from high-risk AI, while boosting innovation and establishing Europe as a leader in the field…

 

 

The Wolfsberg Group publishes statement on the suppression of the financing of terrorism

March 20, 2024

The statement describes the role of financial institutions in CTF and the key controls which seek to mitigate and manage the risk of a financial institution being abused for the financing of terrorism, as part of a risk based financial crime compliance programme. It outlines four priorities: a risk-based approach, customer due diligence, monitoring and screening and global cooperation…

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