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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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Romanian and Moldovan authorities have jointly dismantled an organised crime group that, since 2022, has defrauded over 150 victims through a fake investment scheme, gaining access to their bank accounts

August 8, 2024

The OCG started their scam by posting false advertisements on the internet that promoted an investment plan that would lead to secure, quick and substantial earnings in virtual currencies. To ensure the credibility of the advertisements, pictures of well-known people, logos of banks and specialised economic publications were added…

INTERPOL assists Singaporean authorities in making their largest-ever recovery of funds, of over USD 40m, which were stolen in a business email compromise scam

August 6, 2024

A commodity firm based in Singapore filed a police report stating that they had fallen victim to a business email compromise scam, in which a scammer obtains access to or impersonates a business email account to deceive employees into transferring money to their bank account…

Home Office undertakes 2024 economic crime survey

July 31, 2024

The Home Office is undertaking a survey of UK businesses to learn more about whether they have experienced economic crime and the approaches they take to tackle it. The research will inform government policy on economic crime and how the government works with businesses to mitigate associated risks.

FCA calls on firms to improve treatment of politically exposed persons (PEPs)

July 30, 2024

The findings concluded that banks, payment firms, lenders and other financial firms need to do more to ensure MPs, public servants and their families are treated fairly. At the same time, the FCA has also launched a consultation on amendments to its PEP guidance, but warned firms to make any required updates now, not to wait for the revised guidance…

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).