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US DoJ convicts two brothers for attacking Ethereum blockchain and stealing $25m in cryptocurrency to commit ML
The Peraire-Bueno brothers allegedly stole $25m in Ethereum cryptocurrency through a highly advanced, technologically complex scheme that they planned for months and carried out in a matter of seconds. Regretfully, the accused were unable to stand up against the US DoJ prosecutors and IRS agents, who successfully exposed this unprecedented wire fraud and ML operation…
FATF, INTERPOL and UNODC issued a unified call for heightened global efforts to combat ML/TF, targeting the massive illicit profits fuelling transnational organised crime
‘Global financial integrity is vital for financial stability, inclusion, and peace and security,’ stated FATF President T. Raja Kumar. This necessitates robust and effective implementation of ML/TF standards. The FATF is dedicated to contributing and intensifying its efforts on the cross-cutting activities that facilitate all serious crimes, particularly the laundering of criminal proceeds…’
EU AML/CTF Authority: Success factors for a fit-for purpose EU AML/ CFT regime and architecture
AMLA is an essential step towards transforming and enhancing AML/CFT supervision. A capable AMLA has the potential to improve the resilience of the European financial system, reduce the likelihood of systemic errors, and allow individual cases to be handled with greater efficiency. It must be ensured that AMLA has a broad mandate, covering a range of players in the financial sector…
EBA unveils latest AML/CTF developments in its May 2024 Newsletter
The EC has issued a ‘Call for Advice’ on the methodology of assessing ML/TF risk by AML/CFT supervisors, as well as pecuniary sanctions under Article 39(8) of the AMLD6 and on the minimum requirements for group-wide policies under Article 13(3) of the AMLR. It also includes amendments to the Guidelines for crypto-asset service providers (CASPs) …
OFAC extends permission to transact with certain energy-related entities based in Russia
OFAC issued General License 8I pursuant to Russian Harmful Foreign Activities Sanctions Regulations (“RuHSR”), 31 CFR part 587. General License 8I was issued to extend the authorization of energy-related transactions to November 1, 2024 for transactions that involve one or more of the entities: State Corporation Bank for Development and Foreign Economic Affairs Vnesheconomank…
Basel Institute and Europol make recommendations on preventing and combating the criminal use of cryptocurrencies
These recommendations follow the 7th Global Conference on Criminal Finances and Cryptocurrencies on 26–27 October 2023. The five recommendations highlight the need for accelerated action in order to combat the use of crypto assets, as well the allocation of more resources, better training and better collaboration…
Basel Institute issues a consultation on Guidelines for counterparty credit risk management
The proposed guidelines include the need to: (i) conduct comprehensive due diligence at both initial onboarding, as well as on an ongoing basis; (ii) develop a comprehensive credit risk mitigation strategy to effectively manage counterparty exposures; (iii) measure, control and limit CCR using a wide variety of complementary metrics; and (iv) build a strong CCR governance framework…
Home Office updates the modern slavery statement registry to encourage UK companies to help the Govt’s efforts to tackle this crime
The changes will encourage businesses to upload their annual modern slavery statements in a timely way and support them to publish robust statements. Modern slavery statements help reduce the risk of forced labour being used in UK supply chains by increasing transparency and allowing consumers to make informed choices…
US Law Enforcement has taken action against over 3,000 money mules, disrupting transnational fraud schemes
The Justice Department, FBI, U.S. Postal Inspection Service (USPIS), and other federal law enforcement agencies announced today the completion of the Money Mule Initiative, an annual campaign to identify, disrupt, and criminally prosecute networks of individuals who transmit funds from fraud victims to international fraudsters.
UK Payment Systems Regulator (PSR) proposes expansion of APP reimbursement scheme to CHAPS with the aim to prevent fraudsters from switching their operations to alternative payment systems
The new rules are proposed to go live on 7 Oct 2024, aligning with the Faster Payments reimbursement rules. The key points of the proposal include: the requirement for compensation expands to situations where the recipient is not the intended payee, or the payment was not made for its intended purpose, the proposed rules aim to encompass indirect participants of CHAPS, thereby widening the range of protection…
MAS imposes composition penalty of S$2.5m on Swiss-Asia Financial Services Pte. Ltd. for AML/CFT breaches
The breaches included failure to take into account certain relevant risk factors relating to the company’s customers and business activities in its EWRA, failure to perform CDD measures before establishing business relations, failure to scrutinise multiple third-party transactions in customers’ accounts even though the transactions were not consistent with SAFS’ knowledge of the customers…
UK releases updated guidance on Russia sanctions
The prohibitions and requirements imposed by the Regulations apply within the territory of the United Kingdom (UK) (including Northern Ireland) and in relation to the conduct of all UK persons wherever they are in the world. UK persons includes British nationals, as well as all bodies incorporated or constituted under the law of any part of the UK. Accordingly, the prohibitions and requirements imposed by the Regulations apply to all companies established in any part of the UK, and they also apply to branches of UK companies operating overseas…