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FINTRAC imposes an administrative monetary penalty on Canada Changjiang Management Ltd for failure to submit STRs
Canada Changjiang Management Ltd. was found to have committed the following administrative violations: Failure to submit suspicious transaction reports where there were reasonable grounds to suspect that transactions were related to a money laundering or terrorist activity financing offence; Failure to submit large cash transactions reports of $10,000 or more in the course of a single transaction, together with prescribed information…
EPPO in Greece dismantles a criminal organisation involving in a €30 million VAT fraud scheme
The investigation, which started after a report from the Hellenic Financial Intelligence Unit has revealed that the suspects created a complex web of companies in Greece and other EU Member States (Cyprus and Slovakia), in order to take advantage of EU rules on cross-border transactions between its Members States, as these are exempt from VAT…
Wolfsberg responds to the consultation on FinCEN’s notice of proposed rulemaking (NPRM) for the AML/CFT program rule, emphasising the need for greater flexibility in the risk assessment process
They also call for clearer expectations for AML program effectiveness, particularly for U.S.-based management of these programs. Another critical point is the recommendation to extend the implementation timeline for firms, as they believe the current schedule might be too tight for many institutions to comply effectively…
Australian Parliament introduces AML/CTF Amendment Bill
This Bill has three key objectives:
extend the AML/CTF regime to additional services provided by lawyers, accountants, trust and company service providers, real estate professionals, and dealers in precious metals and stones (tranche two entities)
modernise the regulation of virtual assets and payments technology
simplify and clarify the regime, to increase flexibility, reduce regulatory impacts and support businesses to prevent and detect financial crime.
OFSI reminds UK companies of the upcoming deadline to file annual frozen asset reports
OFSI also updated its guidance on the annual frozen asset review and reporting form to reiterate that frozen assets should be reported to OFSI every year to reflect any changes that may have occurred during the reporting period…
FCA charges first individual with running a network of illegal crypto ATMs
The charges mark the FCA’s first criminal prosecution relating to unregistered cryptoasset activity under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs). These are also the first charges brought against a person accused of running a network of crypto ATMs in the UK.
UAE’s National Strategy for AML/CFT introduces stronger regulatory measures and guidelines to enhance oversight and enforcement
The strategy includes establishment of clear objectives to strengthen the UAE’s framework for combating money laundering and terrorism financing. It lays emphasis on increased cooperation among government agencies, financial institutions, and international partners….
SEC Enforcement publishes the top four securities enforcement and litigation developments from July 2024, including actions related to cryptocurrency and activist short selling
The developments include: An action against an activist short seller related to his publishing of allegedly misleading research reports;
The dismissal of many of the SEC’s claims in the SolarWinds litigation; The SEC’s first litigated action relating to the operation of a liquid staking protocol; and A significant penalty imposed in an action brought against a bank and several of its senior officers for broad
compliance and oversight failure…
Reuters: The UK financial watchdog has charged a man with operating illegal cryptocurrency ATMs
London-based Olumide Osunkoya is charged with running illegal crypto ATMs and handling £2.6 million in transactions from December 2021. FCA’s warned that illegal crypto ATMs contribute to global ML and emphasized that there are no legally operating crypto ATMs in the UK. Britain’s FCA has consistently cautioned that cryptocurrencies are extremely risky, poorly regulated and investors should be prepared to lose their entire investment…
Central Bank of UAE imposes a financial sanction on a bank operating in the UAE, for violating AML laws and for funding illegal organisations
The financial sanction was imposed according to articles 89 and 137 of the Federal Decree Law No. (14) of 2018 regarding the Central Bank & Organisation of Financial Institutions and Activities and its amendments, and article 14 of the Federal Decree Law No. (20) of 2018 on Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations…
GI-TOC publishes a report on a new cybercrime treaty that grants governments broad enforcement powers and access to electronic data, but lacks adequate oversight
The treaty permits electronic evidence collection for serious crimes or other offenses involving information and communications technology, allowing law enforcement and intelligence agencies to easily exchange data and compel cooperation from service providers and the UN. While the treaty could address severe incidents like ransomware attacks, its primary focus appears to be on data collection, dependent on ratifying countries…
Bloomberg: Australian AML rules are set to focus on advisory roles
Australia’s new AML reforms will target lawyers, accountants, real estate agents and other advisers, addressing gaps in regulating “tranche-two” entities involved with criminal syndicates. Attorney General highlighted that these updates are part of two National Risk Assessments aimed at improving Australia’s global compliance. The assessments revealed that criminals have been using legal channels like cash, luxury goods, real estate for ML…