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FCA’s AI Sprint explores AI’s growing impact, urging the need for trust, clearer regulations, and tackling AI-driven scams, while expanding initiatives like the AI Lab and Supercharged sandbox

April 23, 2025

Insights from 115 experts are driving new initiatives to strengthen AI development in financial services, including an expanded AI Lab, enhanced sandbox testing, and closer collaboration with data and privacy regulators…

UAE strengthens its global financial standing with the 2024 NRA, showcasing key AML/CFT reforms, FATF grey list exit, 3.9% GDP growth, and advances in open finance, trade, and compliance

April 23, 2025

This report underscores the country’s ongoing commitment to enhancing its financial system’s integrity and stability while aligning with international standards on anti-money laundering (AML) and combating the financing of terrorism (CFT). The assessment highlights key vulnerabilities in the UAE’s financial infrastructure, provides detailed analysis of emerging threats, and sets forth new strategies to combat illicit activities…

TRACIT’s 2025 Illicit Trade Index releases new global benchmark, urging urgent action and stronger enforcement to combat illicit trade networks across 158 countries

April 22, 2025

This Index sets a new standard for assessing the resilience of countries against illicit trade. It serves as an essential tool for governments and enforcement agencies to understand their strengths and weaknesses in tackling illicit trade networks, from counterfeiting to smuggling…

NCA’s UKFIU SARs exposes £10m Mini Umbrella Company fraud, highlight rising illicit finance through Hawala networks amid record Organised Immigration Crime and tracing difficulties

April 21, 2025

In its second issue of the year, the bulletin features insights from the NECC PPP team on strengthening collaboration, and UKFIU guidance on the variability of DAML SAR responses. It also explores organised immigration crime, shares SAR case studies showcasing public-private partnerships, and offers advice on handling chargeback-related DAML requests…

UK Gambling Commission urges operators to submit quarterly regulatory returns promptly via its e-portal, warning that delays could trigger tougher enforcement action

April 17, 2025

The Commission emphasizes that operators must adhere to their reporting obligations, ensuring that returns are submitted on time via the designated online portal. The warning comes after a significant update to the Licence Condition 15.3.1 in July 2024, which now mandates that all licensees submit regulatory returns on a quarterly basis instead of the previous annual schedule. The next set of quarterly returns is due by April 28, 2025…

UK SFO charges United Insurance Brokers for failing to prevent and detect a $3.2m bribe to Ecuadorian officials, setting precedent for landmark ‘Failure to Prevent’ bribery trial

April 17, 2025

The case involves UIBL’s role in facilitating bribes paid to Ecuadorian state officials between October 2013 and March 2016. The bribes were allegedly paid by UIBL’s US-based intermediaries in exchange for securing re-insurance contracts worth approximately US $38 million for Ecuadorian state-owned enterprises, including water and electricity companies…

FCA unveils a bold strategy to combat financial crime, targeting dirty money, fraud, market abuse, and crypto risks with tougher enforcement, strong US partnerships, and a focus on accountability

April 16, 2025

Its new 5-year strategy aims to tackle financial crime with speed and transparency, cutting investigation times from 42 to 16 months. Key focus areas include enhancing anti-money laundering systems, addressing fraud, and maintaining market integrity, particularly in combating insider trading and organized crime…

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…

Europol disrupts major drug networks across Europe and Turkey, seizing over €300m in assets, using app intelligence from encrypted platforms like Sky ECC and ANOM

April 15, 2025

This operation, supported by intelligence from encrypted communication platforms like SkyECC and ANOM, led to the arrest of 232 individuals including high-ranking figures involved in drug trafficking and money laundering activities. The investigation spanned multiple countries, including Belgium, France, Germany, the Netherlands, and Spain, and resulted in the seizure of over €300 million worth of assets, including properties and vehicles…

Central Bank of Kuwait launches ‘Fraud Shield Initiative Accelerator Program’ to tackle the rise of e-financial fraud by enhancing detection, prevention, and fostering cutting-edge anti-fraud solutions

April 15, 2025

This program brings together a diverse group of stakeholders, including banks, payment service providers (PSPs), fintech innovators, and regulatory bodies, to develop advanced solutions aimed at enhancing fraud detection and prevention across the financial sector. As electronic financial fraud schemes become increasingly sophisticated, the initiative seeks to strengthen consumer protection, ensure regulatory compliance…

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…

UK Gambling Commission charges 15 individuals with offences, following an investigation into alleged cheating linked to bets on the timing of the 2024 General Election