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HKMA disciplines DBS Bank (Hong Kong) limited for breaching the AML/CFT Ordinance

DBS Bank (Hong Kong) Limited faced disciplinary action due to inadequate systems and controls under the AMLO. The investigation highlighted shortcomings in ongoing monitoring of business relationships, conducting enhanced due diligence in high-risk situations, and maintaining records from April 2012 to April 2019…

UK calls out Russia’s systematic effort to eradicate Ukrainian identity: UK statement to the OSCE

Acting Ambassador Brown condemns Russia’s attempts to eradicate Ukrainian identity. As part of a systematic effort of repression, Russia has expanded its forced passportisation, deported thousands of Ukrainian children and murdered civilians for being openly pro-Ukrainian…

MAS publishes its National Asset Recovery Strategy towards the recovery of illicit funds and assets

Singapore unveiled its National Asset Recovery Strategy, detailing its robust efforts to recover illicit funds and assets, and to return them to victims. Prime Minister and Minister for Finance Lawrence Wong announced the strategy at the opening of the FATF Plenary Meeting, emphasizing Singapore’s ongoing enhancements to its AML / CFT framework…

EBA issues ‘travel rule’ guidance to tackle money laundering and terrorist financing in transfers of funds and crypto assets

The Guidelines specify which information should accompany a transfer of funds or crypto assets and also list the steps that payment service providers (PSPs), intermediary PSPs (IPSPs), crypto-asset service providers (CASPs) and intermediary CASPs (ICASPs) should take to detect missing or incomplete information, and what they should do if a transfer of funds or a transfer of crypto-assets lacks the required information.

Europol releases position paper on home routing and risks to lawful interception

Home Routing makes it possible for a telecommunication service provider to (continue to) provide a service to a customer when they travel abroad. This means that when a customer travels internationally, their communications (calls, messages and data) are still processed through their home network rather than the network of the country they are visiting.

OECD publishes report on illicit trade and the Korean economy

Examines the global trade in counterfeit products that infringe on Korean intellectual property rights (IPR) and its impact on the Korean economy.

EBA welcomes the entry into force of the new EU framework that will transform how Europe tackles ML/TF

The EBA is proud to be paving the way for the establishment of the new anti-money laundering and countering the financing of terrorism authority (AMLA) and is committed to facilitating a smooth transition, and making the EU a hostile place for financial crime…

Wolfsberg Group issues statement on effective monitoring for suspicious activity

The Group does not believe that the value being derived from the (constantly increasing) volume of SARs/STRs is contributing proportionately to effective outcomes in the fight against financial crime.

EBA publishes its Risk assessment report (RAR) calling for caution amid rising geopolitical risks for the EU/EEA banking sector

The report covers the EBA’s common risk assessment as well as the analysis of banks’ asset encumbrance and funding plan data, which had previously been published in two separate reports. It also includes specific chapters dedicated to EU/EEA banks’ Commercial Real Estate (CRE) exposures and EU/EEA banks’ interconnections with non-bank financial intermediaries (NBFIs).

US DoJ announces that sweepstakes operators have admitted guilt for violating the Bank Secrecy Act

Two US men admitted guilt for conspiring with bankers to deliberately avoid implementing necessary AML controls at a Missouri bank, violating the Bank Secrecy Act (BSA).The bank had to file currency transaction reports with FinCEN for transactions over $10,000…

Cato reveals the Criminal Code, Decentralized finance , Illicit Finance, and the Future of Financial Liberty

DeFi is accused of disproportionately aiding illicit finance, including terrorism funding and sanctions evasion, based on misrepresented evidence prompting restrictive policy proposals. How can we challenge these narratives and update AML frameworks for DeFi?

US DoJ sentences two men for orchestrating multimillion-dollar schemes involving cryptocurrency securities fraud and wire fraud

Principal Deputy Assistant Attorney General Nicole M. Argentieri announced that Shane Hampton, Michael Kane, and others deceived investors by manipulating their company’s cryptocurrency prices through a trading bot. This landmark federal trial marked the first instance where a cryptocurrency was legally classified as a security, connecting price manipulation directly to securities fraud…